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Net Element (NASDAQ: NETE), Mullen Merger Future Looks Bright with Projected Lower kWh Battery Prices
December 31, 2020

Net Element (NASDAQ: NETE), Mullen Merger Future Looks Bright with Projected Lower kWh Battery Prices

  • Experts predict average price per kilowatt-hour for batteries will hit $101 by 2021, resulting in lower EV prices
  • Battery prices would make an EV “cheaper than a gas car to buy,” observes “Car and Driver” article
  • Mullen making strong strides toward production of several EV models

With the news from Bloomberg that the average price per kilowatt-hour for batteries is projected to hit $101 by 2021, it seems plausible that electric vehicles (“EVs”) may be comparable in price to gasoline-powered autos ( That news paints a bright future for Net Element (NASDAQ: NETE), a global financial technology and value-added solutions group that has entered into a binding letter of intent to merge with privately held Mullen Technologies Inc., a Southern California-based electric vehicle company (

“In the showroom, electric vehicles still cost more than their gasoline counterparts,” a recent “Car and Driver” article noted. “Sure there are tax credits, the maintenance is far cheaper, and charging can be cheaper than refueling in some cases. But it’s that sticker price that keeps some shoppers away from the electric powertrain. . . .

“Fortunately, it looks like the cost per kilowatt-hour is continuing to trend down, and according to a new report from energy research firm BloombergNEF (New Energy Finance), the market average should be $101 per kWh by 2023,” the article continued. “The $100-per-kWh price point is where experts expect the cost of EVs to match the prices of comparable gas-powered vehicles. If federal and state tax credits are still available at that time, it’s likely that they could make an EV cheaper than a gas car to buy.”

As NETE moves closer to closing the merger with Mullen, the progress Mullen is making toward production of EVs bodes well for the company. In October, Mullen began turning its high-voltage battery R&D center in Monrovia, California, into a state-of-the-art pilot manufacturing facility for its line of fully electric SUVs ( With construction scheduled to be completed by April 2021, the company anticipated its first MX-05 SUVs will roll off the production line by Q2 2022.

With that in mind, Mullen begin taking pre-orders for its MX-05 SUV in October. The company is also taking pre-order for its Dragonfly K50, a pure electric, high-performance, limited-production sports car. In addition, the company has announced plans for its Mx-07 and MX-03 car models.

Net Element Inc. is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets. Earlier this year Net Element entered into a binding letter of intent to merge with Mullen Technologies in a stock-for-stock reverse merger. The proposed merger is currently pending the execution of a definitive agreement, shareholder vote and regulatory approval.

For more information, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at

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