Mullen Automotive Announces Impressive Solid-State Polymer Battery Test Results
May 31 2022 - 8:30AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces results of Mullen’s solid-state polymer
battery testing with the Battery Innovation Center (BIC) in
Indiana. Testing results from BIC show the solid-state polymer
cell, rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2
volts, exceeding expectation and in line with test tolerance from
previous EV Grid test results.
Testing conducted at Battery Innovation Center
(BIC) in Indiana, show Mullen’s solid-state polymer cell coming in
at 343.28 Ah at 4.2 volts, which is in line with previously quoted
test results from EV Grid. In EV Grid’s testing, the
solid-state battery cell was rated at 300 Ah at 3.7 volts, with the
battery yielding 343 Ah at 4.3 volts. The test data collected from
both BIC and EV Grid have exceeded expected test tolerance and show
an impressive outcome and future for solid-state batteries.
It is expected that with this technology, when
scaled to the vehicle pack level, a 150-kilowatt hour solid-state
battery can deliver over 600 miles of range on a full charge for
the Mullen FIVE EV Crossover. In general, solid-state
batteries offer higher energy density, faster charging time,
smaller size and safety compared to traditional lithium-ion
cells.
“I’m impressed with the ongoing performance of the solid-state
cell after going thru multiple intense testing sessions from
accredited testing facilities,” said David Michery, CEO and
chairman of Mullen Automotive. “The battery has performed
exceptionally well, and I’m pleased with the results from BIC in
Indiana.”
“We are pleased to see that the results from on-going testing
are in-line with those previously notated,” said Ben Wrightsman,
president and CEO of Battery Innovation Center. “The cell thus far
has performed as stated, and we will continue to test additional
parameters to characterize the overall capabilities and
performance.”Mullen recently announced the “Strikingly Different”
U.S. Test Drive Tour, covering 19 cities across the U.S. The tour
will begin this fall in Southern California and work its way
throughout the U.S. Further details can be found here, or place
your Mullen FIVE reservation here.
About Battery Innovation Center (BIC)BIC is a
collaborative initiative designed to incorporate leadership from
renowned universities, government agencies and commercial
enterprises. The Battery Innovation Center focuses on the rapid
development, testing and commercialization of safe, reliable and
lightweight energy storage systems for defense and commercial
customers.About MullenMullen is a Southern
California-based automotive company that owns and partners with
several synergistic businesses working toward the unified goal of
creating clean and scalable energy solutions. Mullen has evolved
over the past decade in sync with consumers and technology trends.
Today, the Company is working diligently to provide exciting EV
options built entirely in the United States and made to fit
perfectly into the American consumer’s life. Mullen strives to make
EVs more accessible than ever by building an end-to-end ecosystem
that takes care of all aspects of EV ownership.
Forward-Looking StatementsCertain 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 solid-state polymer battery cell
technology, which when scaled to the vehicle pack level will
function as expected or will deliver over 600 miles of range on a
full charge, whether the Company will achieve its objectives of
launching its EV crossover, the FIVE within anticipated timelines
and if so, if the FIVE will be a success; whether production of its
own EV battery packs will be successful, reduce dependency on
third-party suppliers or result in lower costs and increased
overall quality; and whether the Company’s partnerships with ARRK,
Dürr, and DSA Systems and Over the Air (OTA) will result in
expediting the rollout of the FIVE. 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; and (x) Mullen’s ability to protect its
intellectual property; (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)
613-1900www.MullenUSA.com
Wire Service Contact:InvestorWire (IW) Los
Angeles, Californiawww.InvestorWire.com212.418.1217
OfficeEditor@InvestorWire.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/63c3ecc9-89e0-45ef-9527-02cd595a7627
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