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KULR Secures Test Engineering Contract with Bombardier Recreational Products

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KULR Technology Group has secured an engineering contract with Bombardier Recreational Products (BRP) for its Fractional Thermal Runaway Calorimetry (FTRC) testing services. This partnership emphasizes KULR's commitment to battery safety in the electric recreational products sector. KULR, known for its space and military battery designs, aims to expand its market to electric aviation, maritime, EV, and recreational vehicles. BRP's focus on thermal runaway management aligns with KULR's K1-DS platform, ensuring regulatory compliance and safety. KULR's FTRC technology, licensed from NASA, is pivotal in enhancing battery safety and reliability across industries.

Positive
  • KULR secures a significant engineering contract with Bombardier Recreational Products.
  • KULR expands its influence in the electric recreational products sector.
  • The contract highlights BRP's proactive approach to thermal runaway management.
  • KULR's K1-DS platform aligns with regulatory compliance and battery safety.
  • KULR holds an exclusive worldwide license for NASA’s large format FTRC technology.
  • The global battery testing market projected to reach $16.5 billion by 2030.
Negative
  • No specific financial figures or revenue impacts from the contract were disclosed.
  • Potential reliance on the success of the FTRC technology for future market expansion.
  • KULR's market expansion efforts are still in the discussion phase with potential customers.
  • Increased competition from other battery testing and design service providers.

From a financial perspective, this contract with Bombardier Recreational Products (BRP) is a significant milestone for KULR Technology Group, Inc. Firstly, it strengthens KULR’s revenue stream and potentially enhances its profitability. The contract is likely to bring a stable income as KULR expands in the growing electric recreational products sector. Secondly, it represents a strategic alignment with a major industry player, which might lead to further partnerships and projects.

In the short term, this contract could result in a positive market reaction, as it demonstrates KULR's ability to secure high-profile clients and grow its market share. In the long term, the credibility and validation from collaborating with BRP might attract additional clients from the electric aviation, maritime and EV sectors, increasing KULR’s market penetration.

The global battery testing market is projected to reach USD 16.5 billion by 2030, indicating substantial growth opportunities. KULR’s exclusive use of NASA’s large format FTRC technology also positions the company ahead of competitors, enhancing its appeal to potential investors.

The technical implications of KULR's contract with BRP should not be underestimated. The use of Fractional Thermal Runaway Calorimetry (FTRC) is pivotal in advancing battery safety. Thermal runaway occurs when a battery cell generates heat uncontrollably, leading to potential fire or explosion. FTRC's detailed characterization of this phenomenon at the cell level provides critical safety insights, which are especially important for consumer-facing e-mobility products.

KULR’s technology addresses the National Fire Protection Association (NFPA) 1192 standard, ensuring compliance with stringent safety regulations. This compliance is essential for manufacturers like BRP, as it allows them to meet regulatory requirements and enhance consumer trust.

Moreover, KULR's development of the KULR ONE Design Solutions (K1-DS) platform further solidifies its position as a leader in battery safety solutions. The platform’s focus on regulatory compliance and comprehensive testing services could set a new industry standard, making KULR an attractive partner for other major manufacturers.

SAN DIEGO, May 22, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), global leader in safe and high-performance energy storage solutions, is pleased to announce it has been awarded an engineering contract with Bombardier Recreational Products (“BRP”) (NASDAQ: DOOO) for the Company’s Fractional Thermal Runaway Calorimetry (FTRC) testing services. This milestone underscores KULR's expanding influence and commitment to advancing battery safety in the rapidly growing electric recreational products sector. With an already established presence in space and military safe battery designs, KULR looks to continue discussions and market expansion with potential customers from major electric aviation, electric maritime, EV, and recreational off-road vehicle manufacturers.

The partnership highlights BRP’s proactive approach to thermal runaway management across all its e-mobility market verticals – including National Fire Protection Association (NFPA) 1192, while concurrently aligning with KULR’s development of the KULR ONE Design Solutions (K1-DS) platform, which focuses on regulatory compliance, including battery cell testing, propagation-resistant materials, pack and module level testing. The NFPA 1192 standard establishes fire and life safety criteria for recreational vehicles to provide protection from loss of life from fire and explosion. "Securing this contract with BRP is a testament to the critical role that FTRC plays in ensuring the safety and reliability of next-generation consumer facing e-mobility products," said Michael Mo, Chief Executive Officer of KULR. "FTRC analysis is quickly becoming the de facto method to characterize cell-level thermal runaway, and we are actively working to expand our throughput for this testing in the coming months."

KULR's exclusive worldwide license for NASA’s large format FTRC positions the company as the industry standard for battery testing and design services. Serving top automakers, space exploration companies, and electric truck manufacturers, KULR’s FTRC technology offers comprehensive thermal runaway characterization for various cell types. This crucial technology enhances battery safety across industries, providing detailed insights into thermal runaway behavior and aiding in regulatory compliance. As the global battery testing market is projected to reach USD 16.5 billion by 2030, KULR’s FTRC capabilities ensure safe, high-capacity batteries for a sustainable future.

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 April 12, 2024, 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 because 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 new contract KULR secured?

KULR Technology Group secured an engineering contract with Bombardier Recreational Products for its Fractional Thermal Runaway Calorimetry (FTRC) testing services.

What is the significance of the KULR-BRP partnership?

The partnership underscores KULR's role in advancing battery safety in the electric recreational products sector and aligns with BRP's proactive thermal runaway management.

What technologies does KULR provide under the new contract?

KULR provides Fractional Thermal Runaway Calorimetry (FTRC) testing services, which are important for ensuring battery safety and regulatory compliance.

How does the BRP contract impact KULR's market presence?

The contract enhances KULR's market presence in the electric recreational products sector and positions it for potential expansion into electric aviation, maritime, EV, and off-road vehicles.

What is the projected value of the global battery testing market?

The global battery testing market is projected to reach $16.5 billion by 2030.

What regulatory standards are addressed by KULR's K1-DS platform?

KULR's K1-DS platform addresses regulatory standards such as NFPA 1192, which establishes fire and life safety criteria for recreational vehicles.

What are some potential risks for KULR with this new contract?

Potential risks include reliance on FTRC technology for future expansion, increased competition, and the fact that no specific financial figures from the contract have been disclosed.

KULR Technology Group, Inc.

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