Mullen Automotive, Inc.
MULN
shares are trading higher Tuesday. The company recently made a significant move by submitting a concept paper in response to a U.S. Department of Energy (DOE) funding opportunity for battery materials through its subsidiary, Mullen Advanced Energy.
The concept paper aims to secure a substantial $50 million grant from the U.S. Department of Energy. If successful, the grant funds are to be used for the capital investment in plant equipment and tooling to bolster the capacity for manufacturing battery modules and packs. This will cater to the burgeoning demand for electric vehicles, industrial, energy storage, and consumer applications at Mullen’s expansive new 122,000-square-foot facility.
Clearly enthusiastic about this prospect, CEO David Michery announced, “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.”
The submission of Mullen’s concept paper marks the first step in the DOE grant application process, with the formal application expected to be submitted on or before March 19.
Adding to the flurry of recent activities, Mullen revealed that it had completed the delivery of 100 Class 1 and 141 Class 3 electric vehicles in December, amassing a whopping $12.55 million in invoiced amounts. Expressing optimism, Michery remarked, “2023 closed out strong and we continue to scale our production and deliveries throughout 2024.”
Delving into price action, Benzinga Pro reported that Mullen Automotive shares rallied 9.82% to $14.32 at the close of Tuesday’s trading session.
Photo: Stan Petersen from Pixabay
