Shares of Mullen Automotive (NASDAQ:MULN) stock are in full focus following an announcement that it had formed Mullen Advanced Energy Operations, LLC (MAEO) in a partnership with Global EV Technology, Inc. and EV Technologies, LLC. MAEO will work towards improving energy management technology with an initial focus on electric vehicles (EVs). Later on, the company will seek to improve energy management in other applications.
The founder of Global EV, Lawrence Hardge, has several accolades under his belt. He “Holds over 120 intellectual prototypes as well as numerous patents and trademarks” and created the Knock Out 360 Fire Extinguisher, which is UL approved for EV fires.
“Lawrence is a talented inventor, and we are excited to begin working with him on improving electric vehicle performance,” said Mullen CEO David Michery. “We are always looking for forward-thinking and ground-breaking technology opportunities and are pleased to partner with Global and EV Technologies.”
MULN Stock: Mullen Forms New EV Technology Entity
MAEO will first focus on improving Mullen’s portfolio of vehicles using “known verified technology” to increase battery range, performance, and efficiency. Mullen will have a 51% ownership stake in MAEO and consolidate its results of operations in its financial statements. Mullen will provide capital, commercialization, and execution, while Global EV will provide its technology and existing contracts. The role of EV Technologies was not immediately disclosed.
Mullen also noted that Hardge was convicted of a state crime in the late 90s, which was later expunged. According to The Vicksburg Post, Hardge pled guilty to securities law violations in connection with selling “stock to more than 10 people for a product called Knock Out.”
Mullen painted a picture of Hardge moving on with life in order to focus on electrical innovations. “My partnership with Mullen is very important to help scale this energy technology and bring it to our existing and future customers,” said Hardge.
While details regarding MAEO are still scarce, it seems it will be entwined with Mullen’s solid-state polymer battery. Mullen’s Class 1 EV cargo van will be the first vehicle equipped with the battery, which is expected to improve range to more than 200 miles from 110 miles on a single charge. Road testing for the battery is forecasted to begin in Q4.
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.
