KULR Receives Initial Passive Propagation Resistant Battery Safety Order from Lockheed Martin
November 30 2021 - 6:45AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a leading developer of next-generation
lithium-ion battery safety and thermal management technologies,
today announced the Company has received an initial order totaling
approximately $500,000 for its passive propagation resistant
(“PPR”) battery systems from the Lockheed Martin Corporation (NYSE:
LMT) (“LMT”). This initial order is for immediate delivery and is
the starting point in the partnership as LMT leverages KULR’s
technological advancements in PPR energy products for its Advanced
Energy Systems.
KULR’s PPR energy products include the Thermal Runaway Shield
(“TRS”), the Internal Short Circuit (“ISC”), its full suite of
proprietary battery design and testing methodologies, as well as
the battery cell screening and monitoring system KULR developed for
its aerospace and U.S. Department of Defense ("DoD") customers.
“KULR’s heritage is hardware thermal energy management
components incorporating our patented carbon fiber architecture,”
stated KULR CEO Michael Mo. “We are very pleased and honored to
have Lockheed Martin Corporation as a partner advancing our
integrated battery design, testing and management platform. As the
industry leader serving DoD and aerospace customers, Lockheed
Martin brings tremendous expertise and resources to help us perfect
our solutions to serve the most mission critical applications in
the
world.” About
KULR Technology Group Inc. KULR Technology Group Inc.
(NYSE American: KULR) develops, manufactures and licenses
next-generation carbon fiber thermal management technologies for
batteries and electronic systems. Leveraging the company's roots in
developing breakthrough cooling solutions for NASA space missions
and backed by a strong intellectual property portfolio, KULR
enables leading aerospace, electronics, energy storage, 5G
infrastructure, and electric vehicle manufacturers to make their
products cooler, lighter and safer for the consumer. For more
information, please visit www.KULRTechnology.com.
Safe Harbor StatementThis
release does not constitute an offer to sell or a solicitation of
offers to buy any securities of any entity. This release contains
certain forward-looking statements based on our current
expectations, forecasts and assumptions that involve risks and
uncertainties. Forward-looking statements in this release are based
on information available to us as of the date hereof. Our actual
results may differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Form 10-K filed with the Securities and Exchange
Commission on March 19, 2021. Forward-looking statements include
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forward-looking words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "should," and "would" or
similar words. All forecasts are provided by management in this
release are based on information available at this time and
management expects that internal projections and expectations may
change over time. In addition, the forecasts are entirely on
management’s best estimate of our future financial performance
given our current contracts, current backlog of opportunities and
conversations with new and existing customers about our products
and services. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise.
Media Contact:Derek Newton Head, Media
Relations Main: (786) 499-8998 Derek.Newton@KULRTechnology.com
Investor Relations:Tom Colton or Matt Glover
Gateway Investor RelationsMain: (949) 574-3860
KULR@gatewayir.com
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