KULR Selected by One of the World’s Largest Private Space Exploration Companies for Enhanced Battery Safety Solutions
- Received initial purchase order from a leading space exploration company
- Expected substantial ramp-up in planned space missions by the customer
- Anticipated multi-million-dollar partnership for expanded production in 2024
- Specific terms of the contract remain confidential
Insights
The announcement of KULR Technology Group's initial purchase order from a significant player in the space exploration sector for its KULR ONE Design Solutions (K1-DS) platform represents a strategic milestone. The space exploration market is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 16.21% until 2032. KULR's alignment with this trend could indicate a potential increase in demand for their battery safety technology.
Furthermore, the company's history of collaboration with NASA and its focus on stringent battery solutions may give KULR a competitive edge in the market. The expansion of customer engagements and anticipated design wins in the coming year suggest that KULR is actively capitalizing on the opportunities within the space exploration industry. This could lead to increased investor confidence and a positive outlook for KULR's stock performance as they secure more contracts.
KULR's recent contract for the development and production of space batteries, which is expected to evolve into a multi-million-dollar partnership by 2024, underscores the company's financial potential in the near term. The company's ability to secure contracts with prominent entities in the space exploration sector could significantly impact its revenue streams and profitability.
Investors should monitor the company's execution of these contracts and the scalability of its K1-DS platform, as these factors will be crucial in determining the financial health and growth trajectory of KULR. It is also essential to consider the confidentiality of the contract terms, which may limit the visibility of the deal's immediate financial impact but suggests a strategic relationship that could lead to recurring revenue.
The proprietary technology that KULR offers, including Internal Short Circuit (ISC) technology and Fractional Thermal Runaway Calorimetry (FTRC), is critical for battery safety, particularly in the demanding environment of space exploration. The integration of such advanced testing methodologies can prevent catastrophic failures and ensure the reliability of power systems in space missions.
This technology's relevance is heightened by the increased focus on sustainable energy management and safety in space exploration. As companies continue to scale satellite deployments, the demand for advanced battery safety solutions like those provided by KULR's K1-DS platform is likely to grow, presenting a significant market opportunity for the company.
Company Leverages its KULR ONE Design Solutions Platform for Initial Battery Safety Technology Order
SAN DIEGO, Dec. 27, 2023 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced it has received an initial purchase order from one of the world’s largest privately held space exploration companies (“Customer”) for enhanced battery safety testing solutions, using the Company’s KULR ONE Design Solutions (“K1-DS”) platform. The proprietary K1-DS platform incorporates the most comprehensive design and testing methodology for battery safety that includes: Internal Short Circuit ("ISC") technology, Fractional Thermal Runaway Calorimetry (“FTRC”), bomb calorimetry, and impingement zone mapping, performing a comprehensive cell level characterization of the thermal runaway behavior of the Customer’s cells.
Though specific terms of the contract remain confidential, the Customer has publicly forecasted a substantial ramp-up in its planned space missions as it continues to scale its satellite deployment throughout 2024. According to Spherical Insights & Consulting in a report released in May 2023, the global space exploration market size is expected to grow at a
K1-DS integrates KULR’s deep knowledge and experience in the most challenging environments, such as spaceflight with NASA, which requires what KULR considers the most stringent battery solutions platform globally. The Company is intensely focused on expanding customer engagements within the space exploration market with its K1-DS platform solution and expects further design wins to continue well into next year. Earlier this month, KULR was awarded a critical contract for the accelerated development, testing, and production of a leading-edge space battery for a prominent privately help hardware and in-space services company. That engagement is anticipated to grow into a multi-million-dollar partnership for expanded production in 2024.
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:
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FAQ
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