KULR and Forge Nano Form a Strategic Partnership for Enhanced Battery Safety and Performance
September 26 2023 - 8:15AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, today announced that it has entered into a Memorandum
of Understanding (MOU) with Forge Nano, a global leader in
precision nanocoating technology. The strategic partnership,
initially estimated at a $3.5 million to $5 million revenue
opportunity, will combine KULR ONE Design Solutions offerings that
include cell characterization and advanced automated battery cell
screening capabilities with Forge Nano's proprietary Atomic Layer
Deposition (ALD) coating process, tactically deploying the
respective companies’ breakthroughs to OEM partners’ batteries with
unmatched safety and efficiency.
This strategic partnership will start with the
assessment of Forge Nano’s premium battery cells for space and US
Department of Defense (DoD) applications employing KULR’s automated
cell screening to measure voltage, temperature, and impedance of
individual battery cells, analyzing the data to identify potential
issues and optimizing battery cell performance compliant within the
strict NASA flight specification EP-WI-037 crucial for ensuring
safety and reliability. Last month, KULR announced it had secured a
third order for automated battery cell screening services from
NASA. The Company’s modular screening technology allows for ease of
scalability as will be required for the upcoming partnership as
volume of screened cells increases.
Recently, the U.S. Department of Energy
announced it intends to make available a second round of funding to
support U.S. battery production and recycling. The announcement of
this additional $3 billion in Bipartisan Infrastructure Law funding
is welcome news to American businesses seeking to produce North
American–made batteries. KULR believes that this partnership is
well positioned to ensure that US-based battery production value
chain redefines industry standards in battery safety and
performance.
Forge Nano, with its commitment to piloting
American-made batteries, has been at the forefront of exploring
diverse silicon materials for enhanced battery application. KULR
believes that their vision and commitment align seamlessly with
KULR's recognized space-proven solutions and comprehensive market
presence in energy storage systems, e-mobility, transportation
logistics, battery safety testing, vibration reduction services and
aerospace and defense applications.
Earlier this year, Forge Nano raised $50 million
to build out battery production lines to meet growing demand. To
date the Colorado based company has raised over $95 million,
supporting the buildout of a new 1 GWh (gigawatt-hour) battery
production line to satisfy increased demand for its premium battery
cells.
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.
About Forge NanoForge Nano is a
rapidly growing specialty chemical developer and product
commercialization partner. The company has commercialized Atomic
Layer Deposition (ALD) technology for powders and has become the
undisputed leader in materials science innovation and
commercialization using ALD. Their commercial-scale ALD technology,
known as Atomic ArmorTM, is being implemented worldwide,
particularly in Li-ion batteries, where it is being used to improve
product performance and reduce process costs. Forge Nano is
committed to creating a robust and resilient North American supply
chain for Li-ion batteries and is utilizing Atomic Armor to provide
differentiation in cost, performance, safety, and sustainability.
To learn more, please visit www.ForgeNano.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 Annual Report Form 10-K filed with the Securities
and Exchange Commission on March 28, 2023, as may be amended or
supplemented by other reports we file with the Securities and
Exchange Commission from time to time. 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. Except as required by law, 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
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