Why the price rose above 5%

  • Mullen Automotive, Inc. (NASDAQ: MULN) stock price rose more than 5% ahead of market today. That is why.

Mullen Automotive, Inc. (NASDAQ: MULN) stock price rose more than 5% ahead of market today. Investors are reacting positively to Mullen Automotive’s announcement of an update on Mullen’s solid state polymer battery testing with the Battery Innovation Center (BIC) in Indiana.

The Battery Innovation Center has completed cell preconditioning for cell performance cycling. And it’s a C/20 preconditioning format for establishing a cell capacity baseline. BIC will enter high cadence cycling as part of performance-based cycling with these results coming soon.

This technology is expected – when scaled to vehicle pack level – to deliver a 150 kilowatt-hour solid-state battery capable of delivering over 600 miles of range on a full charge for the Mullen FIVE EV Crossover. In general, solid-state batteries offer higher energy density, faster charge time, smaller size, and safety compared to traditional lithium-ion cells.

The Battery Innovation Center will continue to perform the following tests on Mullen’s solid-state polymer battery, with final results expected in late May 2022.

Constant current discharge test

Tests to determine the effective capacity of a test unit using highly reproducible and standardized conditions.

Peak power test

The purpose of this test is to determine the sustained discharge power capability (30 s) of a battery at 2/3 of its OCV at each of the various depths of discharge (DOD).

Constant Power Discharge Test

The purpose of this test is to perform a sequence of constant power discharge/charge cycles that define the voltage/power behavior of a battery as a function of depth of discharge. This test characterizes a battery’s ability to provide sustained discharge over a range of power levels representative of electric vehicle applications. And constant power discharges are similar to running a vehicle at constant speed in their effect on a battery.

KEY QUOTES:

“I am pleased with the initial preconditioning results of our solid state polymer battery cell and we are moving to the next stage of testing with BIC. The battery performed well and I look forward to seeing finalized test results from BIC later this month.

– David Michery, CEO and President of Mullen Automotive

“We are underway with Mullen’s cell and look forward to continued testing with final results expected later this month.”

–Ben Wrightsman of the Battery Innovation Center

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

Eleanor C. William