Mullen Automotive, Inc. (NASDAQ: MULN) had a strong increase in recent trade, with shares rising 9.82% and ending at $14.32. The company’s subsidiary made a big filing, which provided the impetus for this increasing trend.
Mullen Automotive (MULN) announced that Mullen Advanced Energy, LLC, a subsidiary, has submitted a Concept Paper in response to the DOE’s (U.S. Department of Energy) Funding Opportunity for Battery Materials. The goal is to grant funds for battery materials processing, ensuring the establishment of a strong battery materials processing sector in the United States.Highlighted in Mullen’s Concept Paper submission is the company’s plan to locally manufacture around 150,000 battery packs by the conclusion of the calendar year 2032. This endeavor aims to bolster Mullen’s electric vehicles (EVs), currently produced at the company’s Tunica, Mississippi-based facility. The anticipated result foresees a notable reduction of over 20% in existing battery costs, a crucial element in elevating Mullen’s overall competitiveness.
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To facilitate this ambitious plan, the Concept Paper seeks a $50 million grant from the DOE. This financial support would be directed towards capital investments, specifically for plant equipment and tooling. These investments are crucial for maximizing manufacturing capacity, enabling the production of battery modules and packs for electric vehicles, industrial applications, energy storage, and consumer use.
Mullen envisions implementing these advancements at its new 122,000-square-foot high-energy facility located in Fullerton, California. On November 13, 2023, Mullen had previously announced the establishment of this cutting-edge facility in Fullerton, emphasizing its dedication to the development and production of next-generation, American-made EV battery packs.This facility represents a pivotal component of Mullen’s unwavering commitment to achieving zero emissions. Mullen Automotive, with its resolute focus on supporting U.S. battery manufacturing, has initiated these efforts within its own high-energy facility in Fullerton, California. The Concept Paper submission serves as the preliminary phase before the company formalizes its application for the DOE funding opportunity.
The anticipated timeline for Mullen’s formal submission is on or before March 19, 2024. This strategic move aligns with Mullen’s broader vision of spearheading advancements in EV technology while contributing to the nation’s sustainable energy objectives.
