Mullen Announces Development of Zero-Emissions, All-Electric PowerUP Mobile EV Charging Truck
Mullen Automotive (NASDAQ: MULN) has announced the development of a zero-emissions version of its PowerUP mobile EV charging truck, based on the all-electric Mullen THREE Class 3 cab chassis EV truck. This new model provides mobile DC fast-charging with 100% zero emissions, reflecting Mullen's commitment to sustainable transportation and market demand for eco-friendly solutions.
The new PowerUP has significant improvements in charging capabilities and versatility, offering a scalable battery platform from 10kW to 1MW, Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity. It operates quietly, reducing noise pollution, making it ideal for urban centers, hospitals, and residential areas.
The system includes solar and wind off-grid power generation options, and bi-directional 480V grid connection. The PowerUP development is at Mullen's High Energy Facility in Fullerton, California, aligned with the company's vision of a comprehensive U.S.-built electric vehicle ecosystem.
- Mullen's PowerUP mobile charging truck is now zero-emissions, addressing market demand for eco-friendly solutions.
- The new PowerUP offers scalable battery options from 10kW to 1MW, enhancing versatility.
- Features Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity.
- Quiet operation with minimal noise pollution, suitable for urban centers and sensitive environments.
- Integration of solar and wind off-grid power generation enhances sustainability.
- Development at the High Energy Facility in Fullerton, California, aligns with Mullen's vision for a U.S.-built EV ecosystem.
- No specific financial data provided on the costs or potential revenue from the new PowerUP model.
- Lack of information on the timeline for full-scale production and market availability.
Insights
From a financial perspective, Mullen's introduction of the zero-emissions PowerUP mobile charging truck is a strategic move that aligns well with current market trends toward sustainability. The switch from a dual-fuel model to a 100% all-electric solution reduces the company's reliance on traditional fuel sources, potentially lowering operational costs in the long-term. Furthermore, Mullen is targeting a growing market segment that has an increasing demand for zero-emissions solutions, particularly in urban and emergency scenarios. This could result in higher adoption rates and open new revenue streams for the company.
Short-term: Investors might see an initial surge in stock prices due to the positive market reception of the new zero-emissions technology. Positive feedback and market alignment could boost investor confidence.
Long-term: The scalability and versatility of the PowerUP system, ranging from 10kW to 1MW, position Mullen well for future market needs. However, the long-term success depends on the company's ability to efficiently produce and market the new system, as well as manage production costs.
The market dynamics for electric vehicle charging infrastructure are rapidly evolving. Mullen's new zero-emissions PowerUP mobile charging system demonstrates an acute awareness of the increasing demand for clean energy solutions. The shift to a 100% zero-emissions model directly addresses the growing regulatory pressures and consumer preferences for sustainable options in urban centers and noise-sensitive environments.
The vehicle's capability to offer Level 3 DC fast charging, off-grid AC power and micro-grid connectivity, along with additional power generation options like solar and wind, enhances its appeal across various sectors. This includes public utilities, emergency services and event management. By addressing multiple use cases, Mullen broadens its potential market base significantly.
Short-term: The announcement could attract strategic partnerships and pilot projects, especially with municipalities and large organizations focused on sustainability.
Long-term: As urbanization and electric vehicle adoption continue to rise, Mullen's positioning in the zero-emissions mobile charging market could provide a competitive edge. However, the company will need to continuously innovate and adapt to maintain its market position amid fierce competition.
The technological aspects of Mullen's zero-emissions PowerUP mobile charging truck are impressive. The vehicle leverages advanced battery technology to deliver scalable and versatile charging solutions. The use of Level 3 DC fast charging and off-grid AC power, combined with the ability to connect to a micro-grid, makes it adaptable for diverse applications. The integration of solar and wind power options for recharging enhances its sustainability credentials.
Additionally, the quiet operation of the battery-powered PowerUP system addresses a common concern with traditional fossil fuel generators, making it suitable for use in noise-sensitive environments such as urban centers and hospitals. This feature not only expands its usability but also aligns with growing societal and regulatory demands for environmentally friendly technologies.
Short-term: The technological advancements and unique features of the PowerUP system could garner attention from tech-savvy consumers and early adopters, potentially leading to increased market penetration.
Long-term: The continuous development and enhancement of battery technology will be crucial. As the industry progresses, Mullen must stay at the forefront of innovation to maintain its competitive edge in the market.
New PowerUP mobile charging system based on the all-electric Mullen THREE, a Class 3 cab chassis EV truck, provides increased versatility and
Company shifts PowerUP focus to a
BREA, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the development of a ZERO-EMMISSIONS version of PowerUP, Mullen’s mobile EV charging solution, that will now be offered on the Company’s own Class 3 all-electric cab chassis truck.
Mullen’s PowerUP was first introduced in July 2023 as a mobile EV charging truck delivering level 2 and level 3 DC fast charging capabilities in scenarios where such power is not available, including roadside assistance and emergency response where immediate power is required for recharging electric vehicles or emergency power backup.
The new zero-emissions PowerUP mobile charging truck represents a strategic pivot from the previously announced model which utilized a gasoline Class 5 cab chassis platform and a dual-fuel (propane/natural gas) power generation unit. This shift to a
Now available with multiple platform integration and scaling options including the Mullen THREE Class 3 cab chassis truck, the zero-emissions PowerUP system also offers significant improvements in charging capabilities and versatility. The zero-emissions mobile charging solution is intended to be a scalable battery platform that can be configured to meet various market needs, ranging from 10kW to 1MW and can utilize new or re-purposed battery cells. It features Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity, making it suitable for multiple applications. An additional significant advantage of the battery powered PowerUP is quiet operation with minimal noise pollution, unlike traditional fossil fuel powered generators. This benefit makes it ideal for use in noise-sensitive environments like urban centers, hospitals, parking garages, campuses and even residential areas.
Mullen PowerUP – Zero-Emissions Mobile Charging Truck
- Vehicle: Mullen THREE, all-electric Class 3 EV cab chassis truck
- Peak Capacity: 160 kWh (Scalable to 1 MWh)
- Outputs:
- 2 X Level 3 Fast Chargers (60 kW each output)
- 20kW (up to 160kW) 120V/240V/480V AC Output
- 12V jumper terminals
- Additional PowerUP Recharging Options:
- Solar and wind off grid power generation
- Bi-directional 480V grid connection
“We're constantly innovating and adapting to meet the evolving needs of the industry," said David Michery, CEO and chairman of Mullen Automotive. "The feedback on the initial PowerUP concept was overwhelmingly positive, but the market is clearly looking for a zero-emission solution. By leveraging our all-electric Mullen THREE, the new PowerUP delivers recharging at a higher level of scalability and performance while offering zero emissions for both the vehicle and power unit."
Mullen is developing PowerUP at its High Energy Facility located in Fullerton, California. This facility is dedicated to producing the next-generation of American-made EV battery packs and its expansion to include PowerUP aligns perfectly with Mullen's vision of creating a comprehensive electric vehicle ecosystem built in the United States. Additionally, Mullen’s acquisition of battery pack production assets from Romeo Power significantly accelerates the development of PowerUP as a battery based mobile charging solution.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, timelines associated with the development of the Zero Emissions version of PowerUP and whether the Company will achieve its objectives of the PowerUP being a scalable battery platform with the stated anticipated performance, features, specifications and capabilities. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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