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Thursday, June 1, 2023

Mullens MAEO Saudi Deal Heating Up as Lawrence Hardge Says Multiple Deals Coming Out of the Middle East this Month

Mullen Automotive Inc (NASDAQ: MULN) – Mr. Lawrence Hardge is back on Facebook after a brief hiatus stating that there will be multiple deals coming out of the Middle East this month. In addition, some major announcements with a major international automotive company as well in another region of the world. Mr. Hardge previously stated there will be a big deal announced during the month of May.   

Mr. Hardge has spoken frequently about the $10 billion deal with Saudi Arabia for some time. According to Mr. Hardge the major details of the Saudi deal have already been worked out and at this point they are negotiating territories. Mr. Hardge has also stated the deal is much bigger than just $10 billion and could include getting MAEO listed on the Saudi stock exchange. The deal would also include an EV battery technology manufacturing facility in the US under the 51% Mullen owned MAEO subsidiary. 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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The timing could not be better for Mullen to announce multiple deals coming out of the middle east. The Mullen short position (over 24 million shares) has been aggressive in recent days managing to push MULN to an all-time low of $1.01, several days after the Company secured its listing on the Nasdaq and the Russel by keeping MULN stock price over $1 for 10 consecutive days. At $1 Mullen trades at just a $150 million market valuation and there seems to be significant support at this level as MULN has quickly retracted northbound and closed at $1.07.

As we have written in previous articles Saudi Arabia is spending billions on EV technology in an effort to become an EV hub considering its close proximity to the source of the minerals needed to make EVs. Saudi Arabia has committed to spending $50 billion on EV’s over the next 10 years. They also recently launched their own EV called Ceer which plans to manufacture 328,000 electric cars per year, and scaling up to half a million EV vehicles per year. Lucid, whose biggest investors are Saudis also recently announced plans to build an electric vehicle (EV) assembly plant in Jeddah to manufacture 150,000 vehicles annually.     

Speculation is high that Mr. Hardge who stated his team is already in Saudi Arabia since last week is now heading to Saudi Arabia himself. There is a big event in Riyadh from May 21 to May 23 “the business development mission to Saudi Arabia: One of the World’s largest construction markets. Saudi Arabia, the fastest growing G20 economy in 2022 and the world’s 6th most competitive nation, has project opportunities estimated at over $1 trillion in sectors such as infrastructure, real estate, tourism, leisure, transportation, healthcare, energy, and utilities. Saudi Arabia’s newly launched Circular Carbon Economy National Program and the Saudi Green Initiative to achieve net zero emissions by 2060 will provide opportunities for renewable technologies and products to improve energy efficiency. Organized by the Saudi Contractors Authority, the FPF gathers contractors, public and private sector owners to learn about future projects presented in detail by Saudi government and private entities. Previous FPFs showcased 9,450 projects valued at $704 billion.   

Mullen and Mr. Hardge recently formed a 51% Mullen owned subsidiary (MAEO) which holds 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. Mullen has stated in press releases that 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 using the EMM technology. Mullen’s engineers also tested the technology on multiple occasions and according to the Company, Mullens Class 1 EV Cargo Van at its Troy, Michigan, facility showed 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. 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.  

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Mullen also recently announced a $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 earlier this month to install the EMM units.

As we have written in previous articles, Mullen and Lawrence Hardge are a match made in Heaven. Not content to just make cool EV’s, Mullen has positioned itself to be a leader in EV battery technology. Starting with the acquisition of CODA who was an OG battery innovator back when it was basically just them and Tesla, Mullen has already created solid-state polymer batteries that are 100% resistant to fire and when 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 1.7 seconds. Mullen is also actively developing the next generation of electric vehicle batteries, including advanced technology like Lithium-Sulfur and Solid State. Mullen has 2 facilities in Monrovia and in Detroit 100% focused on EV battery technology. 

Mr. Hardge has been building EV batteries since he was a kid growing up in his hometown Vicksburg, Mississippi. He currently 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 and was sold on national TV infomercials. Mr. Hardge was successful in his own right long before the deal with Mullen and has been focused on giving back to his community in Vicksburg. Recently he 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.

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Mullen Automotivei is a Southern California-based automotive company building the next generation of electric vehicles (EVs). The Company has grown quickly thanks to the deal making skills of its CEO David Michery who has quickly acquired 2 massive manufacturing facilities in Mississippi and Indiana. 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. Mullen has already received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group. Mullen also has a deal with Rapid Response Defense Systems (RRDS), a major government contractor to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.  The Mullen ONE is the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment and is perfectly posotioned for major government contracts.  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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