Curated News
By: NewsRamp Editorial Staff
December 20, 2024
Mullen Automotive Plans to Boost Domestic Battery Production for Electric Vehicles
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- Mullen Automotive's strategic plan prioritizes high-volume battery production to position the company as a leader in U.S. advanced battery manufacturing.
- The plan includes upgrading the Mishawaka facility to a capacity of 108,000 battery systems annually, with Fullerton focusing on research and development.
- This will expand clean energy production, aligning with DOE goals and contributing to a more sustainable future.
- Mullen Automotive's $55 million plan seeks to bolster domestic battery production and position the company as a leader in U.S. advanced battery manufacturing.
Impact - Why it Matters
This news matters because it highlights Mullen Automotive's efforts to bolster domestic battery production in line with DOE goals to expand clean energy production. The company's strategic plan and investments position it as a leader in U.S. advanced battery manufacturing, which could have a significant impact on the electric vehicle market and the nation's transition to cleaner energy sources.
Summary
Mullen Automotive (NASDAQ: MULN) has submitted a revised plan to the U.S. Department of Energy (“DOE”) to bolster domestic battery production at its Mishawaka, Indiana, and Fullerton, California, facilities. The company has invested $12 million to date, with an additional $43 million planned, seeking $55 million in matching DOE funds under a program funded by the Bipartisan Infrastructure Law. Mullen’s plan prioritizes high-volume battery production at Mishawaka, a former GM Hummer facility, which will be upgraded to a capacity of 108,000 battery systems annually. Fullerton will focus on research, development, and prototype production. Mullen’s strategic acquisitions and infrastructure investments position the company as a leader in U.S. advanced battery manufacturing, aligning with DOE goals to expand clean energy production. First production units are set for delivery in mid-2025, with additional lines launching in subsequent years.
To view the full press release, visit https://ibn.fm/PM9F9
Source Statement
This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, Mullen Automotive Plans to Boost Domestic Battery Production for Electric Vehicles
