NetworkNewsBreaks – Net Element Inc. (NASDAQ: NE
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Posted On: 03/08/2021 3:41:14 PM
NetworkNewsBreaks – Net Element Inc. (NASDAQ: NETE), Mullen Technologies Enter Strategic Partnership with NexTech Batteries
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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