Mullen Automotive Inc (NASDAQ:MULN) stock surged in early Friday trade after the emerging electric vehicle (EV) maker announced test results of its recently acquired joint venture technology following a partnership with Global EV Technology and EV Technologies.
The Brea, California-based company revealed that test results for the Element Materials Technology show that the Energy Management Module (EMM) technology significantly increases the driving range and efficiency of current EV batteries.
Tested on a high-volume OEM electric vehicle, it resulted in a 60% increase in efficiency, with an increased range of 431 miles, from 269 miles without the EMM technology. On its own Class 1 EV Cargo Van, there was a 75% increase in range for the 42-kWh lithium-ion battery pack, the company added.
“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range,” Global EVT CEO Lawrence Hardge said in a statement. “I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology.”
Mullen Automotive said it will integrate the EMM technology into the final stages of product development, with plans to include it in all its commercial and consumer vehicle programs.
“Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry,” Muller CEO and chairman David Michery added. “Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”
Mullen Automotive’s shares were 21% higher at $0.10 in a late morning trade.
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