Why Mullen Automotive Shares Are Ripping Higher Today

Mullen Automotive Inc MULN is soaring Monday after the company announced progress on its solid-state polymer battery pack development.

Mullen’s testing of solid-state polymer cells revealed the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and an 18-minute DC fast charge which can yield over 300 miles of range.

Mullen is working towards utilizing solid-state polymer battery packs in its second generation Mullen FIVE EVs, with in-vehicle prototype testing set for 2025. The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels. Mullen’s first-generation FIVE EV is expected to launch with traditional lithium-ion cells in late 2024.

"We’ve conducted successful testing and will begin pack level development next," said David Michery, chairman and CEO of Mullen. "The test data collected shows an impressive outcome and future for solid-state batteries."

Mullen is engaged in manufacturing electric vehicles and energy solutions. The company aims to make EVs more accessible by building an end-to-end ecosystem that covers all aspects of EV ownership.

See Also: Why Renewable Energy Group Shares Are Soaring Today

MULN Price Action: Mullen has traded as low as 52 cents and as high as $15.90 over a 52-week period.

The stock was uip 55.6% at $1.07 at time of publication.

Photo: courtesy of Mullen.