Stocks & Forex
Mullen, Inc (NASDAQ: MULN) Billion Dollar Saudi EV Deal, Lawrence Hardge and Mullen are a Match Made in Heaven
Mullen, Inc (NASDAQ: MULN) was up 21% on Friday on 723 million shares traded, Closing at $0.1029 and trading as high as $0.113 on $75 million in dollar volume for the day. The stock was also up another 3.4% in afterhours on Friday closing at $0.1064. The huge action on Friday came after Mr. Lawrence Hardge, who signed a contract with Mullen earlier in the week did a Facebook livestream where he stated Mullen will be announcing a $10 billion contract with Saudi Arabia on Monday. Also, Saturday Morning Lawrence Hardge did another Facebook live stream with more on the $10 billion Saudi deal here.
Lawrence Hardge and Mullen are a match made in heaven; both are big underdogs, and both are leading the markets in EV battery technology. Lawrence Hardge has been working with battery technology obsessively since he was a little kid and he has an intuitive mind with streaks of genius inventing the Knock Out 360 Fire Extinguisher also as a kid that went on be sold nationally in infomercials. The Knock Out 360 is one of the only extinguishers in the U.S. market that is UL approved for use in electric vehicle fires. Mr. Hardge also holds over 120 intellectual prototypes as well as numerous patents and trademarks. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
Mullen Automotive Inc (NASDAQ: MULN) is a successor company to Coda Automotive, which was one of the OG EV companies from the 2000s when it was basically just them and Tesla. At that time the Company invested billions in battery management systems, drivetrains, and other technology that makes EVs move effectively giving Mullen a significant advantage over everyone else.
Last week Mullen and Mr. Hardge signed a definitive agreement under which Mullen will pay Hardge $50,000 and an additional $5 million once the “definitive agreements” are completed and the associated IP rights are assigned to MAEO, the new operating subsidiary that is 51% owned by Mullen and 49% owned by Hardges Company, Global EV Technology, Inc. and EV Technologies, LLC. (collectively “EVT”). Both companies will be contributing and working together on known verified technology for improving existing vehicle performance and extending battery range. As this technology has immediate and key implications for electric vehicles, MAEO’s initial development is focused on improving Mullen’s lineup of commercial and consumer EVs.
At the heart of Mr. Hardge’s system is a technology that captures energy not only from the wires in the vehicle but from the movement of the vehicle. As per this video, a reported from Action News 7 stated: “I am speaking to a man who has invented technology that he says could revolutionize basically the world by creating a system that allows electric vehicles to go indefinitely. He has been showing me this golfcart, yes its a golfcart but it can work in a car too. There is a system attached to the battery that captures energy not only from the wires in the vehicle but from the movement of the vehicle. As the vehicle is moving the batteries are charging creating a system of almost indefinite energy.”
On Thursday’s live Stream Mr. Hardge explained: “”So what I created. Everyone is investing all this money trying to build a better battery. So when I come along to introduce this, this Company’s were happy, but they weren’t happy. They have to explain to shareholders, we invested $20 million, $30 million, $100s of millions in our battery, How do we explain to shareholders that some garage in Mississippi created a technology that cuts the battery cost in half, and extends the miles and distance 75% to 300% based on the technology. So when I came to Mullen, I said this is how we are going to do this. We are not going to do some rosy press announcement to impress the shareholders, I want to give them the facts and the truth. We will do our tests and make sure that we are really doing, 300 miles, 400 miles in real time. After this interview today, I want you to look around and start seeing electric cars, 99% when an electric car passes you, you probably only see one passenger, you never see 2 passengers, you never see three passengers, you never see 4 passengers, there are 4 days and only one passenger. The Hardge way, the Hardge charge, you have 4 passengers. We tested these vehicles in all types of charges, cold weather, hot weather, hills and mountains, mountains in Tennessee, mountains in Colorado, the results are always the same.”
On Thursday of last week Mullen announced test results of its recently acquired joint venture technology, greatly improving current EV performance by increasing EV vehicle range. Element Materials Technology test results indicate that the Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery. Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.
100% Confident on this Investment.
ty @inventUSA pic.twitter.com/Ihzz8rokT6
— Robbie Redwing (@RedwingRobbie) April 21, 2023
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EMM technology was also tested by Mullen Automotive engineers on the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility. Results showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass. EMM technology is being integrated into final stages of product development and is planned to be introduced in all Mullen commercial and consumer vehicle programs. U.S. provisional patent application has been filed covering the technology.
Mullen CEO David Michery said: “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. Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”
Mullen already blew away the competition when it revealed the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range highlighting an 18-minute DC fast charge which can yield over 300 miles of range. Mullen has a significant advantage over its competition and was already a leader in battery technology. Now with Mr. Hardge’s technology, Mullen is well positioned to be the undisputed leader in EV battery technology.
On the $10 billion Saudi deal, Mr. Hardge stated last week: “This is not what somebody said or what you heard, this is reality. $10 billion contract with Saudi Arabia. And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan. That’s in black and white. So, the SEC if you’re watching, that’s already agreed upon.”
$muln #muln 10 Billion contract is coming from Saudi Aruba. pic.twitter.com/Rfj4aC8PNx
— $Muln family (@crown20221) April 20, 2023
Mr. Hardge also did another livestream on Friday from Mullen’s Tech Center in Troy, MI., working with the #MullenCommercial Vehicle Team on Energy Management Module (EMM) integration. Mr. Hardge stated he believes Mullen is the next Tesla here.
As we said Mullen was up 21% on Friday on massive volume of 723 million shares traded and was up annother3 .5% in afterhours to $0.1064, just a harbinger of what is coming next week starting on Monday when the Saudi deal is announced. Mullen has an enormous short position in the stock and was heavily shorted to current levels. The stock is part of the meme stock culture that includes industry heavyweights such as AMC and GME. While Mullen has had many doubters the Company has found success with its new Class 1 EV Cargo Vans which recently arrived at Randy Marion Dealerships, a major us auto dealer who ordered 6,000 of the EV cargo vans in a deal worth $200 million.
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Mullen is well positioned to be the undisputed leader in EV battery technology. The Company is at the forefront of a race that is being called the next gold rush. EV automaker’s know that to get an EV into every garage in America, they will have to produce EVs that have a wide range and a quick charging time. As we said, Mullen has previously invested billions in battery management systems, drivetrains, and other technology that makes EVs move effectively giving Mullen a significant advantage over everyone else. They also blew away the competition when the Company revealed the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range highlighting an 18-minute DC fast charge which can yield over 300 miles of range. With Lawrence Hardge and his EV battery technology by their side, the future for Mullen could not be brighter. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below.
Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.