Mullen Issues Update on Its So

BREA, Calif., May 10, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc† † MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today an update on Mullen’s solid-state polymer battery testing with the Battery Innovation Center (BIC) in Indiana.

Battery Innovation Center has completed the cell preconditioning in preparation for cell performance cycling. This is a C/20 preconditioning format to establish cell capacity baseline. BIC will enter into high rate cycling as part of the performance-based cycling with those results forthcoming.

It is expected that this technology, when scaled to the vehicle pack level, will deliver a 150-kilowatt hour, solid-state battery able to deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover. In general, solid-state batteries offer higher energy density, faster charging time, smaller size and safety compared to traditional lithium-ion cells.

“I am pleased with the initial preconditioning results on our solid-state polymer battery cell and we’re progressing to the next stage of testing with BIC,” said David Michery, CEO and chairman of Mullen Automotive. “The battery has performed well and I’m looking forward to see finalized testing results from BIC later this month.”

“We are in process with Mullen’s cell and are looking forward to continued testing with final results due later this month,” said Ben Wrightsman from Battery Innovation Center.

The Battery Innovation Center will continue to perform the following tests on Mullen’s solid-state polymer battery, with final results expected in late May 2022.

  • Constant Current Discharge Test

Testing to determine the effective capacity of a test unit using very repeatable, standardized conditions.

The purpose of this test is to determine the sustained (30s) discharge power capability of a battery at 2/3 of its OCV at each of various depths of discharge (DOD).

  • Constant Power Discharge Test

The purpose of this testing is to perform a sequence of constant power discharge/charge cycles that define the voltage versus power behavior of a battery as a function of depth of discharge. This testing characterizes the ability of a battery to provide a sustained discharge over a range of power levels representative of electric vehicle applications. Constant power discharges are similar to constant speed vehicle operation in their effect on a battery.

About Battery Innovation Center (BIC)
BIC is a collaborative initiative designed to incorporate leadership from renowned universities, government agencies and commercial enterprises. The Battery Innovation Center focuses on the rapid development, testing and commercialization of safe, reliable and lightweight energy storage systems for defense and commercial customers.

About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Forward Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate, ” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the Company will achieve its objectives of launching its EV crossover, the FIVE within anticipated timelines and if so, if the FIVE will be a success; whether production of its own EV battery packs will be successful, reduce dependency on third-party suppliers or result in lower costs and increased overall quality; and whether the Company’s partnerships with ARRK, Dürr, and DSA Systems and Over the Air (OTA) will result in expediting the rollout of the FIVE. Additional examples of such risks and uncertainties include, but are not limited to (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8- K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Wire Service Contact:
Investor Wire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
[email protected]

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