ParaZero and KULR Technology Group Form Working Strategic Partnership to Serve Military and Drone Markets
December 05 2023 - 8:45AM
ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company
“ParaZero”), an aerospace company focused on drone safety systems
for commercial drones and urban air mobility aircraft, announced
today it has formed a working partnership with KULR Technology
Group, Inc. (NYSE American: KULR) ("KULR"), a global leader in
sustainable energy management, to leverage ParaZero's business
network within the defense industry for applying KULR's vibration
reduction technology ("KULR VIBE") on helicopter and rotorcraft
fleets.
By integrating the ParaZero SafeAir and SmartAir Trinity
solutions with the KULR VIBE software in a combined product, the
companies aim to achieve increased drone performance, operational
efficiency, and improve safety to set a new standard for the
industry.
The singular focus of this collaboration is safety. ParaZero's
SafeAir system applies real-time data analytics and independent
sensors to identify and mitigate flight risks autonomously and
increase safety for bystanders while protecting the loss of
expensive drones, equipment, and payloads. Likewise, precise
vibrational control is critical for helicopters and high
performance unmanned aerial applications to operate safely and
achieve mission critical success.
KULR VIBE is a track-and-balancing technology employing
artificial-intelligence-driven algorithms to pinpoint and correct
excess vibration in a rotorcraft system. The KULR VIBE removes
vibration, which is negative energy for helicopters and drones
which at a minimum reduces flight range and aerial efficiency and
in excess, in the case of helicopters, be catastrophic where lives
are potentially lost. Excess rotor vibration can lead to system
malfunctions, weakened performance, and maintenance issues.
Mechanical fatigue from excess vibration can cause parts in a
helicopter to fail in flight which may have significant risks for
loss of life, or at a minimum, incur significant downtime, high
maintenance cost, pilot fatigue, and performance reductions by both
the aircraft and the pilot. In addition to helicopters, both
companies see applications for KULR VIBE in eVTOL aircrafts and
unmanned aircraft systems.
Both KULR and ParaZero are leaders in their fields, and have had
success in the defense, safety, and commercial sectors.
Just last month ParaZero announced that an Australian commercial
drone operator and training organization, OVRL, secured landmark
authorization from the Civil Aviation Safety Authority, using
ParaZero’s advanced safety system. This was the first time in
Australia that drones were approved to fly over urban landscapes
and crowds. And in September of this year, ParaZero announced the
U.S. Federal Aviation Administration had granted a ParaZero
customer an airworthiness Type Certification, a historic milestone
that will streamline continuous operational approvals for broad
flight operations, including fully autonomous missions, operations
over people, and beyond visual line of sight operations. The
certification verified the compliance of the aircraft's design with
the required FAA airworthiness standards, ensuring safe operations
within the National Airspace System. More recently, ParaZero
unveiled a pioneering AI-driven avionics system, SmartAir Trinity,
setting a new standard for drone safety within the defense sector.
This advanced technology offers real-time malfunction detection and
critical mission analytics, ensuring a robust solution to support
operational security for defense drones.
KULR VIBE has a long history of success serving the United
States Department of Defense ("DoD"), recently identifying and
remedying vibration problems on two Bell AH-1Z Viper attack
helicopters and one Bell Boeing Osprey V-22 tiltrotor aircraft at
Marine Corps Base Camp Pendleton in Southern California. In other
related projects, KULR VIBE reduced vibration by 95% for USAF H-60
helicopters and reduced track and balanced maintenance tasks by 70%
all while increasing efficiency and fleet readiness.
About ParaZero Technologies
ParaZero ( https://parazero.com/ ) is a world-leading
developer of autonomous parachute safety systems for commercial
drone and urban air mobility (UAM) aircraft. Started in 2014 by a
passionate group of aviation professionals and drone industry
veterans, ParaZero designs smart, autonomous parachute safety
systems designed to enable safe flight operations overpopulated
areas and beyond-visual-line-of-sight (BVLOS).
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, ParaZero is using
forward-looking statements when it discusses its aim to achieve
increased drone performance, operational efficiency, and improve
safety to set a new standard for the industry. Forward-looking
statements are not historcal facts, and are based upon management’s
current expectations, beliefs and projections, many of which, by
their nature, are inherently uncertain. Such expectations, beliefs
and projections are expressed in good faith. However, there can be
no assurance that management’s expectations, beliefs and
projections will be achieved, and actual results may differ
materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s final prospectus (Registration No.
333-265178) dated July 26, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. ParaZero is not responsible for the contents of
third-party websites.
Investor Relations Contact:
Michal Efraty Investor Relations, Israel +972-(0)52-3044404
michal@efraty.com
ParaZero Technologies Ltd. | 30 Dov Hoz, Kiryat
Ono, Israel 5555626 P: +972-36885252 | E:
contact@parazero.com | F: +972-3-688-5246
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