Mullen Automotive (MULN) Stock Gains 30% on Battery Test News

Shares of Mullen Automotive (NASDAQ:MULN) are soaring greater by additional than 30% immediately after Indiana’s Battery Innovation Heart (BIC) introduced favourable examination outcomes on the company’s stable-point out polymer battery cell. Just before testing, Mullen’s battery was rated at a price of 300 ampere-several hours (Ah) at 3.7 volts. BIC’s tests confirmed the battery carried a value of 343.28 Ah at 4.2 volts.

These quantities are in line with former take a look at success from EV Grid. Data from both battery testers have exceeded success and exhibit opportunity for future sound-state battery applications.

After today’s gain, shares of MULN inventory are nevertheless down extra than 70% yr-to-date. Now, investors are hoping the examination benefits can convert matters all around.

MULN Stock Soars on Battery Test Outcomes

When scaled to the car or truck pack stage at a 150-kilowatt hour equal, the battery is expected to provide a lot more than 600 miles of vary on a solitary charge for the Mullen Five electric powered auto (EV) crossover. Good-condition batteries carry an benefit above classic lithium-ion batteries. This is simply because they generally present greater energy density, speedier charging instances and improved security characteristics.

CEO David Michery was happy with the exam outcomes, incorporating:

“I’m impressed with the ongoing overall performance of the reliable-point out mobile soon after likely thru [sic] many intense screening sessions from accredited tests services … The battery has performed extremely properly, and I’m happy with the benefits from BIC in Indiana.”

In addition, it would seem Mullen has verified shorter-seller Hindenburg Analysis erroneous. In a shorter report, Hindenburg claimed that EV Grid’s testing of Mullen’s battery was just a “rehash of screening the corporation had already declared in 2020.” Hindenburg also stated a senior executive who was involved with the battery claimed it “didn’t exist at all.”

Mullen Automotive Announces U.S. Exam Drive Tour

Previously this thirty day period, the EV corporation announced it will start its “Strikingly Different” U.S. examination generate tour. The tour will start out in Oct in Southern California and include 19 towns across the nation. At the tour, “Front-Row” 5 reservation holders will be offered the to start with opportunity to take a look at generate and expertise the EV. Other towns on the tour include New York, Boston, Memphis and a lot more.

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On the date of publication, Eddie Pan did not maintain (possibly right or indirectly) any positions in the securities pointed out in this report. The opinions expressed in this post are those of the author, matter to the InvestorPlace.com Publishing Guidelines.