NETE $12 Don't normally post non-penny's here but the news today looks significant.
Mullen Technologies and NexTech Batteries Will Deliver the Most Advanced Lithium Sulfur Battery Technology Available Today
March 8, 2021 6:13 am ET
Lithium sulfur batteries offer significant weight and cost advantages over industry incumbent lithium-ion; NexTech's superior high voltage battery packs are projected to be 60% lighter and promise to improve the vehicles efficiency and increase range significantly; These more efficient, energy dense and safer batteries will catapult Mullen's EV vehicle lineup ahead of any competitor
BREA, CA / ACCESSWIRE / March 8, 2021 / Mullen Technologies, Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ:NETE) in a stock-for-stock reverse merger in which Mullen's stockholders will receive a majority of the outstanding stock in the post-merger company, announces today a strategic partnership with NexTech Batteries Inc. as an EV battery supplier and key partner for battery development and technologies.
Mullen plans to produce more than 100,000 vehicles over 5 years using NexTech lithium sulfur (Li-S) pouch format batteries, which are 60% lighter than today's EV's, improving vehicle efficiency and reducing overall energy consumption. NexTech's sulphur is sustainably sourced and is a result from recycling oil refinement by-products. These materials are fully recyclable, sustainable, ubiquitously available and inexpensive. Mullen is committed to reducing greenhouse gas emissions in every aspect of its business. This includes the use of low carbon footprint materials and emerging technologies, in this case, readily available sulphur instead of heavily mined rare earth metals.
"This technology allows Mullen to potentially be below $90/kWh at a pack level, greatly reducing cost to consumers. The low carbon footprint, high specific energy density and much lower cost to the consumer will make Mullen extremely competitive in this market segment," said Frank McMahon, Mullen CTO.
