Mullen continues rally following EV charging deal with Loop
Dec. 14, 2022 8:57 AM ETMullen Automotive, Inc. (MULN)By: Preeti Singh, SA News Editor2 Comments
- Mullen Automotive (NASDAQ:MULN) shares may be set to continue their rally since yesterday after a premarket surge following the announcement of its partnership with Loop.
- Mullen and EV charging company Loop will partner to provide a comprehensive, co-branded EV charging solution for businesses, municipalities and residential drivers looking to deploy charging stations.
- The Mullen Charging Network Powered By Loop will support level 2 and level 3 DC fast charging and include all services from site assessment and design to installation and ongoing operation.
- Both companies will partner to finance, own and operate EV charging infrastructure. Loop will offer up to $300M in financing through its Loop-as-a-Service financing program, which provides customers payment options for turnkey installation of EV charging infrastructure.
- Mullen had a positive day on the Nasdaq yesterday as well, after it signed Randy Marion Automotive Group as its first U.S. dealer partner for its commercial EV lineup, which is set to launch in the country in 2023.
- Mullen (MULN) shares are currently up around +7.5% pre-market.