KULR Receives Three-Year Multi-Million Dollar Battery Safety Deployment Order from Volta Energy Products
December 15 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 receipt of a three-year multi-million dollar
deployment order for its Passive Propagation Resistant (“PPR”)
solution suite from Volta Energy Products (“Volta”), a subsidiary
of Viridi Parente, Inc. (“Viridi”). The PPR solution will be used
for Volta’s stationary and certain mobile lithium-ion battery power
systems.
The initial deployment order totals approximately $1.6 million
for immediate delivery with higher volume shipments expected
throughout 2022 for KULR's PPR solution, which includes the
patented thermal runaway shield (“TRS”) product. After more than 18
months of joint design and testing efforts, KULR’s PPR solution
will support Volta’s commercialization of proprietary battery
architecture for energy storage systems. This order represents
KULR’s first PPR order of commercial deployment in a stationary
energy storage product.
“Safety is paramount in these applications and by pairing KULR’s
space-proven technology with our proprietary architecture, we have
designed the safest lithium-ion energy storage solution on the
market,” said Viridi Parente CEO Jon M. Williams. “We also plan to
incorporate KULR’s technology into other Volta stationary and
certain mobile storage systems in order to capitalize on the added
safety it will provide our customers.”
Michael Mo, CEO of KULR Technology Group added: “Volta’s depth
of technology experience and innovative approach to the market
makes them an outstanding partner for us. Our thermal solutions for
their products were based on similar designs we provided to
customers such as NASA and Lockheed Martin, and therefore provides
Volta with space-grade thermal management architecture for
stationary and mobile energy storage applications. Our partnership
marks only the first step in commercializing KULR’s suite of
thermal solutions for the rapidly growing commercial and
residential battery storage market.”
The stationary battery storage market is set to surpass USD $140
billion by 2030, according to a research report by Global Market
Insights Inc. published earlier this year.
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.
About Viridi ParenteViridi Parente (Viridi) is
a disruptive energy company in Buffalo, New York, that is changing
the way we use energy, improving systems, communities, and lives.
Viridi deploys safe battery technology into applications that have
been historically dominated by fossil fuel systems. Its innovative
architecture is constructed from materials used for aerospace and
military applications and is the only design in the market that can
be safely installed and operated in nearly any environment or
location. Through its subsidiary, Green Machine Equipment, Viridi
is bringing quiet, fully renewable mobile energy solutions to
products in construction equipment, waste disposal, last-mile
delivery, and other portable industrial markets. Through its
subsidiary, Volta Energy Products, Viridi brings stationary,
point-of-use storage technology that is safe, locatable, and
reliable to industrial, medical, commercial, municipal, and
residential building applications. Learn more at:
www.viridiparente.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
statements regarding our expectations, beliefs, intentions, or
strategies regarding the future and can be identified by
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.
KULR Media Relations:Annika HarperThe Antenna
GroupKULR@antennagroup.com
KULR Investor Relations:Tom Colton or Matt
Glover Gateway Investor RelationsMain: (949) 574-3860
KULR@gatewayir.com
Viridi Parente Media Relations: Wendy
PrabhuMercom Communications, a division of Mercom Capital
Groupviridi@mercomcapital.comMain: (512) 215-4552
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