KULR Technology Group Announces a Strategic Contract with Nanoracks for Advanced Space Battery Development
March 14 2024 - 7:30AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), renowned for its leading-edge
lithium-ion battery safety and thermal management technologies,
today announced in a landmark development it has been awarded a
pivotal contract exceeding $865,000 from Nanoracks (now part of
Voyager Space’s Exploration Segment). Based in Webster, Texas,
Voyager’s Exploration team is a prominent provider of commercial
space services, specializing in satellite deployment, space station
research, and the development of space habitats. This collaboration
marks a significant milestone in KULR's journey, with the initial
contract poised to conclude in April of this year, and production
slated to commence later.
The contract underscores KULR's role in
spearheading the accelerated development, testing, and early
production of a specialized space battery, aimed at enhancing
Voyager’s CubeSat applications. This partnership not only showcases
the aerospace industry's trust in the KULR ONE Space Platform but
also highlights the company's commitment to innovation and
reliability.
KULR has already achieved the first milestone of
this contract by delivering the first article prototype battery at
the end of 2023, demonstrating its ability to meet rigorous project
demands under an accelerated timeline. This initial phase ensures
KULR's battery technology will play a crucial role in powering
next-generation satellite applications during critical periods.
Michael Mo, CEO of KULR, expressed his enthusiasm
about the collaboration, stating, "Our partnership with Voyager’s
Exploration team represents a significant win-win scenario. For
Voyager, it brings KULR's cutting-edge, safe, and innovative
battery designs to the forefront of space technology, under an
expedited schedule. For KULR, it marks the beginning of what we
anticipate will be a fruitful relationship, paving the way for
multiple program collaborations in the future."
Echoing this sentiment, Robbie Harris, Voyager
Space; Director of Advanced Concepts (Exploration), highlighted the
symbiotic nature of the partnership: "Working with KULR has allowed
us to push the boundaries of our battery technology and showcase
our commitment to safety, reliability, and performance in the most
demanding environments. This collaboration is not just about
meeting the immediate needs of a project; it's about setting the
stage for a long-term partnership that will drive innovation in
space technology."
KULR ONE Space, designed for meeting NASA's
exacting standards for manned spaceflight, is poised to expand its
influence in the aerospace sector, encompassing both satellite and
crewed missions. Boasting state-of-the-art facilities in Webster,
Texas, and San Diego, California, KULR is prepared to address the
dynamic needs of the aerospace industry, thereby reinforcing its
expanding role in promoting the advancement of safe battery
technology. The KULR ONE Space Platform anticipates significant
growth, offering expedited access to wide-ranging, certified
battery solutions that are critical to the rapid advancement of
space exploration.
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.
About Voyager SpaceVoyager Space
is dedicated to building a better future for humanity in space and
on Earth. With over 35 years of spaceflight heritage and over 2,000
successful missions, Voyager is powering the commercial space
revolution. Voyager delivers exploration, technology, and defense
solutions to a global customer base that includes civil and
national security agencies, commercial companies, academic and
research institutions, and more.
Safe Harbor StatementThis 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 file 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:KULR Technology
Group, Inc.Phone: 858-866-8478 x 847Email:
ir@kulrtechnology.com
KULR Technology (AMEX:KULR)
Historical Stock Chart
From Apr 2024 to May 2024
KULR Technology (AMEX:KULR)
Historical Stock Chart
From May 2023 to May 2024