Leading-Edge Developer of Carbon Fiber Thermal Management Tech for Aerospace and Other Major Industries
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Proprietary Thermal Management Technology for Electronic Systems.
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IP Acquisition from Centropy AB Provides Advanced Carbon Fiber Heatsink Solutions for High Power Computing Applications.
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Initial $500K Order for Passive Propagation Resistant Battery Systems Received from Lockheed Martin.
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Over 300% Increase in Year-Over-Year Revenue with Growth Expected to Continue into 2022.
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Recent Up-Listing to the NYSE American Stock Exchange.
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.
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KULR Acquires IP Rights from Centropy AB
On December 7th KULR announced it has acquired the patented intellectual property (“IP”) rights from Centropy AB (“Centropy”). The acquisition brings advanced carbon fiber based heatsink technology for high power computing (“HPC”) applications that strengthen the KULR portfolio of thermal management solutions for cloud computing, AI, and crypto mining applications.
Centropy’s cooling solutions will be integrated into the KULR existing technology portfolio – targeting air and liquid-cooling of HPC applications such as crypto mining, cloud computing, and AR/VR simulations. Combining Centropy’s proprietary process of utilizing carbon fibers in cooling technology for electronic components used in aerospace, automotive, data centers, and other high-performance applications with KULR innovation, productization, and commercialization capabilities, provides a dependable tailwind for the Company’s HPC technology development going forward.
High power computing applications, such as industrial bitcoin mining operations, are comprised of thousands of computers stacked on shelves in warehouses surrounded by large-scale fans where electricity can account for about 80% of a miner’s operating cost. With the joint capabilities of Centropy and KULR technology, crypto miners would now be able to conduct operations more efficiently and effectively.
Jesper Eman, CEO of Centropy AB said: “We are very pleased and proud to work with KULR as we look to leverage our IP and take it to commercialization. We also realize it takes a lot of expertise and resources in productization, manufacturing and commercialization to take our technologies to mass markets. The partner to help us get there is KULR, which is the leader in carbon fiber thermal management technologies for the most advanced and demanding applications. Their products are trusted and used by NASA and other well-respected commercial and governmental partners. We look forward to the times ahead, as we strongly believe KULR is the ideal home for our technologies to realize their full potential.”
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KULR Receives Initial Passive Propagation Resistant Battery Safety Order from Lockheed Martin
On November 30th KULR 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). This initial order is for immediate delivery and is the starting point in the partnership as LMT leverages the KULR technological advancements in PPR energy products for its Advanced Energy Systems.
KULR 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.”
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Third Quarter 2021 Financial Results
On November 15th KULR reported results for the third quarter ended September 30, 2021.
KULR Q3 revenue increased by over 300% year-over-year as the Company began to steadily expand the commercialization of its products. KULR continues to make significant investments in all areas of its business and is increasingly seeing the number of partnerships and product development initiatives ramp up. As KULR accelerates investments into new technology developments such as smart battery platforms, battery cell screen testing automation, and fast charging battery architectures, it will continue to grow sales in its foundational aerospace and defense businesses.
Due to recent notable partnerships with Clarios and Retriev Technologies, KULR has strengthened its go-to-market strategy and has diversified its business development capabilities. In addition to the progress made with partnerships, KULR has also recently received special permits from the U.S. Department of Transportation (“DoT”) authorizing the transportation of damaged, defective, and recalled (“DDR”) lithium-ion cells, batteries, or lithium metal cells contained in or packed with KULR proprietary Thermal Runaway Shield (“TRS”) packaging.
The KULR goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and end-of-life battery management, making KULR a key technology solutions provider in the migration to a global circular economy. With approximately $11 million of cash at end of the third quarter, KULR is in a strong financial position to continue growing its business and executing its near-term objectives to achieve its goal.
Third Quarter 2021 and Recent Operational Highlights
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KULR received approximately $6.5 million of cash in the months of October and November 2021 from the exercise of warrants to purchase an aggregate of 2,600,000 shares.
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KULR partnered with Heritage Battery Recycling (“HBR”) to provide safe transportation of HBR’s battery collection operations across North America through its KULR-Tech Safe Case. HBR, through its sister companies, maintains access to over 100,000 customer locations, 2,500 employees, and a fleet of over 1,300 power units and 108 facility locations across North America.
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KULR expanded its services with Heritage Battery Recycling as a result of HBR’s merger with Retriev Technologies, creating the largest lithium-ion battery recycler in North America. In addition to the existing e-bike and scooter customer programs, KULR will also provide safe transportation logistics to Retriev’s battery collection operations in North America.
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KULR joined Clarios, the largest global producer of lead acid batteries, in the U.S. Department of Energy lithium-ion battery lifecycle initiative to develop the manufacturing and reuse of lithium-ion batteries and their chemical elements in the U.S. In this project, KULR will provide safe transportation of lithium-ion batteries within the full battery management lifecycle, from manufacturing through recycle and reuse.
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KULR obtained a special permit from the DoT authorizing the transportation of DDR lithium-ion cells, batteries, or lithium metal cells contained in or packed with KULR proprietary TRS packaging.
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KULR received authorization for expanded battery coverage to the existing DoT special permit. The upgraded special permit expands the KULR scope of opportunity by authorizing KULR to transport reused, refurbished, and retrofitted batteries for recycling.
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On July 9th, KULR celebrated its up-listing to the NYSE American Exchange by ringing the closing bell at the New York Stock Exchange.
Third Quarter 2021 Financial Highlights
KULR generated revenues of $600,921 in the third quarter ended September 30, 2021, an increase of 339% compared with revenues of $136,849 reported in the same period of 2020. The increase in revenue was mainly due to increased sales of KULR products and two large contracts. These results reflect management’s continuing efforts to develop new and existing customer relationships through a growing pool of referrals and business development leads.
For more information on KULR Technology Group Inc. (KULR) visit: www.KULRTechnology.com.
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Media Contact
Company Name: KULR Technology Group, Inc.
Contact Person: Media Relations
Email: Send Email
Phone: 408-663-5247
Address:4863 Shawline Street
City: San Diego
State: CA 92111
Country: United States
Website: www.kulrtechnology.com
