Mullen Automotive (NASDAQ:MULN) has added a new vehicle to its lineup called the PowerUP, a mobile electric vehicle (EV) charging truck. This morning, the company announced that the PowerUP will available for “immediate sale on advance order basis” and will be able to provide roadside assistance, power utilities and emergency response services.
“Moving forward, we will be offering different configurations of the PowerUp mobile charger for immediate sale via advance order, based off our own commercial EV truck platforms, making this vehicle available for roadside assistance, emergency response and management teams,” said CEO David Michery, “Our PowerUP EV truck can deliver high voltage power in mobile or emergency situations or where power is out or not available for fast charging scenarios.”
MULN Stock: Mullen Unveils PowerUP
The PowerUp truck, which is classified as a Class 5 Bi-Fuel cabover chassis, will be equipped with two Level 3 direct current (DC) fast chargers, either one 120 kilowatt level 3 DC charger or two 60kW Level 3 DC chargers each. It will also have four Level 2 chargers, as well as roughly 150 gallons of onboard propane storage.
Mullen did not provide any details on where the truck will be sourced from or any other production details, besides that it will be based on its own commercial EV truck platforms. Still, interested parties will be able to view the truck on display at Mullen’s upcoming 2023 “Strikingly Different” EV Tour. The tour will begin on Aug. 19 and conclude in November. Throughout the tour, reservation holders of the Mullen FIVE will have first dibs on tour spots.
Mullen Parts Ways With Lawrence Hardge
Shareholders don’t seem to be reacting favorably to the new vehicle announcement, as MULN stock is in the red today. This is likely due to a termination announcement concerning Mullen Advanced Energy Operations (MAEO). MAEO was formed to accelerate the launch of Lawrence Hardge, Global EV Technology and EV Technology’s (collectively EVT) energy management module (EMM). In April, Mullen announced that internal testing of the EMM had increased the range of its Class 1 EV cargo van by over 75%.
However, Mullen points out that EVT violated the MAEO agreement in several ways, such as refusing to test the EMM at an approved facility. Other reasons include failing to execute documents related to the distribution of the EMM and failing to disclose third-party legal action related to the EMM.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
