Mullen Automotive, Inc. (NASDAQ: MULN) is a Southern California-based company that is working on developing electric vehicles and related components. Shares of the clean energy company are surging 52% through afternoon trading on Tuesday, May 31, 2022. Over the past three months, Mullen Automotive has seen average daily volume of 142.65 million shares. However, volume of 193.48 million shares or dollar volume of around $274.74 million, has already exchanged hands through afternoon trading.
Shares of Mullen Automotive are soaring after the company announces test results of its solid-state polymer battery technology by Indiana-based Battery Innovation Center (BIC). Prior to the testing by BIC, the battery technology had a rating of 300Ah and 3.7 volts, which came from testing from EV Grid.
The BIC results showed the solid-state polymer battery cell to have 343.28 Ah at 4.2 volts, which greatly exceeded expectations. BIC’s results are said to be in-line with the EV Grid report, given testing tolerances. Management says the results are a validation of solid-state battery technology for use in electric vehicles.
In fact, the results show that the battery technology, when scaled to a vehicle pack level, can deliver an estimated range of 600 miles on a full charge for the Mullen FIVE EV Crossover. Unlike traditional lithium-ion cell batteries, solid-state technology offers higher energy density, faster charging, smaller sizing and greater safety.
The testing results come as Mullen Automotive is planning its “Strikingly Different” U.S. test driving tour. The driving tour is slated to launch this fall from Southern California and will cover 19 cities across the United States.
“We are pleased to see that the results from on-going testing are in-line with those previously notated,” said Ben Wrightsman, president and CEO of Battery Innovation Center. “The cell thus far has performed as stated, and we will continue to test additional parameters to characterize the overall capabilities and performance.”
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