BREA, Calif. - Mullen Automotive, Inc. (NASDAQ:MULN), an emerging electric vehicle (EV) manufacturer, has announced the launch of a new zero-emissions mobile EV charging system, PowerUP, based on its all-electric Mullen THREE Class 3 cab chassis truck. This development represents a strategic shift from the company's previous model, which used a gasoline-powered platform, to a fully electric version in response to market demand for zero-emission solutions.
The upgraded PowerUP system is designed to offer scalable and versatile charging capabilities, ranging from 10kW to 1MW, and can accommodate new or repurposed battery cells. It features Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity, catering to a variety of applications. The system also boasts quiet operation, which is particularly advantageous in noise-sensitive areas such as urban centers and residential neighborhoods.
This innovation is part of Mullen's commitment to sustainable transportation and aligns with the growing preference for zero-emission options in the mobile EV charging market. The PowerUP system can be integrated with multiple platforms, including solar and wind off-grid power generation, and offers a bi-directional 480V grid connection.
Mullen's CEO, David Michery, emphasized the company's dedication to industry innovation and adaptation, highlighting the positive feedback on the initial PowerUP concept and the clear market inclination towards zero-emission solutions.
The development of the zero-emissions PowerUP is taking place at Mullen's High Energy Facility in Fullerton, California, which specializes in next-generation American-made EV battery packs. The acquisition of battery pack production assets from Romeo Power further accelerates the development of PowerUP as a battery-based mobile charging solution.
Mullen Automotive operates two U.S.-based vehicle plants and has recently begun commercial vehicle production. Its commercial EVs, including the Mullen ONE and Mullen THREE, are both California Air Resource Board (CARB) and EPA certified and available for sale in the U.S.
This news is based on a press release statement and reflects the company's forward-looking strategy in the electric vehicle market.
InvestingPro Insights
In light of Mullen Automotive's innovative strides in the electric vehicle space, particularly with their new PowerUP mobile EV charging system, it's worth noting the company's financial and market performance through the lens of InvestingPro data. Mullen Automotive has a market capitalization of $49.76 million, which provides a snapshot of the company's size and market value.
While the company holds more cash than debt on its balance sheet, which is a positive sign for liquidity and financial stability, it's also important to recognize that Mullen has been quickly burning through cash. This could be indicative of significant investments in product development and market expansion, such as the PowerUP system.
From a valuation perspective, Mullen's price/book ratio stands at 0.52 as of the last twelve months, which may suggest that the stock is potentially undervalued relative to its book value. However, the company's negative gross profit margin of -254.49% raises concerns about its profitability and cost management in the same period. Moreover, the company does not pay a dividend, which is not uncommon for growth-focused companies reinvesting earnings into research and development.
InvestingPro Tips highlight that Mullen's stock generally trades with high price volatility and has experienced a strong return over the last month, despite a significant price drop over the last year. For investors interested in the EV sector, these insights could be critical when considering Mullen Automotive's potential as a niche player in the industry.
For a deeper dive into the company's financial health and future prospects, InvestingPro offers additional tips which you can access by visiting: https://www.investing.com/pro/MULN. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and uncover the vast array of 16 additional InvestingPro Tips available for Mullen Automotive.
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