Mullen Automotive Inc (NASDAQ: MULN) recently formed a new 51% owned subsidiary (MAEO) with battery technology innovator and inventor Mr. Lawrence Hardge and his Company’s Global EV Technology, Inc. and EV Technologies, LLC. The new subsidiaries’ primary asset is Mr. Hardge’s revolutionary battery technology Energy Management Module EMM that according to Mullen’s own testing dramatically increases the driving range and efficiency of any current EV battery. Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency. EMM technology was also tested by Mullen Automotive engineers on the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility. Results showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass. A U.S. provisional patent application has been filed covering the technology and Mullen plans to integrate the EMM technology on all Mullen commercial and consumer vehicle programs. All future MAEO revenues will be consolidated under Mullen.
These are truly spectacular numbers that could revolutionize the EV battery market and make Mullen, already a leader in EV battery technology thanks to its acquisition of CODA an early EV Company who spent millions on EV battery technology when it was just them and Tesla back in the day, the undisputed king of the EV battery space. Numbers like this are not just revolutionary for Mullen but to the entire global EV market, and should be enough to catapult MULN stock into a whole new stratosphere. This has not happened yet of course, mainly because Mullen has an overly critical short position of well over 20 million MULN shares sold short that does not believe anything coming from Mullen. Also, the short position is severally weakened as it is now clear they will not be able to breach $1 by Wednesday, meaning Mullen’s listing on the Nasdaq and the Russel is now assured for the time being. Also, not good for the short position is Blackrock recently buying up large blocks of MULN stock and emerging as the leading institutional investor in the Company with over 70 million MULN shares held by the fund. 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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On April 24 Mullen announced the $680,000 contract awarded by the District of Columbia, Washington, D.C., to install the EMM technology on 40 Chevy Bolts within the D.C. city government’s vehicle fleet. Mullen and EV Technologies’ team of engineers were onsite in DC to install the EMM units several weeks ago and by all accounts things have been going great. In today’s update Mullen named Lawrence Hardge to the position of Senior Vice President of Technology. As testing and installations continue in D.C, Mullen will provide further updates. Reports coming back from the DC government showing MAEO EMM technology increases the range of the Bolt by 60% as it has in numerous tests will bring a lot more credibility to the situation and shorts will have to start taking Mr. Hardge and his revolutionary technology more seriously.
$MULN #MULN a man is as good as his word! It’s real until proven otherwise ! Bashers will say fake news, and a lie, they know less than we do! Wait for news and we’ll see! The naysayers are pushing hard, they’re year long narrative is on thin ground! Btw. We know about dilution! pic.twitter.com/t1D0Y4siAX
— shawn ethier (@ethsbythelake) May 15, 2023
Mr. Hardge has also spoken frequently on livestream of the $10 billion deal with Saudi Arabia even appearing on a livestream with some of the investors at one point. The deal would also include an EV battery technology manufacturing facility in the US under the 51% Mullen owned MAEO subsidiary. A deal like this makes a lot of sense considering that Saudi Arabia is currently spending billions on EV technology in an effort to become an EV hub considering its close proximity to the source of most of the minerals needed to make EVs. The kingdom plans to invest $50 billion in EVs over the next decade and estimates 30 percent of the vehicles on the road in Riyadh are expected to be electric by 2030. Saudi Arabia also recently launched their own EC vehicle brand, Ceer that plans to manufacture 328,000 electric cars per year, moving up to 500,000 vehicles per year. Also, Lucid recently reported plans of building an electric vehicle (EV) assembly plant in Jeddah to manufacture 150,000 vehicles annually.
According to Mr. Hardge the deal with Saudi Arabia is potentially much bigger than $10 billion and a tentative agreement has already been reached. It is understandable that a deal of this magnitude is going to take some time to work out. The fact that continued testing of the EMM technology continues to provide dramatic increasers in both range and efficiency should bode well for the Saudi deal. Today, Mullen stated that results of testing of the EMM technology on the Chevrolet Bolt electric vehicle shows an average increased battery capacity of 38.2%. This is notable because Mullen engineers have now had almost a month to test the EMM technology numerous times. Mullen also reiterated that tested of the EMM technology by Hardge and Mullen engineers on the Company’s EV Cargo Van at its Troy, Michigan, facility, showed an increased battery capacity of 44%.
$Muln – Lawrence – New Facebook Post – Bullish!!! pic.twitter.com/rdoQHpFDh5
— STOCKMAN (@STOCKMA46964147) May 15, 2023
It is important to note that Mr. Lawrence Hardge was successful in his own right long before Mullen came along. Mr. Hardge holds over 120 intellectual prototypes as well as numerous patents and trademarks and some of his previous inventions such as the Knock Out 360 Fire Extinguisher was featured by mainstream press including Barron’s and was sold on national TV. Mr. Hardge has been working with battery technology since he was a child and has seen incredible success which has been featured in numerous newspaper articles over the years. A life-long resident of his hometown, Vicksburg, Mississippi, Mr. Hardge has focused on helping his community and provided scholarships to high school students who achieved honor roll status, who otherwise could not afford to attend college, as well as provided clothing, computers, housing and utilities. Besides giving back to his community, Mr. Hardge has been successful property investor and recently bought a building in downtown Vicksburg. At one point he was going to launch another business out of the building, no word yet if that has happened. We have seen enough of Mr. Harge to see that he is an honest man who cares about the people around him. He is also an incredibly intelligent guy who as we said has been working with EV battery technology since he was a kid, giving him a unique advantage that only comes when mastering something as a child.
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David Michery said of Mr. Hardge when they launched MAEO: “Lawrence is a talented inventor, and we are excited to begin working with him on improving electric vehicle performance. We are always looking for forward-thinking and ground-breaking technology opportunities and are pleased to partner with Global and EV Technologies.”
Rapid Response Defense Systems Selects Mullen Automotive as the Exclusive Provider for Class 1 EV Cargo Vanshttps://t.co/YIxfwQarB9
— Tech Australia (@ev_tech_stocks) May 7, 2023
We feel the same as Mr. Michery; Mr. Hardge’s EMM technology is truly ground-breaking and as we said it could make Mullen the undisputed king of the EV battery space. Mr. Hardge would never have gotten as far as he has with the Saudis, the DC Government, Mullen or the numerous parties who have tested the technology over the years if it did not dramatically increase the driving range and efficiency of any current EV battery. As testing continues to show these enormous increases in range and efficiency, for example a 75% increase in range for the 42-kWh lithium-ion battery pack on Mullen’s Class 1 EV Cargo Vans, the market will be forced to reevaluate and shorts will have to cover en mass catapulting MULN stock into a whole new stratosphere. This is not difficult, Mullen currently trades at a $188 million market valuation, a fraction of the billion-dollar market valuations that some of Mullen’s pre-production competitors have.
As we have previously reported Mullen is already a leader in EV battery technology. The Company is investing heavily in creating its own superior EV technology and due to the acquisition of CODA which had invested millions in EV technology over the years, Mullen continues to find success. Mullen has already created solid-state polymer batteries that are 100% resistant to fire and installed in the Company’s FIVE RS on an 800-volt architecture, the car has 1,100 horsepower and goes from 0 to 60 in a face melting 1.7 seconds. Mullen is actively developing the next generation of electric vehicle batteries, including advanced technology like Lithium-Sulfur and Solid State. Future Mullen EVs equipped with Lithium-Sulfur batteries will be lighter, more efficient, and have greater range than most EVs in the market. At its Detroit Tech Center Mullen recently brought on 20 new hires and expects to have upwards of 50 employees by the end of this year at this facility.
$MULN "Representatives from my team have been in Saudi since last week Friday working on bringing the Saudi Deal to fruition."
"I represent facts. This is my story and I stand behind it."#MAEO #EMM #MULN https://t.co/HTKD65o415 pic.twitter.com/PRkvtHB6SX
— chadhos (@Chadhos1Chadhos) May 15, 2023
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Mullen Automotivei s a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two Company owned United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. To date, the Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S. Mullen plans to enter mass production in Mishawaka and Tunica this summer. 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.