Mullen Announces POWER BOOST, Industry-First Solid-State Polymer Battery Pack Exchange Program
Mullen Automotive announces the POWER BOOST program, an innovative battery exchange initiative allowing current Class 1 EV cargo van customers to upgrade their lithium-ion batteries to solid-state polymer packs. This enhancement is expected to boost vehicle range to over 200 miles. The Mullen ONE, equipped with the new battery, is set for production in the second half of 2025. The company has made significant strides, including road testing the Class 1 van with the new battery, identifying lead suppliers, and issuing purchase orders. The program reflects Mullen's commitment to advancing technology and providing value to early adopters.
- Introduction of POWER BOOST, a pioneering battery exchange program.
- Upgrade from lithium-ion to solid-state polymer batteries increases vehicle range to over 200 miles.
- Significant milestones achieved in integrating solid-state polymer batteries.
- Scheduled production of Mullen ONE with the new battery in the second half of 2025.
- Delayed production timeline, with new battery-equipped vans not available until the second half of 2025.
Insights
Mullen Automotive's announcement about the POWER BOOST battery exchange program introduces a significant innovation by allowing current customers to upgrade to solid-state polymer battery packs. This could increase the range of their Class 1 EV cargo vans to over 200 miles, nearly doubling the prior range of 110 miles. This move could potentially strengthen customer loyalty and expand the user base.
From a financial standpoint, this initiative may lead to increased revenue streams as more customers opt for the upgrade. However, the impact on operating costs and capital expenditure must be considered, especially given the planned production start in the second half of 2025. Investors should pay attention to how these costs balance against expected revenue growth. It is critical to monitor Mullen's financial statements in upcoming quarters for signs of increased R&D expenses and any impact on margins.
The introduction of solid-state polymer battery technology in Mullen's EVs is a noteworthy technological advancement. Solid-state batteries typically offer numerous benefits over conventional lithium-ion batteries, such as higher energy density, faster charging times and enhanced safety features. These improvements can significantly boost the vehicle's performance and user experience.
However, it's essential to consider the manufacturing challenges and scalability of such advanced battery technology. Solid-state batteries are still in the developmental phase for many companies and potential production delays or quality control issues could pose risks. Investors should keep an eye on Mullen's production timelines and any technological hurdles that may arise.
From a market perspective, Mullen's initiative to offer a battery upgrade program can be seen as a strategic move to maintain and grow its market share in the competitive EV landscape. By enhancing the range capability of its cargo vans, Mullen is addressing a critical pain point for commercial EV users—range anxiety.
This move could also set Mullen apart from competitors, potentially attracting new customers who prioritize long-range capabilities. However, the market's response will depend on the perceived value and reliability of the solid-state polymer battery technology. As adoption rates for EVs continue to rise, Mullen's proactive approach could position it favorably in the market, provided they can deliver on their promises.
POWER BOOST is a pioneering battery exchange program enabling existing Class 1 EV cargo van customers the opportunity to upgrade their lithium-ion battery packs to solid-state polymer battery packs, increasing Class 1 vehicle range to over 200 miles
Mullen’s Class 1 EV cargo van equipped with the solid-state polymer pack is scheduled for production in the second half of 2025
BREA, Calif., July 11, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces a vehicle battery exchange program for current Class 1 EV cargo van customers. POWER BOOST is a pioneering battery exchange program enabling existing customers, meeting existing vehicle warranty requirements, the opportunity to upgrade their lithium-ion battery packs to solid-state polymer battery packs, increasing vehicle range potential to over 200 miles.
"We value the investment and confidence that our customers place in our vehicles," said David Michery, chairman and CEO of Mullen Automotive. "As we hit new milestones, we are committed to sharing our technological advancements with all our early adopters and this battery exchange program will allow customers the opportunity to upgrade to our solid-state pack."
In February 2024, Mullen announced that it began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack. Mullen continues to achieve significant milestones in integrating solid-state polymer battery packs into the Mullen ONE, Class 1 cargo van. Recent progress includes the Company identifying lead suppliers for development and components and issued initial purchase orders in support of this pivotal program.
The Mullen ONE, Class 1 EV cargo van equipped with the solid-state polymer pack is scheduled for production in the second half of 2025. The solid-state polymer battery pack is expected to extend the range of the Mullen ONE from 110 miles to over 200 miles.
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, whether the Company will meet its anticipated production timelines for placing the solid-state polymer pack in the EV cargo vans, when the battery exchange program will be launched and how it will be received by customers, and whether the solid-state polymer battery pack will yield the anticipated increased performance range. 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
Attachment
FAQ
What is Mullen's POWER BOOST program?
When will the Mullen ONE with solid-state polymer battery packs be produced?
What range increase is expected from the new solid-state polymer batteries in Mullen's Class 1 EV cargo vans?
What progress has Mullen made in integrating solid-state polymer batteries?
How does Mullen's POWER BOOST program benefit existing customers?
