Mullen Automotive Pursues DOE Funding

Mullen Automotive, Inc. MULN saw an uptick in its shares on Tuesday following the announcement of its subsidiary Mullen Advanced Energy’s submission of a concept paper in response to the U.S. Department of Energy (DOE) Funding Opportunity for Battery Materials.

The Concept Paper and Potential Impact

The concept paper aims to secure a substantial $50 million DOE grant, which, if awarded, will be utilized to bolster capital investment for plant equipment and tooling. This investment will maximize the capacity for manufacturing battery modules and packs for various applications, including electric vehicles, industrial, energy storage, and consumer use, at Mullen’s newly established 122,000-square-foot facility.

Leadership’s Perspective

Expressing his commitment, David Michery, CEO of Mullen Automotive, stated, “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.”

Mullen has taken the first step in the DOE grant application process with the submission of its concept paper. The company anticipates presenting its formal application on or before March 19.

Recent Deliveries and Future Prospects

In a separate development, Mullen disclosed last Thursday that it successfully delivered 100 Class 1 and 141 Class 3 electric vehicles in December, tallying a total invoiced amount of $12.55 million.

Michery remarked, “2023 closed out strong and we continue to scale our production and deliveries throughout 2024,” signifying the company’s positive outlook for the year.

MULN Price Action: According to Benzinga Pro, Mullen Automotive shares closed Tuesday up 9.82% at $14.32.

Photo: Stan Petersen from Pixabay