KULR Partners with E-One Moli Energy Corporation to Advance its Total Battery Safety and Thermal Management Solutions Strategy
June 30 2022 - 8:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a leading developer of next-generation
lithium-ion (“Li-ion”) battery safety and thermal management
technologies, placed an initial order for over 75 megawatt hours
(“MWh”) of Li-ion battery cell capacity from Taiwan’s E-One Moli
Energy Corporation (“Molicel”) to design and build battery
applications with the highest safety ratings. As part of the
strategic relationship, KULR would purchase over 700MWh of battery
energy capacity to further accelerate its production and supply
chain localization initiatives within North America.
Molicel, a subsidiary of publicly traded Taiwan Cement
(1101.TW), has been a leading innovator in the Li-ion battery
industry for more than four decades and is focused on developing
the high-power cylindrical cell segment as a top tier global
supplier. The company has proven to be a world-class manufacturer
of high-performance rechargeable Li-ion cells and battery pack
products. Molicel was the first organization in the world to
produce high-power Li-Ion cells for high discharge rate
applications, producing the world’s first Li-Ion power tool system,
and it supplied the first NASA Spacesuit Li-Ion battery on the
STS-133 mission.
“Partnering with a battery supplier that has the technical and
manufacturing pedigree of Molicel is an important step for our
growth strategy," said KULR CEO Michael Mo. "This collaboration
ensures that KULR has access to world-class Li-ion battery capacity
– an increasingly scarce resource given today's global supply chain
challenges. As a total battery safety platform solution provider,
we will incorporate our core technologies into battery pack design,
testing and production to create the safest batteries for high
value applications. This is an inflection point for KULR as it
positions our thermal safety solutions platform to become better
entrenched in the marketplace, ultimately providing us with an
opportunity to optimize logistics and to more effectively capture
full value for our shareholders. As we described earlier this year,
we plan to continue investing in the localization of our production
and supply chain to North America. Securing this Molicel battery
cell supply accelerates our ability to provide total solutions to
high value customer applications with revenue potential that could
exceed $350 million.”
Through the partnership with Molicel, KULR will apply a holistic
and comprehensive solution to battery safety and thermal energy
management with a suite of technologies including its: Passive
Propagation Resistant (“PPR”) design and testing, Internal Short
Circuit (“ISC”) trigger cells, Fractional Thermal Runaway
Calorimeter (“FTRC”) testing and AI-powered CellCheck battery
management system, to target the following markets:
- Aerospace and defense systems, such as CubeSat batteries
meeting JSC 20793 safety requirements and the strategic battery
reserve program initiated by NASA
- Energy storage systems
- High-performance electric vehicles and electric vertical
take-off and landing (“eVOTL”)
- Premium industrial and consumer electronics
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 28, 2022. 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.Investor
Relations:Tom Colton or Matt Glover Gateway Investor
RelationsMain: (949) 574-3860 KULR@gatewayir.com
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