Mullen Submits ATVM Loan Opportunity To The Department Of Energy For Domestic Battery Materials Processing; The $50M ATVM Application Details The Company's Plan To Produce An Estimated 150,000 Battery Packs Through 2032
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive, Inc. has submitted a pre-application for a $50 million ATVM loan from the U.S. Department of Energy to support domestic battery manufacturing. The loan would help fund the production of an estimated 150,000 battery packs through 2032, aiding Mullen's expansion and supporting its EVs assembled in the U.S. The capital would be used for plant equipment and tooling at a new facility in Fullerton, California.
January 10, 2024 | 2:34 pm
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Mullen Automotive's ATVM loan application could bolster its financial position and support its expansion into battery manufacturing, potentially increasing investor confidence in the company's growth prospects.
The news of Mullen Automotive applying for a substantial government loan to support its battery manufacturing indicates a strategic move to enhance its production capabilities. If granted, the loan would likely have a positive impact on the company's financial health and its ability to meet future production targets, which could lead to increased investor confidence and a potential rise in stock price in the short term.
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