Mullen Automotive (NASDAQ:MULN) stock is in the spotlight after the electric vehicle (EV) company announced that Lawrence Hardge has been appointed the Senior Vice President of Technology of Mullen Advanced Energy Operations (MAEO). Hardge, who is the founder and Chief Technology Officer of Global EV Technology, will oversee the technological aspects of MAEO’s energy management module (EMM) called Ever-Charge.
“We look forward to completing our installation work here in D.C., and the next steps as vehicles enter the fleet with our EMM and also future opportunities with the local and federal government agencies,” said Hardge.
Mullen also provided an update on its $680,000 EMM contract with Washington, D.C. Let’s get into the details.
MULN Stock: Mullen Provides Update on EMM Contract With Washington, D.C.
The contract, which began on April 24 and was awarded to MAEO member EV Technologies, will see D.C. purchase and install the EMMs on Chevrolet Bolts within the D.C. government vehicle fleet. Mullen said testing and installation of the units on “a total of 40 vehicles” will begin over the next few weeks. Mullen CEO David Michery also noted that Mullen will provide updates as progress is made.
Element Materials Technology previously conducted testing of the EMM technology on 2020 Chevy Bolts. The results showed that the unit increased range to 431 miles from 269 miles, representing a 60% efficiency increase.
So, how exactly does the EMM unit work? The details aren’t clear. However, Global EV claims that “under the right conditions, the ranges of top EVs may increase by close to 500 to 700 miles.” The company also notes that the EMM can allow an EV to fully charge at public stations in just 15 to 20 minutes. Using a home-installed charger, it can decrease charging time to within one hour as well. What’s more, Ever-Charge “can continually power up itself once attached to any battery.”
Range anxiety seems to be a major problem for existing and potential EV owners. If Ever-Charge can provide utility for EV owners, then Mullen and MAEO may be on the right track.
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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.