Mullen Submits Grant Funding Opportunity To DOE For Domestic Battery Materials Processing; Plans To Produce An Est. 150,000 Battery Packs Through 2032; Program To Provide $3.5B To Strengthen U.S. Battery Material Manufacturing (DE-FOA-0003099)
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Mullen Automotive, Inc. has submitted a Concept Paper to the DOE for grant funding to support domestic battery materials processing. The company plans to produce 150,000 battery packs by 2032 and seeks a $50 million grant for capital investment in its new Fullerton, California facility. This initiative is part of a broader $3.5 billion program to strengthen U.S. battery material manufacturing and aims to reduce battery costs by over 20%, enhancing Mullen's competitiveness in the EV market.
January 08, 2024 | 2:46 pm
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Mullen Automotive plans to enhance its EV battery production capabilities with a $50 million DOE grant, aiming to produce 150,000 battery packs by 2032 and reduce costs significantly.
The news of Mullen Automotive applying for a DOE grant to expand its battery production is highly relevant and important for the company's growth in the EV sector. The potential to reduce battery costs by over 20% could significantly improve Mullen's market position and profitability. The submission of the Concept Paper is a positive step towards securing the grant, which would likely have a favorable impact on the stock in the short term as it reflects the company's proactive approach to scaling up operations and reducing costs.
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