KULR Secures First Order From Fortune 500 Commercial Aviation Customer for Battery Development of eVTOL Aircraft
September 27 2022 - 8:30AM
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, has received an order from a leading Fortune 500
commercial aviation company for its holistic suite of safe battery
products and services.
The aviation customer has enlisted KULR to provide its suite of
battery design and safety solutions in the development of its new
electric vertical takeoff and landing (“eVTOL”) aircraft. KULR
expects this order to be the first of several from the customer, as
the implementation of KULR’s products and services will be
fundamental in the testing and evaluation of the customer’s
battery-powered aircraft design.
“Our engagement with this top-tier commercial aviation company
underscores the value KULR brings to our partners in the
fast-growing e-mobility industry,” said Michael Mo, KULR’s CEO.
“KULR’s holistic set of services and products for safe battery
design facilitates faster certification for customers in the
electric aviation and eVTOL space.”
As the advanced air mobility (AAM) market continues to rapidly
expand, KULR’s holistic suite of solutions will play a critical
role in enabling industry leaders to accelerate electrification.
According to McKinsey, the leading companies in the passenger AAM
industry are projected to have larger fleets of around 1,000
aircrafts, offering more flights per day than the world’s largest
airlines by 2030. Similarly, Acumen Research and Consulting reports
that “the global eVTOL market size accounted for USD 6,937 Million
in 2021 and is estimated to achieve a market size of USD 30,519
Million by 2030 growing at a CAGR of 18.3 percent from 2022 to
2030.”
KULR’s holistic suite of battery safety and thermal energy
management products and services include: Passive Propagation
Resistant (“PPR”) design and testing, Internal Short Circuit
(“ISC”) trigger cells, Fractional Thermal Runaway Calorimeter
(“FTRC”) testing and an AI-powered CellCheck battery management
system.
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.comSafe
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 John Yi Gateway GroupMain:
(949) 574-3860 KULR@gatewayir.com
Media Relations:Robert Collins / Zach Kadletz /
Anna Rutter Gateway GroupMain: (949)
574-3860 KULR@gatewayir.com
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