Earlier this week, Mullen Automotive (NASDAQ:MULN) announced it had formed a joint venture called Mullen Advanced Energy Operations (MAEO). Mullen owns 51% of the newly formed entity. The JV focuses on improving energy management in collaboration with Global EV Technology and EV Technologies. Now, MULN stock is in the spotlight after the electric vehicle (EV) maker announced test results of technology acquired through the JV.
Element Materials Technology concluded that the JV’s energy management module (EMM) technology “substantially increases the driving range and efficiency of any current EV battery.” Element also conducted testing of the tech on a “high-volume OEM electric vehicle.” This resulted in a range increase to 431 miles from 269 miles — a 60% increase in efficiency.
MULN Stock: Mullen Releases Test Results of EMM Technology
Mullen’s engineers also tested out the technology on the company’s Class 1 EV cargo van. The results showed a 75% increase in range on the van’s 42-kilowatt hour (kWh) lithium-ion battery pack.
CEO David Michery said the following about the news:
“Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry […] Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”
Mullen added that the technology is transitioning into the “final stages of product development.” According to the EV maker, the tech will likely be added into all of Mullen’s vehicles. A U.S. provisional patent application for the technology has already been filed.
EMM technology aside, MULN stock investors are likely wondering: What happened to Mullen’s solid-state polymer battery? Previous tests, conducted by Indiana’s Battery Innovation Center (BIC), showed results of 343.28 Ah at 4.2 volts. Mullen added that, when scaled to the vehicle pack level, the battery could provide over 600 miles of range for the FIVE.
Mullen released these results in May 2022. Since then, the company has not added the battery to any of its existing vehicles. It’s unclear whether Mullen plans on moving forward with the advancement of the battery, given its new joint venture.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
