Mullen Technologies, a licensed electric vehicle manufacturer with international distribution, has jolted the largely dormant SPAC EV sector today as it announced a strategic partnership with NexTech Batteries.
As per the press statement, Mullen Technologies will utilize NexTech’s lithium-sulfur pouch format batteries for over 100K EVs in the next 5 years. These batteries also have a specific energy that is 2.5 times higher as compared to conventional lithium-ion cells.
“Mullen plans to produce more than 100,000 vehicles over 5 years using NexTech lithium-sulfur (Li-S) pouch format batteries, which are 60% lighter than today's EV's, improving vehicle efficiency and reducing overall energy consumption.”
The company went on to note:
"This technology allows Mullen to potentially be below $90/kWh at a pack level, greatly reducing cost to consumers.”
As stated earlier, Net Element (NASDAQ:NETE) shares are now up over 31 percent in the pre-market, currently trading at the $11.66 stock price.
As a refresher, Mullen Technologies had entered into a definitive agreement (DA) to merge with the SPAC Net Element (NETE) back in August 2020. While the DA was expected to close by Q3 2020, Mullen and Net Element extended the deadline for closing their business combination agreement to the 31st of March 2021. In a departure from the norm, the two companies have agreed upon a stock-for-stock reverse merger, in which Mullen Technologies’ shareholders will receive a majority of the outstanding stock in the post-merger company.
For those unfamiliar with Mullen Technologies’ operations, it is a Southern California-based licensed vehicle manufacturer that operates in various verticals of the businesses, focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. The company is currently accepting reservations for two EVs – the electric SUV MX 05 and the high-performance sports EV Dragonfly K50. The MX 05 offers a range of 325 miles and starts retailing from $55,000. On the other hand, the Dragonfly K50 has a range of over 230 miles and 0-60 acceleration in 4.2 seconds.
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