Mullen’s Solid-State Polymer Battery Pack Hits the Road for Class 1 Vehicle Testing on Feb. 26, 2024
- None.
- None.
Insights
The recent announcement by Mullen Automotive regarding the advancement of their solid-state battery pack from laboratory to on-road vehicle testing marks a significant milestone in the electric vehicle (EV) industry. The reported 86% increase in vehicle range is a substantial improvement over the initially projected 73% increase, indicating a leap forward in battery technology and efficiency.
This development could have a profound effect on the competitive landscape of the EV market, potentially lowering the total cost of ownership and enhancing the value proposition of EVs versus traditional combustion engine vehicles. The increased range addresses one of the primary consumer concerns regarding EVs, which is 'range anxiety' and could accelerate adoption rates.
Furthermore, the transition to a solid-state polymer battery pack suggests a move towards higher energy density solutions, which could lead to lighter, more compact batteries, thereby improving vehicle performance and cargo capacity—a critical factor for commercial vehicles like the Class 1 EV cargo van tested by Mullen.
The shift from conventional lithium-ion batteries to solid-state batteries represents a significant technological leap. Solid-state batteries are considered the next frontier in energy storage, offering higher energy density, faster charging times and enhanced safety due to lower risk of thermal runaway compared to their lithium-ion counterparts. Mullen's reported increase in pack energy from 42 kWh to 72 kWh not only demonstrates a marked improvement in energy storage capacity but also underscores the potential for solid-state technology to disrupt the current EV battery market.
It is important to note that while the initial test results are promising, the long-term reliability and durability of solid-state batteries in real-world conditions remain to be seen. Additionally, the manufacturing scalability of solid-state batteries will be a critical factor in determining their commercial viability and impact on the cost structure of EV production.
The stock market typically reacts favorably to technological advancements that promise to enhance product offerings and reduce costs. Mullen Automotive's breakthrough in battery technology could potentially lead to revised growth projections and increased investor confidence. The reported performance exceeds initial estimates, which could translate into an optimistic outlook for the company's financial performance, particularly if the technology can be scaled and integrated into their commercial vehicles effectively.
Investors will be closely monitoring the company's progress towards finalizing design and manufacturing validation, as mentioned by the CEO. Success in these areas could lead to partnerships, increased market share and possibly government incentives for advancing EV technology. The long-term implications for Mullen's stock will depend on the company's ability to capitalize on this technological edge and secure a foothold in the rapidly growing EV market.
Testing of solid-state battery pack has advanced from lab to on-road vehicle testing
Previously projected
Actual tests resulted in
BREA, Calif., Feb. 29, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the Company began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack. Vehicle road testing began on Feb. 26, 2024, at Mullen’s Commercial Tech Center in Troy, Michigan. Video of Class 1 EV cargo van integrated with solid-state polymer battery pack testing can be viewed on MullenUSA.com.
Mullen’s latest phase of solid-state polymer battery testing began in January with installation of the battery pack into the Class 1 EV cargo van for testing of system compatibility between the vehicle and pack. Recent performance testing has included on-road drive cycles as well as Dyno testing at an EPA certified lab located in Northville, Michigan.
Due to higher energy density of the solid-state battery, the total pack energy increased from 42 kWh to 72 kWh. The initial test results met or exceeded all requirements targeted for first drive cycles for energy usage and the driving range. It was estimated that the range would be increased from 110 miles to 190 miles and the first real-world tests exceeded those projections.
“The first road test has resulted in significant gains in vehicle range. Additional testing over time will solidify a solid-state solution for our commercial vehicles. Next steps include finalizing our design and manufacturing validation,” said David Michery, CEO and chairman of Mullen Automotive.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
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 the results of the solid-state polymer pack level testing for the Class 1 EV, anticipated further results for ongoing road testing with the solid-state battery packs in the Class 1 EV; whether the projected LFP range increase and other performance specifications will materialize and whether the Company’s EV battery development and production initiatives will prove successful. 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 the ticker symbol for Mullen Automotive Inc.?
What was the projected increase in vehicle range from the solid-state battery pack testing?
What was the actual increase in vehicle range from the solid-state battery pack testing?
When did Mullen Automotive Inc. begin Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack?
Where can the video of Class 1 EV cargo van integrated with solid-state polymer battery pack testing be viewed?
What was the total pack energy increase due to the higher energy density of the solid-state battery?
Who is the CEO and chairman of Mullen Automotive Inc.?
