Net Element (NASDAQ: NETE) is in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately-held Mullen Technologies Inc. Mullen has announced entry into a strategic partnership with NexTech Batteries Inc. as an EV battery supplier and key partner for battery development and technologies. Under the collaboration, Mullen plans to produce more than 100,000 vehicles over five years using NexTech lithium sulfur (“Li-S”) pouch format batteries, which are 60% lighter than today’s EVs, improving vehicle efficiency and reducing overall energy consumption. NexTech’s sulphur is sourced from oil refinement by-products, which are fully recyclable, sustainable, ubiquitously available and inexpensive. In addition, Mullen is committed to reducing greenhouse gas emissions in every aspect of its business, including the use of low carbon footprint materials and emerging technologies, in this case, readily available sulphur. “This technology allows Mullen to potentially be below $90/kWh at a pack level, greatly reducing cost to consumers,” said Frank McMahon, Mullen CTO. “The low carbon footprint, high specific energy density and much lower cost to the consumer will make Mullen extremely competitive in this market segment.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately-held Mullen Technologies Inc., a Southern California-based electric vehicle company 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 (the “contemplated merger”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visit www.NetElement.com.
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