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. 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.

“We are very excited about the opportunity we have to leverage Mullen’s vehicle engineering and design know-how and apply it to the field of energy storage, and we look forward to deploying next generation batteries in these beautiful EVs making them convenient, safe and affordable for everybody,” said Dr. Fabio Albano, NexTech CTO.

“Electric mobility is at the heart of NexTech’s purpose, and making batteries affordable, sustainable and safe are some of the most important technological challenges needing to be solved. Better EVs and higher energy density are clearly key to achieving these goals. Mullen and NexTech will make such vision a reality,” said Bill Burger, NexTech Founder and CEO.

“With NexTech’s advanced lithium sulfur battery technology, cost savings compared to conventional batteries and readily available materials, Mullen has competitive advantage over all EV manufacturers. Not to mention a 2.5X higher specific energy compared to today’s lithium-ion batteries, they are capable of operating without losses in extremely high and low temperatures with minimal conditioning which improves the overall efficiency,” said David Michery, Founder and CEO of Mullen Technologies.

“It is also an extremely safe chemistry and pouch design not subject to thermal runway reactions. Mullen will launch our first-generation vehicle in late 2023 with NexTech’s current cells and will work in parallel to phase in their next generation solid state battery technology into our pack designs. This will keep Mullen as a leader in this space for generations of vehicles,” said David.

About Mullen Technologies:
Mullen Technologies is a Southern California-based licensed vehicle manufacturer that operates in various verticals of the businesses, focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. Each of these divisions provides Mullen with the diversity of different products and services within the automotive industry.