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KULR Secures Over $1M Contract from H55 for Proprietary, Patented Thermal Runaway Shield Technology

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KULR Technology Group partners with H55 Inc. in a $1 million commitment to enhance electric propulsion systems for industry giants like Pratt & Whitney. KULR's Thermal Runaway Shield technology ensures compliance with EASA safety standards, driving innovation in electric aviation. The global hybrid aircraft market is projected to reach USD 13.2 billion by 2030, offering substantial growth opportunities.
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The partnership between KULR Technology Group and H55 represents a strategic alignment within the burgeoning electric aviation sector. This collaboration is poised to capitalize on the projected growth of the hybrid aircraft market, which is anticipated to expand significantly in the coming years. The integration of KULR's Thermal Runaway Shield into H55's electric propulsion systems is a forward-thinking move that addresses the increasing safety concerns associated with higher energy densities in aviation batteries.

The financial commitment of over $1 million indicates a substantial investment into the safety and efficiency of electric aviation, which could position both companies favorably as the industry evolves. The market's positive reaction to safety innovations, especially those that have received regulatory approval, could potentially lead to an uptick in investor confidence in KULR's stock, given the company's role in a high-growth industry.

The technical implications of KULR's Thermal Runaway Shield for electric propulsion systems are significant. By enhancing safety protocols to meet EASA standards, KULR is addressing one of the primary barriers to the adoption of electric aircraft: thermal management and safety. The aerospace industry is keenly focused on mitigating the risks of thermal runaway in lithium batteries and KULR's solution appears to be an innovative approach to this challenge.

From an engineering standpoint, the ability to maintain energy density while improving safety is a key differentiator in the market. This could lead to increased demand for KULR's technology among other aerospace companies seeking to comply with stringent regulatory standards, potentially leading to further contracts and collaborations, which would have a positive impact on the company's financial growth and market share.

Analyzing the financial implications of the KULR and H55 partnership, the initial delivery phase that began in Q1 2024 sets the stage for future revenue recognition, which should be closely monitored in upcoming earnings reports. The deal's value, while not transformative for industry giants, is nonetheless a positive indicator of KULR's business development efforts and its ability to secure contracts with significant players in the aerospace industry.

The approval of H55's Electrical Propulsion System by EASA is a critical milestone that could enhance KULR's credibility and lead to increased market penetration. Investors should watch for any follow-up orders or expanded agreements, which would not only validate the technology but also potentially provide a recurring revenue stream. It's important to consider the scalability of KULR's production capabilities in meeting the demands of a rapidly growing market and the associated capital expenditures that may be required.

SAN DIEGO, April 02, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), renowned for its contributions to sustainable energy management, today unveiled a commitment exceeding $1 million with H55 Inc. (“H55”), a pioneer and global leader in electric propulsion. H55 will employ KULR's unique Thermal Runaway Shield (“TRS”) within its propulsion systems that equip fleets of industry behemoths such as Pratt & Whitney and CAE Inc. According to the agreement, the initial delivery phase began in Q1 2024. Embedding KULR's TRS into H55's Electrical Propulsion System (“EPS”) is critical for aligning with the European Union Aviation Safety Agency (“EASA”) safety protocols. H55 harnesses KULR's innovative TRS to construct systems that adhere to stringent safety measures while retaining efficiency and energy density. EASA recently approved the H55 EPS solution, paving the way for the critical compliance demonstration phase of their certification program (https://h55.ch/news/).

Michael Mo, CEO of KULR, reflected on the significance of this collaboration. “Working with H55 epitomizes our commitment to setting new standards for safety in electric aviation. With H55, we reinforce our role in addressing the escalating compliance requisites from regulatory bodies such as EASA and the FAA. Our goal is to ensure our technology not only fulfills but also anticipates the evolving safety needs of the electric aviation sector.”

Martin Larose, CEO of H55, also acknowledged the positive side of this collaboration. “Tightening the relationship with KULR has marked a transformative step for us. The TRS technology from KULR has enabled us to push the safety norms and position H55 as a global leader. We are equipped to offer products that defy the rigorous requirements of EASA while preserving the high caliber and compactness our clients rely on. This synergy with KULR promises significant progress.”

According to a recent forecast, the global hybrid aircraft market is estimated to grow from USD 1.2 billion in 2023 to USD 13.2 billion by 2030, at a CAGR of 41.6% from 2023 to 2030.

KULR continues to pioneer revolutionary energy management solutions, propelling the electric aviation industry forward.

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 H55
H55 S.A. is a Swiss-based company founded and led by a team of visionary engineers and aerospace experts. The company’s mission is to revolutionize the aviation industry by providing certified electric propulsion and battery management systems tailored to a diverse range of aircraft to achieve sustainable air travel. Through a commitment of providing certified solutions and its pioneering legacy as the technological spin-off of the renowned Solar Impulse electric airplane which flew around the world in 2016 with only energy from the sun, H55 is at the forefront of driving the aviation industry toward a more environmentally responsible future, setting new standards, and pushing the boundaries of what is possible in electric aviation.

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 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 847
Email: ir@kulrtechnology.com


FAQ

What is the significance of KULR's collaboration with H55 Inc.?

The collaboration aims to enhance electric propulsion systems for industry giants like Pratt & Whitney and comply with EASA safety standards.

What technology does KULR provide to H55 Inc.?

KULR offers its Thermal Runaway Shield technology (TRS) to H55 Inc. for use in their Electrical Propulsion System (EPS).

What is the forecasted growth of the global hybrid aircraft market?

The global hybrid aircraft market is estimated to grow from USD 1.2 billion in 2023 to USD 13.2 billion by 2030, at a CAGR of 41.6%.

Who are the key industry players benefiting from KULR's technology?

Industry giants like Pratt & Whitney and CAE Inc. are among the key players benefiting from KULR's technology.

What safety standards does KULR's TRS technology help H55 Inc. comply with?

KULR's TRS technology helps H55 Inc. comply with the safety standards set by the European Union Aviation Safety Agency (EASA).

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