Mullen Automotive, Inc. (NASDAQ: MULN) is engaged as an emerging electric vehicle developer, which is focused on leveraging clean and scalable energy solutions. Shares of the EV company are skyrocketing 90% through early trading on Monday, February 28, 2022. Over the past three months, Mullen Automotive has seen average daily volume of around 6.99 million shares. However, volume of 199.62 million shares or dollar volume of around $261.5 million, has already exchanged hands through early trading.
Shares of Mullen Automotive are soaring after the company provided a progress update on its solid-state polymer battery pack for electric vehicles. The company says data collected from its testing campaign have shown its advanced EV battery technology is capable of providing a driving range of over 600 miles using a 150 KW per hour battery pack. Conversely, the polymer cells have the option for fast-charging in 18 minutes with an impressive mileage rage of 300 miles.
The testing comes as the company plans to utilize its solid-state polymer batteries in its second generation Mullen FIVE EV Crossovers, which are slated for in-vehicle prototype testing in 2025. The company’s first generation FIVE EV Crossover is due to launch in 2024, however, it will feature a traditional lithium-ion cell battery.
In conjunction with its polymer battery development, Mullen Automotive says they are conducting further research and development into additional advanced battery technologies, such as lithium-sulfur and lithium-iron-phosphate. The company’s goal is to continue development of EV batteries to increase efficiency, range, and energy capabilities.
“We’ve conducted successful testing and will begin pack level development next,” said David Michery, CEO and chairman of Mullen Automotive. “The test data collected shows an impressive outcome and future for solid-state batteries. To sum up, we tested our 300 Ah (ampere hour) cell which yielded 343 Ah at 4.3 volts, and the results surpassed all expectations. We can say with almost certainty that this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge. The future is bright for Mullen Automotive.”
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