MULN - Mullen Submits Grant Funding Opportunity to DOE for Domestic Battery Materials Processing | Benzinga
Company plans to produce an estimated 150,000 battery packs through 2032
Program to provide $3.5 billion to strengthen US battery material manufacturing (DE-FOA-0003099)
BREA, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, today announces its subsidiary Mullen Advanced Energy, LLC ("Mullen Advanced Energy") submitted a Concept Paper in response to the U.S. Department of Energy ("DOE") Funding Opportunity for Battery Materials. Established on Nov. 13, 2023, via the current administration, the program announces up to $3.5 billion from the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials nationwide. The program is designed to provide grants for battery materials processing to ensure that the United States has a viable battery materials processing industry.
Mullen's Concept Paper submission details the Company's plan to produce approximately 150,000 battery packs domestically through calendar year 2032 to support Mullen's EVs, currently assembled in the U.S. at the Company's Tunica, Mississippi-based plant. The plan projects to reduce current battery costs by over 20%. As the single largest material cost, those savings will make a significant contribution to Mullen's competitiveness.
The Concept Paper seeks a $50 million DOE grant to support capital investment to be used for plant equipment and tooling to maximize capacity for manufacturing battery modules and packs for electric vehicles, industrial, energy storage and consumer applications at Mullen's new 122,000-square-foot high-energy facility in ...