KULR Secures Follow-On $2.68 Million Contract as Exclusive Supplier of Fail-Safe Battery Safety Solutions for Industrial Scale Energy Storage System Manufacturer
February 28 2023 - 4:15PM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a leading energy management platform
company accelerating the global transition to a sustainable
electrification economy, today announced it secured a $2.68 million
follow-on contract as the exclusive supplier of its patented and
proprietary fail-safe Passive Propagation Resistant (“PPR”) battery
solutions for a stationary and mobile lithium-ion battery power
system manufacturer (the “Customer”). After extensive design and
testing efforts, this order represents KULR's single largest PPR
deployment order in a stationary or mobile energy product to date.
This is a follow-on order as the Customer prepares to scale towards
the full automation of its battery assembly operations, whilst KULR
expands its automated PPR component manufacturing in North America.
The Customer relied on KULR’s PPR solution in designing,
testing, and meeting the stringent UL 9540 (Field-Listed with
Energy Storage Systems) and UL 9540A (Cell/Module/Pack-Tested)
certification of its stationary lithium-ion battery pack systems,
which in turn led to rigorous testing and passing of the safety
threshold established by the Canadian Standards Association Group
(“CSA”), an independent testing body that is a leader in standards
development, testing, inspection and certification.
The Customer’s lithium-ion battery systems have been authorized
as safe to use in occupied buildings. The systems can be configured
to provide from 50 KWh (“Kilowatt-hours”) to 5 MWh
(“Megawatt-hours”) of distributed energy storage at the
point-of-use where applications range from medical and research
complexes, residential and commercial buildings, to remote data
centers and manufacturing facilities. The systems also provide
fully renewable mobile energy solutions for construction equipment,
waste disposal, last-mile delivery, as well as other portable
industrial markets.
KULR’s PPR design solutions enable energy storage systems a
longer life cycle and allow completely self-contained safe battery
solutions to meet the demands of the heavy construction and
manufacturing sector while opening new opportunities for KULR with
industrial customers seeking to buy and store electricity during
less-expensive off-peak times – offsetting the need for gas-powered
generators as backup power. The state of California will require
portable gas-powered generators to be zero-emissions by 2028,
potentially another boon for KULR.
"We are pleased to be the exclusive supplier of fail-safe
stationary storage battery solutions for this Customer’s
significant buildout,” said KULR CEO Michael Mo. “The reality is
that there will be many more projects like this one coming to
market soon, especially with the Inflation Reduction Act amplifying
demand for safe and clean stationary energy storage. We know
solutions that promote battery safety are of great importance for
utility and industrial energy storage providers and it’s our belief
that KULR offers one of the safest and most cost-effective energy
storage technologies in the marketplace.”
The stationary battery storage market is set to surpass USD $870
billion by 2032, according to a research report by Global Market
Insights Inc. published in late 2022.
This latest Customer order follows the recent announcement that
KULR commenced Phase 2 development of its PPR battery systems for
Lockheed Martin Corporation’s Advanced Energy Systems. As KULR
continues to collaborate with entities such as the United States
Department of Defense ("DoD"), NASA, and major defense
manufacturers, KULR is steadily leveraging its thermal design
expertise beyond government contracts, rechanneling its PPR
applications from military purposes to commercial enterprise, for
uses such as energy storage systems, e-mobility, and cloud
computing.
About KULR Technology Group Inc.KULR Technology
Group Inc. (NYSE American: KULR) is a leading energy management
platform company offering proven solutions that play a critical
role in accelerating the electrification of the circular economy.
Leveraging a foundation in developing, manufacturing, and licensing
next-generation carbon fiber thermal management technologies for
batteries and electronic systems, KULR has evolved its holistic
suite of products and services to enable its customers across
disciplines to operate with efficiency and sustainability in mind.
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,
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given our current contracts, current backlog of opportunities and
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Investor Relations:Mark
KomonoskiPartnerIntegrous CommunicationsPhone: 1-877-255-8483Email:
kulr@integcom.us
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