What's Going On With Mullen Automotive Stock Monday?

Mullen Automotive Inc MULN shares are trading higher Monday. The company announced that it will begin executing on a previously awarded contract for the government.

What To Know: Mullen subsidiary Mullen Advanced Energy Operations was awarded a $680,000 contract by the District of Columbia, Washington, D.C., which covers the purchase and installation of Energy Management Module units on General Motors Co GM Chevrolet Bolts within the D.C. city government's vehicle fleet.

On Monday, Mullen will install and perform testing of its energy management units, which are expected to substantially increase driving range and efficiency of the EV batteries. 

"The DC city project is the first of many that we have planned for the new EMM technology. Municipal city fleets are a perfect use case for EVs and even better with our Energy Management Modules added for extending vehicle range and performance," said David Michery, chairman and CEO of Mullen Automotive.

Mullen is a California-based EV company with two assembly plants in the U.S.

See Also: Why Aclarion Shares Are Soaring Today

MULN Price Action: Mullen Automotive shares are down more than 92% over the last year.

The stock was up 9.23% at 11 cents Monday morning, according to Benzinga Pro.

Photo: Paul Brennan from Pixabay.