KULR Provides Safe Battery Testing Solutions to Leading Manufacturer of Electric Vertical Take-Off and Landing Aircrafts
June 21 2023 - 8:30AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today entered into an agreement to undertake a series
of battery cell testing projects with a top 5 global manufacturer
in the electric vertical take-off and landing (“eVTOL") sector. The
tests are to be completed in the third quarter of 2023 and will
further advance eVTOL battery safety as federal regulators look to
put forward certification rules for the emerging eVTOL air taxi
market.
The Company’s rigorous testing protocols incorporate its
extensive spaceflight expertise and proprietary KULR ONE Design
Solutions (“K1DS”) to deliver what the Company believes to be the
world’s most rigorous testing platform for battery safety. These
tests will include Fractional Thermal Runaway Calorimetry, bomb
calorimetry, and impingement zone mapping. By providing a uniquely
thorough cell-level characterization of the thermal runaway
behavior of the customer’s cells, KULR is able to provide this and
all its customers what it considers globally unique insight into
how to optimize battery safety.
As K1DS business continues to grow, KULR is accelerating the
understanding of battery thermal behavior via its growing data
science efforts. Ultimately, through its artificial intelligence
(AI) applications learning from this data, KULR anticipates
delivering continued best in class solutions for battery safety
across applications, including the emerging eVTOL industry.
Understanding high power and high-energy cell safety is
essential to legitimizing eVTOL as a credible and secure mode of
travel, which is paramount to pilot and passenger safety, and also
facilitates innovative supply logistics routes for future shipping
and transportation models. By applying its industry leading
solutions, KULR is delivering more reliable and safer battery
systems to market. In addition to its work across the eVTOL
industry, the Company’s recent United States Army contract to
develop a high-energy battery storage platform for advanced
aviation applications is another example KULR’s global leadership
in battery safety.
“We are at the beginning of the electrification movement and
it’s great to see a leading global eVTOL manufacturer fully embrace
the strategic value of better testing for designing the next wave
of eVTOL battery systems,” said Michael Mo, CEO of KULR Technology
Group. “KULR's solutions are more important than ever at ensuring
consumer safety not only for eVTOL's but across a variety of
e-mobility industries including electric vehicles, electric
maritime transportation, and more. We believe that our growth
prospects and position in the battery safety marketplace have never
looked better. In fact, we expect second quarter 2023 revenues to
be a company record, setting us up for the strongest half-year in
the Company's history. If the second quarter of 2023 delivers as
expected, we will generate more revenue in the first half of 2023
than we did in all of 2022."
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 press 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, 2023. 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:KULR Technology Group,
Inc.Phone: 858-866-8478 x 847Email: ir@kulrtechnology.com
Brokers and Analysts:Chesapeake
Group410-825-3930info@chesapeakegp.com
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