KULR Receives Initial Passive Propagation Resistant Battery Safety Order from Lockheed Martin
SAN DIEGO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- KULR Technology Group,
Inc. (NYSE American: KULR) (the "Company" or "KULR"), a
leading developer of next-generation lithium-ion battery safety and thermal
management technologies, today announced the Company has received an
initial order totaling approximately $500,000 for its passive propagation
resistant (“PPR”) battery systems from the Lockheed
Martin Corporation (NYSE: LMT) (“LMT”). This initial order is for
immediate delivery and is the starting point in the partnership as LMT
leverages KULR’s technological advancements in PPR energy products for
its Advanced Energy Systems.
KULR’s PPR energy products include the Thermal Runaway Shield (“TRS”), the Internal Short Circuit (“ISC”), its full suite of proprietary battery design and testing methodologies, as well as the battery cell screening and monitoring system KULR developed for its aerospace and U.S. Department of Defense ("DoD") customers.
“KULR’s heritage is hardware thermal energy
management components incorporating our patented carbon fiber
architecture,” stated KULR CEO Michael Mo. “We are very pleased and
honored to have Lockheed Martin Corporation as a partner advancing our
integrated battery design, testing and management platform. As the industry
leader serving DoD and aerospace customers, Lockheed Martin brings
tremendous expertise and resources to help us perfect our solutions to
serve the most mission critical applications in the world.”
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) develops,
manufactures and licenses next-generation carbon fiber thermal management
technologies for batteries and electronic systems. Leveraging the company's
roots in developing breakthrough cooling solutions for NASA space missions
and backed by a strong intellectual property portfolio, KULR enables
leading aerospace, electronics, energy storage, 5G infrastructure, and
electric vehicle manufacturers to make their products cooler, lighter and
safer for the consumer. For more information, please visit www.KULRTechnology.com.
Safe Harbor Statement
This 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 19, 2021.
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.
Media Contact:
Derek Newton
Head, Media Relations
Main: (786) 499-8998
Derek.Newton@KULRTechnology.com
Investor Relations:
Tom Colton or Matt Glover
Gateway Investor Relations
Main: (949) 574-3860
KULR@gatewayir.com
