Mullen Automotive seeks $50M grant to boost battery production
Mullen Automotive, Inc., an emerging electric vehicle (EV) manufacturer, has announced its intention to secure a $50 million grant from the U.S. Department of Energy (DOE) to strengthen its battery pack production capabilities. This move aligns with a broader federal initiative to bolster the domestic advanced battery sector.
Mullen Advanced Energy aims to manufacture 150,000 battery packs by 2032
Mullen Automotive’s subsidiary, Mullen Advanced Energy, LLC, has submitted a Concept Paper outlining its strategy to manufacture approximately 150,000 battery packs in the United States by 2032. These battery packs will be utilized in Mullen’s EVs, which are produced at the company’s plant in Tunica, Mississippi. The proposed plan aims to reduce current battery costs by over 20%, giving Mullen a competitive advantage in the market.
DOE grant to support Mullen’s new EV battery facility in Fullerton
If awarded, the DOE grant will be used for capital investment in plant equipment and tooling at Mullen’s new 122,000-square-foot facility in Fullerton, California. This facility, announced in November 2023, is dedicated to the development and production of next-generation EV battery packs.
Mullen Automotive shows commitment to U.S. battery manufacturing
David Michery, CEO and chairman of Mullen Automotive, expressed the company’s dedication to supporting U.S. battery manufacturing, starting with their Fullerton facility. The submission of the Concept Paper is an initial step before Mullen formally applies for the DOE funding, which is expected by March 19, 2024.
DOE funding opportunity supports growth of U.S. battery industry
The DOE’s funding opportunity, made possible by the Bipartisan Infrastructure Law, aims to provide up to $3.5 billion for the growth of the U.S. battery materials processing industry. This industry is crucial for the nation’s energy independence and the expansion of the EV sector.
Conclusion
Mullen Automotive’s pursuit of a $50 million DOE grant to enhance battery production signifies the company’s commitment to the future of electric vehicles in the United States. By manufacturing 150,000 battery packs by 2032 and investing in a new facility in Fullerton, Mullen aims to reduce costs and solidify its position in the competitive EV market. The DOE funding opportunity further supports the growth of the U.S. battery industry, ensuring a sustainable and prosperous future for the nation’s energy sector.
Analyst comment
Positive news: Mullen Automotive seeks a $50M grant to boost battery production. Mullen plans to manufacture 150,000 battery packs by 2032, reducing costs by over 20%. The grant will support a new facility in Fullerton, California. This shows Mullen’s commitment to the US battery industry and aligns with the growth of the EV sector. The market is expected to respond positively, as Mullen’s increased production capacity and reduced costs will enhance its competitiveness in the EV market.
