KULR Technology Group Awarded Critical Contract for Pioneering Space Battery Development
December 13 2023 - 9:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a global leader in sustainable energy
management, is pleased to announce it has been awarded an initial
contract for the accelerated development, testing, and production
of a leading-edge space battery for a prominent privately held
space hardware and in-space services company.
Though specific terms of the contract remain confidential, the
initial six figure engagement is anticipated to grow into a
multi-million-dollar partnership for expanded production in 2024.
The collaboration aligns well with the continued underlying
expansion of the overall global space battery market, which
according to Maximize Market Research in a report released last
year, is expected to grow at a 6.5% CAGR and reach $5.66 billion by
2029.
This significant award demonstrates the aerospace industry’s
continued confidence in KULR’s advanced battery design
capabilities, particularly for critical applications in the defense
and aerospace sectors. The cutting-edge battery will be a vital
component for a CubeSat application intended for Department of
Defense missions in both geostationary orbit ("GEO") and
geostationary transfer orbit ("GTO"), where it will be instrumental
in powering the satellite during eclipse periods.
KULR’s battery technology is not only radiation-hardened but
also aligns with the company’s space-grade design methodology and
stringent test protocols that meet NASA standards for manned
spaceflight. The chosen 18650 lithium-ion cells for this project
have successfully completed NASA’s EP-WI-036 initial lot
acceptance. They will be further examined at KULR's automated cell
screening facility, adhering to the comprehensive standards set
forth in NASA's EP-WI-037. The company's expertise and innovation
ensure the battery design is scalable, broadening its applicability
for the expanding range of battery projects in satellite and crewed
space missions. The design and development work for this project
will be a collaborative effort between KULR's state-of-the-art
facilities located in Webster, Texas, and San Diego,
California.
With this project, KULR affirms its commitment to providing
safe, reliable, and high-performance energy solutions for the most
demanding environments in space. The potential for KULR’s
contribution to space technology continues to grow, as does its
role in advancing the boundaries of aerospace engineering and
design.
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.
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forward-looking statements based on our current expectations,
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Forward-looking statements in this release are based on information
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from time to time. Forward-looking statements include statements
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Investor Relations:KULR Technology Group,
Inc.Phone: 858-866-8478 x 847Email: ir@kulrtechnology.com
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