What's Going On With Mullen Automotive Stock?

Mullen Automotive, Inc. MULN shares are trading higher Tuesday. The company announced its subsidiary Mullen Advanced Energy submitted a concept paper in response to the U.S. Department of Energy (DOE) Funding Opportunity for Battery Materials.

What To Know: Mullen said the concept paper seeks a $50 million DOE grant. If awarded, the funds will be used to support capital investment for plant equipment and tooling to maximize capacity for manufacturing battery modules and packs for electric vehicles, industrial, energy storage and consumer applications at Mullen’s new 122,000-square-foot facility.

“We are all in on supporting battery manufacturing here in the U.S., starting right here in our own high-energy facility in Fullerton, California,” said David Michery, CEO of Mullen Automotive.

Mullen’s concept paper is the first step in the DOE grant application process, and the company expects to submit its formal application on or before March 19.

Last Thursday, Mullen announced it delivered 100 Class 1 and 141 Class 3 electric vehicles in the month of December for a total invoiced amount of $12.55 million.

“2023 closed out strong and we continue to scale our production and deliveries throughout 2024,” said Michery.

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MULN Price Action: According to Benzinga Pro, Mullen Automotive shares closed Tuesday up 9.82% at $14.32.

Photo: Stan Petersen from Pixabay