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KULR Technology Group Inc is a leading energy management platform company that focuses on developing and commercializing high-performance thermal management technologies for electronics, batteries, and other components. The company aims to revolutionize the $7.5 billion thermal management industry by offering carbon fiber-based architecture that replaces less efficient aluminum and copper heat spreaders and exchangers. KULR's proprietary carbon fiber thermal interface materials provide higher performance, lower contact pressure, higher compliance, and longer reliability compared to traditional materials. The company is actively involved in partnerships, such as the recent contract with BRP, to advance its thermal management solutions for e-mobility products and regulatory compliance.
KULR Technology Group reported its third-quarter results for 2020, revealing revenues of $136,849, a 74% decline year-over-year, attributed to delays in a significant DOD contract. The company's cash balance increased to $2,809,656, reflecting successful capital raises totaling $3,695,000. Despite increased SG&A expenses and an operating loss of $810,520, KULR secured partnerships with major firms like NASA and Airbus. The company anticipates improved revenue from partnerships in 2021 as they aim to transition towards total systems solutions amidst a growing clean energy focus.
KULR Technology Group has entered a memorandum of understanding with a leading global electronics component manufacturer to enhance battery safety and efficiency.
This partnership focuses on KULR's Internal Short Circuit (ISC) battery testing technology and its Thermal Runaway Shield (TRS) technology. KULR will provide ISC devices and license its intellectual property to improve the safety of batteries used in consumer electronics, electric mobility, and energy storage.
The collaboration aims to advance battery reliability for a partner recognized in the smartphone industry.
KULR Technology Group has supplied its internal short circuit (ISC) technology to the FAA to enhance lithium-ion battery safety in aviation. This comes in response to frequent incidents involving lithium batteries, reported at an average of once every eight days since January 2017. KULR's ISC device, developed with NASA, effectively simulates internal short circuits to identify battery failures. The company aims to improve battery safety designs and has received recognition for its innovative technology, including the R&D100 Award.
KULR Technology Group announced that CEO Michael Mo will present at the Building the Electric Vehicle Future webinar on October 22, 2020, hosted by Maxim Group LLC and M-Vest. This panel discussion will feature key voices in the EV industry and focus on how companies can capitalize on long-term growth in the sector. Participants can engage directly by posing questions during the event. KULR develops advanced thermal management technologies for various industries, including electric vehicles, ensuring enhanced safety and efficiency.
KULR Technology Group announces a partnership with Airbus Defense and Space to enhance battery safety through KULR’s passive propagation resistant (PPR) battery design solutions. The collaboration aims at research into lithium-ion battery testing for flight applications. KULR's PPR technology integrates several advanced features to prevent thermal runaway incidents in batteries, which are critical for aerospace applications. The partnership reflects KULR's commitment to battery safety in commercial and consumer markets while leveraging its expertise in carbon fiber thermal management.
KULR Technology Group has expanded its partnership with NASA by supplying safe storage solutions for Microsoft Surface Pro 5 laptops used on the International Space Station. This includes the company's passive propagation resistant Thermal Runaway Shield (TRS) technology, which mitigates lithium-ion battery fire risks. Testing showed significant efficacy improvements in thermal runaway prevention. KULR's technology aligns with NASA's safety standards and furthers its commercialization efforts in consumer markets. The announcement underscores KULR's longstanding collaboration with NASA on various space missions.
KULR Technology Group has been recognized as one of the top 178 teams in the AFWERX Space Challenge, showcasing its innovative carbon fiber thermal interface technology at the EngageSpace virtual event on Sept. 29-30, 2020. Competing in the Space Asset Resiliency Challenge, KULR aims to enhance the longevity of space assets. Their technology has been utilized by NASA in various missions, underscoring its efficiency in cooling electronics in harsh aerospace environments. This recognition positions KULR favorably within the defense and aerospace sectors.
KULR Technology Group (OTCQB: KULR) has joined the Outdoor Power Equipment Institute (OPEI), reflecting its commitment to safe lithium battery design and manufacturing. OPEI comprises over 100 manufacturers and suppliers advocating for lithium battery use in outdoor power equipment. This membership allows KULR to engage with industry leaders to promote its thermal runaway mitigation technology, crucial for balancing battery cost, performance, and safety. CEO Michael Mo emphasized the growth potential in the outdoor power equipment market, reinforcing KULR's role in enhancing battery safety and innovation.
KULR Technology Group has announced a significant agreement with NASA's Marshall Space Flight Center to develop 3D printed battery systems for space missions. This dual-use technology aims to enhance safety and reduce costs by enabling the in-orbit production of battery packs, aligning with NASA's rigorous safety standards. KULR's passive propagation resistant technology will play a crucial role in preventing thermal runaway. The partnership is expected to not only lower transportation costs for future missions but also enhance mission capabilities, particularly for NASA's Artemis program.
KULR Technology Group (OTCQB:KULR) reported a remarkable 257% revenue increase in Q2 2020, totaling $201,128, driven by a surge in new customers. The company successfully reduced operating expenses by 20%, achieving an improved operating loss of $323,141, down from $621,049 the previous year. KULR raised $758,000 through stock issuance and awarded patents for its thermal solutions. The company remains cautiously optimistic about future growth, leveraging strategic partnerships despite ongoing COVID-19 challenges.
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