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BREA, Calif. - Mullen Automotive Inc. (NASDAQ: MULN), an electric vehicle manufacturer currently trading near its 52-week low of $0.05, has announced a partnership with Enpower Greentech Inc. (EGI) to produce SWIFT series semi-solid-state batteries (SSB). This collaboration aims to manufacture these advanced batteries for commercial and industrial use at Mullen's Fullerton, California facility beginning in early 2026. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score of 0.51 and negative EBITDA of $242 million in the last twelve months.
The SWIFT SSB, developed by EGI, is designed for a range of applications, including commercial vehicles, drones, e-aviation, and robotics. These batteries boast double the energy density of traditional lithium-ion batteries, ultra-fast charging, extended cycle life, and a cost-effective production process. For investors seeking deeper insights into Mullen's market position and growth potential, InvestingPro offers exclusive analysis with over 15 additional ProTips and comprehensive financial metrics.
Mullen's Fullerton center, which currently has three production lines for lithium-iron-phosphate battery modules, will expand its engineering staff to meet the production schedule and integrate the SWIFT battery into its existing SSB program. The company's ambitious expansion comes despite a challenging financial position, with a current ratio of 0.24 indicating potential liquidity concerns and a rapid cash burn rate, as revealed by InvestingPro analysis.
John Taylor, president of Commercial Vehicles and SVP Global Manufacturing at Mullen, highlighted the partnership's potential to reduce supply chain vulnerabilities and address cost increases due to tariffs. The agreement is a step towards Mullen's vision of delivering domestically produced battery solutions.
EGI plans to start manufacturing the SWIFT series SSB cells in late Q3 2025 at its Ann Arbor, Michigan facility. This move is expected to provide the market with tariff-free, high-performance pouch cells, as the company expands its manufacturing capacity throughout 2026.
The SWIFT series SSB cells have undergone extensive testing and validation by top U.S. automotive OEMs, leading drone manufacturers, and eVTOL companies. David Michery, chairman and CEO of Mullen, expressed confidence in the commercialization of the solid-state polymer program, with John Taylor overseeing the initiative.
Mullen Automotive, based in Southern California, has begun commercial vehicle production and has two U.S.-based vehicle plants. The company's commercial dealer network spans key markets across the United States.
This partnership announcement is based on a press release statement from Mullen Automotive Inc. and reflects the company's strategic direction in the electric vehicle battery market. With revenue of $4.01 million in the last twelve months and a gross profit margin of -484.91%, the company faces significant challenges in achieving profitability and sustainable growth.
In other recent news, Mullen Automotive reported record GAAP revenue of $3.18 million for the quarter ending March 31, 2025, marking a significant increase from previous figures. This growth represents an 189% rise from the total revenue of $1.1 million for the entire previous fiscal year. Additionally, Mullen Automotive has announced a 1-for-100 reverse stock split to comply with Nasdaq's minimum bid price requirement, which will reduce the number of shares significantly. This corporate action was approved by both the company's stockholders and board of directors.
Mullen Automotive, along with its majority-owned subsidiary Bollinger Motors, has achieved a milestone in U.S. parts sourcing, with their vehicles now 100% assembled domestically and a significant portion of components sourced from U.S. suppliers. In legal developments, a federal judge ruled in favor of Mullen, allowing its lawsuit alleging stock manipulation by various financial entities to proceed to the discovery phase. Mullen's CEO David Michery expressed satisfaction with the court's decision, highlighting the company's commitment to shareholder interests.
The company is also planning cost-cutting measures, including staff reductions and facility eliminations, to enhance operational efficiency. Meanwhile, Mullen continues to expand its commercial dealer network across key U.S. markets, supporting its growth in the electric vehicle sector. These developments reflect Mullen's strategic efforts to adapt to market conditions and enhance its financial performance.
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