On Monday, April 24, MAEO announced the EMM installation contract, and engineers landed in D.C. the same day to begin work.
This morning, the California-based company reported it has begun testing the installation of its EMM units on 40 Chevrolet Bolts that operate as part of the city government’s vehicle fleet. If you recall, the Mullen Advanced Energy Operations (MAEO) team, a subsidiary of Mullen, was recently awarded the EMM contract alongside EV Technologies and Global EV Technology, the former of which was the previous contract holder. Mullen CEO David Michery had this to say about the contract’s progress:
“I am very pleased with the progress the team has made this week executing the D.C. plan on time. We are expecting next week to have EMM units installed and vehicles back in rotation for the D.C. city fleet.”
MULN Stock Climbs on D.C. Fleet Contract
According to Mullen, in previous tests with 2020 Chevy Bolts, the EMMs increased the vehicle’s driving range from 269 miles to 431 miles, effectively increasing efficiency by 60%.
The contract is worth $680,000, and Phase 2 is set to begin next week.
Today’s update should be a promising surprise to fans of MULN stock. MULN is down 77% year-to-date and 20% in the past month.
On the date of publication, Shrey Dua 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.