Mullen Technologies, an emerging electric vehicle (“EV”) manufacturer and technology company, which previously announced a definitive agreement to merge with Net Element (NASDAQ: NETE) in a stock-for-stock reverse merger, was featured in a recent Carscoops article. The piece titled, “New Tesla Model Y Rival Has Over 600 Miles Of Range,” describes some stiff competition Tesla Inc.’s (NASDAQ: TSLA) Model Y is about to face from electric crossovers, specifically Fisker Inc.’s (NYSE: SPAQ) Fisker Ocean, the Mercedes EQA and, new competitor, the Mullen MX-05. The article reads, “California-based U.S. startup Mullen Technologies is also joining the electric crossover bandwagon with the MX-05, the company’s second electric model following the Qiantu K50 K50 electric sports car. . . . Powering the Mullen MX-05 (Mazda might not be too happy about the model name) will be a 150-kWh solid-state battery developed by China-based engineering firm Linghang BOAO. Mullen says this will provide a driving range of over 500 miles, but doesn’t specify if this is based on EPA or NEDC range estimates. Based on results during independent testing, Mullen claims the battery technology will allow electric vehicles to travel 640 miles when cruising at 55 mph on a flat surface and 550 miles at a cruising speed of 75 mph. For comparison, the Tesla Model Y Long Range has 316 miles of range.” Other key players in the emerging electric vehicle space include ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO), Nikola Corp. (NASDAQ: NKLA), NIO Inc. (NYSE: NIO) and Workhorse Group Inc. (NASDAQ: WKHS).
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About Net Element
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises (“SMEs”) in the United States and selected emerging markets. In the U.S., NETE aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud-based restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM). In 2017, the company was recognized by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies. For additional information about the company, visit www.NetElement.com.
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