Mullen Advanced Energy Operations Announces Its Partner EV Technologies, LLC’s Contract with the District of Columbia
April 24 2023 - 8:00AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces that its majority owned subsidiary, Mullen
Advanced Energy Operations (“MAEO”), will today begin execution of
a $680,000 contract that was previously awarded by the District of
Columbia, Washington, D.C., to EV Technologies, LLC. The contract
is for the purchase and installation of Energy Management Module
units on Chevrolet Bolts within the D.C. city government’s vehicle
fleet.
Mullen and EV Technologies’ team of engineers are onsite in DC
today to commence installing the EMM units onto the Chevrolet Bolts
and to perform the required tests included in the pilot. Previous
testing indicates that Energy Management Module (“EMM”) technology
substantially increases the driving range and efficiency of any
current EV battery. In March 2021, Element Materials Technology
conducted specific vehicle testing on 2020 Chevy Bolts installed
with EMM units with test results being a calculated increase in
range from 269 to 431 miles, which is a 60% increase in
efficiency.
“I am very proud that the first major field application is with
the DC city government, where we will demonstrate the benefits of
our EMM technology. We have been working on this bid to secure the
business for some time and it is a great achievement to win this
opportunity. I would like to thank the many D.C. government
officials who made this a reality,” said Lawrence Hardge, CEO of EV
Technology and chief scientific officer of MAEO.
“The DC city project is the first of many that we have planned
for the new EMM technology,” said David Michery, CEO and chairman
of Mullen Automotive, Inc. “Municipal city fleets are a perfect use
case for EVs and even better with our Energy Management Modules
added for extending vehicle range and performance. Ideally, the
vehicles can spend less time charging and more time in the local
communities for civic use and support.”
Mullen Advanced Energy Operations is a 51%-owned subsidiary of
Mullen Automotive with EV Technologies, LLC and Global EV
Technology, Inc. as partners.
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of electric vehicles (“EVs”) that will be manufactured
in two Company owned United States-based assembly plants. Mullen's
EV development portfolio includes the Mullen FIVE EV Crossover,
Mullen Commercial Class 1 and 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 all 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 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: (i) the timing of the commencement of the
installation and testing of the Energy Management Module (“EMM”)
units and whether the installation of the EMM units on the D.C.
city government’s Chevrolet Bolt vehicle fleet will be successfully
implemented; whether the contract awarded by the District of
Columbia, Washington, D.C., to EV Technologies, LLC will be
assigned to MAEO as contemplated by the agreement between Mullen
and EV Technologies; whether the terms of the city government
contract will be honored by the contracting parties; whether the
pilot program with the District of Columbia, Washington,
D.C., will be successful or result in additional orders or
contracts; whether any other purchase orders or agreements for the
EMM technology will materialize; whether the test results, which
indicate that applying Energy Management Module (“EMM”) technology
to an electrical vehicle significantly increases vehicle range, are
accurate; whether the results achieved from the initial testing by
Element and Mullen are sustainable, scalable, or will produce the
expected results when deployed in the city government’s fleet of
Chevrolet Bolts, the Company’s or other vehicles; whether any
expected vehicle range increases can be achieved at a low cost;
whether the Company’s recently acquired joint venture technology
will greatly improve current EV performance by increasing EV
vehicle range or otherwise; whether the projected increase in range
and mileage are accurate or achievable; whether the EMM product
will be successfully completed or integrated into the city
government’s fleet of Chevrolet Bolts or any other vehicles; and
whether the EEM product and associated technology will prove
beneficial; (ii) whether the commercial product launches
contemplated for 2023 will materialize within the slated timelines;
(iii) Mullen’s ability (or inability) to obtain additional
financing in sufficient amounts or on acceptable terms when needed;
(iv) Mullen's ability to maintain existing, and secure additional,
contracts with manufacturers, parts and other service providers
relating to its business; (v) Mullen’s ability to successfully
expand in existing markets and enter new markets; (vi) Mullen’s
ability to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (vii) unanticipated
operating costs, transaction costs and actual or contingent
liabilities; (viii) the ability to attract and retain qualified
employees and key personnel; (ix) adverse effects of increased
competition on Mullen’s business; (x) changes in government
licensing and regulation that may adversely affect Mullen’s
business; (xi) the risk that changes in consumer behavior could
adversely affect Mullen’s business; (xii) Mullen’s ability to
protect its intellectual property; and (xiii) 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
Corporate Communications:
InvestorBrandNetwork (IBN) Los Angeles, California
www.InvestorBrandNetwork.com 310.299.1717 Office
Editor@InvestorBrandNetwork.com
- First contract for EMM technology is Washington, D.C.’s city
government
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