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.”
To view the full news release, visit https://ibn.fm/RWS5z
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, visitwww.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork.