MULN - Mullen Automotive forms new entity focused on EV technology

2023-04-18 08:27:17 ET

Mullen Automotive ( NASDAQ: MULN ) announced a partnership with two firms for development of technology aimed at “improving energy management technology in electric vehicles for greater range and vehicle performance.”

Global EV Technology, Inc. and EV Technologies, LLC have agreed to terms with the California-based automaker to form a new entity named Mullen Advanced Energy Operations. Mullen owns 51% of the new entity, which is expected to benefit from Global EV Technology founder and chief scientific officer Lawrence Hardge’s inventions and patents.

“Lawrence is a talented inventor, and we are excited to begin working with him on improving electric vehicle performance,” Mullen CEO David Michery said. “We are always looking for forward-thinking and ground-breaking technology opportunities and are pleased to partner with Global and EV Technologies.”

Mullen Automotive ( MULN ) stock has slumped about 95% in the past year.

Read more on the company’s recent cargo van agreement .

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