KULR Secures Multi-Million Dollar Follow-On Defense Contract, Reinforcing Aerospace Innovation
November 28 2023 - 8:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, is pleased to announce the receipt of a follow-on
contract from a leading Department of Defense ("DoD") contractor
for advanced thermal management systems in a next-generation
air-to-air missile program. This contract signifies KULR's
expanding position in the defense sector as the Company anticipates
consistent demand for its solutions through 2030, opening avenues
for additional opportunities in similar fields. The multi-year
follow-on engagement has an estimated total contract value to KULR
of over $8 million.
Today's announcement further strengthens KULR's
longstanding track record of successful collaborations with leading
DoD contractors, highlighting the Company's ongoing dedication,
strong presence, and expansion within the aerospace and defense
sector.
At the heart of this initiative is KULR's
innovative Fiber Thermal Interface ("FTI") materials. Designed and
produced in the USA, these carbon-based fiber materials tackle
thermal management challenges in high-power systems by enhancing
thermal contact and minimizing surface irregularities. This
breakthrough results in increased power densities, thermal
stability, and reliability, especially in harsh conditions.
Additionally, its low contact pressure and high bond line thickness
contribute to reduced manufacturing costs. KULR's breakthrough in
thermal management technologies promises to influence a range of
high-tech industries, reinforcing the company's commitment to
innovation and efficiency.
IMARC Group forecasts the global thermal interface
materials (“TIM”) market to reach US$ 5.5 Billion by 2028,
exhibiting a growth rate (CAGR) of 9.4% from 2023 to 2028.
According to the report, the increasing demand for efficient
thermal management solutions, the development of new TIM
formulations and technologies, the rising demand for electronic
devices, the miniaturization of electronic components, and the
rapid technological advancements in semiconductor technology are
some factors propelling the market.
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 Statement This
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, 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. 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
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