Mullen Automotive Pursues $50 Million DOE Grant
Mullen Automotive, Inc. MULN is witnessing a surge in its stock prices on Tuesday after its subsidiary, Mullen Advanced Energy, submitted a concept paper in response to the U.S. Department of Energy (DOE) Funding Opportunity for Battery Materials. The ambitious concept paper aims to secure a substantial $50 million DOE grant, which, if awarded, will be utilized for capital investment in plant equipment and tooling to optimize the capacity for manufacturing battery modules and packs extensively used in electric vehicles, industrial applications, energy storage, and consumer appliances at Mullen’s new 122,000-square-foot facility.
Ramping Up Production and Deliveries
Last Thursday, Mullen declared that it successfully delivered 100 Class 1 and 141 Class 3 electric vehicles in December, generating an impressive invoiced amount of $12.55 million.
Michery, the CEO of Mullen Automotive, stated, “2023 wound down on a high note, and we are steadfastly increasing our production and deliveries throughout 2024.”
Positive Market Response
According to Benzinga Pro, Mullen Automotive shares concluded Tuesday’s trading 9.82% higher at $14.32.
Photo: Stan Petersen from Pixabay
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