KULR Lands Initial Battery Testing Order for its SafeCASE Product with Leading US Automaker
- None.
- None.
The strategic collaboration between KULR Technology Group, Inc. and a leading U.S. automaker to mitigate thermal runaway risks in EV battery modules represents a significant step in the electric vehicle industry. The partnership leverages KULR's SafeCASE™ technology to enhance safety and efficiency in lithium-ion battery handling. This is a key development given the increasing reliance on batteries in various sectors, particularly in electric vehicles, which are a major growth driver in the market.
From a market perspective, the demand for safe battery transportation and management solutions is growing alongside the electric vehicle market. KULR's entry into full EV battery transport, logistics and recycling sectors aligns with industry trends towards sustainability and improved lifecycle management of batteries. The global battery packaging market's projected growth to USD 201.85 Billion by 2032, as reported by Precedence Research, further emphasizes the potential market opportunity for KULR's technologies.
Investors should note the potential revenue streams that could arise from KULR's partnership with an automaker. The company's SafeCASE™ and SafeSLEEVE™ products, part of the SafeX product line, are designed to address the critical need for scalable and secure battery transportation solutions. This engagement could lead to increased market share and revenue growth for KULR, as it taps into the burgeoning EV market and the associated need for battery safety and logistics.
Moreover, the strategic focus on battery transport and logistics, as well as the expansion into battery recycling, positions KULR to capitalize on the entire battery management lifecycle. This end-to-end approach could provide competitive advantages in terms of efficiency and tracking, potentially leading to long-term financial benefits for the company and its stakeholders.
It's noteworthy that KULR's initiative with the U.S. automaker not only addresses immediate safety concerns but also aligns with broader sustainability goals in the energy sector. The focus on safe and efficient battery transportation and recycling is important for reducing environmental impact and promoting circular economy principles. As the electric vehicle market expands, companies that provide solutions to manage and recycle batteries responsibly will play a vital role in the industry's sustainable growth.
The collaboration can be seen as a proactive move by KULR to position itself as a leader in sustainable energy management, a factor that resonates with consumers and investors increasingly concerned with corporate responsibility and environmental impact.
SAN DIEGO, March 19, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today confirmed its collaboration with a leading U.S. automaker. This partnership focuses on mitigating thermal runaway risks in EV battery modules through KULR's advanced SafeCASE™ technology. This project underscores KULR's commitment to safety and innovation in the rapidly growing electric vehicle market.
KULR’s CEO, Michael Mo, shared insights on the initiative: "At KULR, we leverage a testing regime as rigorous as that of the KULR ONE project—vital for manned space exploration. By integrating these protocols with our SafeCASE™ and SafeSLEEVE™ products, we ensure that lithium-ion batteries are handled with the highest safety standards for storage and transportation, ready for delivery to any location."
With the surge in battery utilization across electric vehicles, aerospace, and other sectors, there's a critical need for scalable and secure transportation solutions. KULR's patented SafeX product line, encompassing SafeCASE™ and SafeSLEEVE™, addresses this need by facilitating safe, efficient shipping of lithium batteries across an automaker’s multifaceted network of engineering, design, and testing divisions.
This strategic engagement is expected to foster further collaborations, extending KULR's reach into full EV battery transport, logistics, and battery recycling sectors. The company is set to provide an indispensable enterprise battery transportation platform, streamlining the transfer of battery cells within an OEM or an organization, thereby enhancing efficiency and tracking in the battery management lifecycle.
According to recent forecasts by Precedence Research, the global battery packaging market is on track for significant growth, projected to achieve a market size of USD 201.85 Billion by 2032.
As a technology leader, KULR is at the forefront of providing safe, reliable solutions for lithium-ion battery management, partnering with top-tier companies to foster sustainability and innovation in energy storage and management.
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 filed 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 847
Email: ir@kulrtechnology.com
FAQ
What technology is KULR using to mitigate thermal runaway risks in EV battery modules?
What is the focus of KULR's collaboration with a leading U.S. automaker?
How does KULR ensure safety standards for lithium-ion batteries?
What is the projected market size for the global battery packaging market by 2032?
What sectors can benefit from KULR's SafeX product line?
