Electric vehicle manufacturer Mullen Automotive (MULN) has joined hands with Israel’s Watergen Inc. for developing and fitting Mullen’s vehicles with a promising technology that will generate drinking water from the air for passengers as well as for commercial uses.
A Promising Partnership
Under the agreement, Mullen will be one of the design partners of Watergen for the in-vehicle air-to-water technology. Vehicle testing of the service is expected to begin in Q1 2023.
The CEO and Chairman of Mullen, David Michery exuberated, “Mullen will be the first automotive company to co-develop this technology with Watergen for our entire portfolio of electric vehicles. The opportunities for air-to-water vehicle applications are endless, and Mullen is proud to partner with Watergen on this game-changing technology.”
The technology seems promising at a time when rivers are drying up in a number of countries and water scarcity is leading to unforeseen challenges, such as supply chain woes and power generation constraints.
Israel’s Watergen is a leader in the atmospheric drinking water devices field and its systems in Mullen vehicles can provide up to five liters of drinking water every day while the vehicle is moving.
In a further positive, Mullen is expected to launch demonstrator vehicles of its FIVE EV Crossover in October this year. These vehicles will be used in the company’s ‘Strikingly Different’ test drive tour along with other events in the U.S. in 2023.
Will Mullen Automotive Stock Go Up?
While Mullen is yet to pop up on analysts’ radars, our data dive at TipRanks indicates that retail investors are taking advantage of the nearly 89% drop in the company’s share price so far this year.
The number of top investor portfolios on TipRanks that hold Mullen stock has increased by 10.8% in the last 30 days. This indicates a very positive investor sentiment about the stock.
Additionally, TipRanks data highlights that the stock has received 100% Bullish sentiment in media coverage over the last seven days. In contrast, the sector pales in comparison at 61% coverage.
Mullen Seems Worthy of a Second Look
With a market capitalization of ~$340 million and a short interest of about 15%, Mullen is far from a safe play in the EV space. Nonetheless, the company is working toward paring down its debt, fortify its balance sheet, and has more than doubled its spending on research and development. With Watergen, it is now adding a feature in its vehicles that should pique investor interest in the stock.
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