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.
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