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Thursday, June 1, 2023

What Lawrence Hardge’s Saudi Deal Means for Mullen Automotive (NASDAQ:MULN)

We have all heard rumblings of a $10B deal with Saudi Arabia that is part of a larger $100B deal brokered by Lawrence Hardge and his Global EV Technology Inc. that will presumably fall under the MAEO umbrella which is 51% owned by Mullen. Lawrence first spoke of the deal in a livestream with two Saudi Investors from Saudi Arabia’s Department of Energy and more recently he provided more details in several interviews.   

Mullen and Lawrence Hardge recently entered into a partnership forming Mullen Advanced Energy Operations, LLC. (‘MAEO’) that holds the rights to Lawrence’s Energy Management Module (EMM) technology for North and South America. According to Mullens own testing of the EMM technology on its Class 1 EV Cargo Van, there was a 75% increase in range for the 42-kWh lithium-ion battery pack. Also, in previous testing Chevy Bolts installed with EMM units saw an increased range from 269 to 431 miles. Last week MAEO announced a $680,000 contract with the District of Columbia to install the EMM technology on 40 Chevy Bolts and news coming back from D.C has been overwhelmingly positive. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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In a recent interview with Financial Journey Lawrence said that the $10B deal with Saudi Arabia relates to granting licensing rights to Saudia Arabia for the EMM technology. Lawrence stated: “Its a $100B deal in the end, $10B right now. They have already made some good faith deposits and we’re waiting on the $10B and there is no question about it. But the full package is for $100B. It has nothing to do with Mullen. I’m the CEO of the corporation, and I can say that honestly.”  

When asked how the $10B Saudi deal would benefit Mullen and if it was part of MAEO, Lawrence said: “Mine alone however Mullen will benefit from it because we shall be providing parts and manpower as a partnership.”  

Lawrence first disclosed the $10B Saudi deal in a livestream with two investors from the Saudi Arabia department of Energy and at that time he said: “This is not what somebody said or what you heard; this is reality. $10 billion contract with Saudi Arabia. And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan. That’s in black and white. So, the SEC if you’re watching, that’s already agreed upon.”   

During the livestream with the Saudi investors, it was revealed that the newly formed entity between Mr. Hardge and Mullen is looking to go live on the Saudi Stock Exchange. Saudi Arabia is currently investing big sums of money into EVs and plans to invest another $50 billion over the next decade representing a big part of the Countries 2030 vision. Lucid is also currently building a new manufacturing facility in the Kingdom that will be able to produce 155,000 EVs per year. 

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In a more recent interview with Financial Journey Lawrence was asked who the two Saudi investors were who appeared in the livestream and Lawrence stated: “Actually they are brokers for the Saudi Energy Department, and one of them is brokering the Lucid deal with Saudi Arabia. Thats the most I can give you. They are going to make all the announcements and they are going to make them with Mullens, but it will come from them, not me, and whatever other deals they hit, they will make the announcements. We already signed a preliminary deal, Saudi Arabia gets 25%, I get 75% I can announce that.  

When Cal from Financial Journey asked him if this was part of MAEO, Lawrence said: “No this is separate. But remember, Mullen is going to make a lot of money, because everything we do is going to be Straight profit for Mullen.” As was disclosed in the livestream during which the Saudi deal was first discussed, Saudi Arabia will be building a manufacturing facility in Michigan which falls under 51% Mullen owned MAEO. 

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Lawrence Hardge said on Monday: “Today is a good day. Filing additional patents & trademarks. Also hiring a PR representative. Book deal signed. Now negotiating movie deal & Documentary. Making America Better. Also, thanks Lawrence, for tweeting out our article the other day. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below. 

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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

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