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The Recreational Market Joins the Electrification Revolution of Vehicles; Battery Safety Still Key

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KULR Technology Group (NYSE American: KULR) has secured an engineering contract with Bombardier Recreational Products (BRP) to provide Fractional Thermal Runaway Calorimetry (FTRC) testing services, enhancing battery safety in electric recreational products. This partnership aligns with KULR's ongoing efforts in safe battery design and regulatory compliance, particularly with the KULR ONE Design Solutions (K1-DS) platform. The global battery testing market is projected to reach $16.5 billion by 2030, positioning KULR advantageously.

Additionally, Vision Marine Technologies announced a patent for a high-voltage marine battery pack, while Polaris and SolarEdge are expanding their all-electric utility and recreational vehicle portfolios. These developments underscore the increasing emphasis on battery safety and performance in the evolving electric vehicle market.

Positive
  • KULR secured a significant engineering contract with Bombardier Recreational Products for FTRC testing services.
  • The global battery testing market is projected to reach $16.5 billion by 2030.
  • KULR's exclusive worldwide license for NASA's large format FTRC positions it as an industry standard for battery testing and design services.
  • Vision Marine Technologies announced a patent for a high-voltage marine battery pack, enhancing electric marine propulsion safety and performance.
  • Polaris introduced the all-electric Pro XD Full-Size Kinetic utility vehicle, expanding its line-up of electric UTVs.
  • SolarEdge developed a modular electrification kit for trailers, enhancing the driving range and comfort of electric vehicles.
Negative
  • No concrete financial data or projections were provided regarding the contract's impact on KULR's revenue or profitability.
  • The PR mentions general market trends but lacks specific data on KULR's current market share or competitive position.

KULR Technology Group's recent contract with Bombardier Recreational Products represents a significant milestone for the company. This move into the electric recreational products sector underscores KULR's potential to diversify its revenue streams and leverage its expertise in battery safety across new markets. The contract highlights KULR's growing influence in the industry, reinforcing its position as a key player in the battery testing and safety domain.

Financially, this deal could positively impact KULR's revenue and earnings stability in the long term. However, retail investors should remain cautious of market volatility and competitive pressures in the burgeoning electric vehicle (EV) sector. KULR's established relationships with major automakers and space exploration companies provide a strong foundation, but the company must continually innovate to maintain its competitive edge and capitalize on the expanding global battery testing market projected to reach USD 16.5 billion by 2030.

KULR's Fractional Thermal Runaway Calorimetry (FTRC) technology is a important innovation in battery safety. This technology allows for detailed thermal runaway characterization, which is essential for ensuring the safety and reliability of high-performance batteries used in various industries, including recreational electric vehicles. The ability to test and design batteries that prevent thermal runaway incidents can significantly reduce fire risks, thereby enhancing consumer confidence in electric vehicles.

The partnership with Bombardier Recreational Products showcases the practical application of FTRC technology in the recreational market, a segment that is rapidly adopting electrification. This positions KULR as a pioneer in crafting specialized battery solutions that meet stringent safety standards, like the National Fire Protection Association (NFPA) 1192. Investors should note that technological advancements in this sector not only drive safety but also foster regulatory compliance, which is increasingly important as governments worldwide tighten safety regulations for electric vehicles.

The recreational market's adoption of electric vehicles (EVs) marks an important evolution in the electrification revolution. KULR Technology Group's involvement in this sector, through its contract with Bombardier Recreational Products, indicates a strategic move to tap into a growing market. As consumers and businesses alike seek sustainable alternatives, the demand for safe, high-performance batteries will only increase. Additionally, the integration of KULR's testing services with regulatory standards like NFPA 1192 reinforces the importance of safety in consumer adoption of new technologies.

For retail investors, this development suggests a promising outlook for KULR, as the company's technologies are poised to become integral to multiple industries undergoing electrification. However, while the long-term growth prospects are strong, investors should remain aware of the initial costs and potential market entry barriers associated with transitioning to new sectors. Moreover, keeping an eye on competitors' advancements in battery safety technology is important to gauge KULR's market position accurately.

Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - May 23, 2024) - Investorideas.com, a go-to investing platform covering electric vehicles releases a report on the evolution of the sector as the recreational market follows suit, featuring KULR Technology Group, Inc (NYSE American: KULR), a global leader in safe and high-performance energy storage solutions.

Read the full article on Investorideas.com
https://www.investorideas.com/News/2024/renewable-energy/05230Recreational-Market-EV.asp

As all industry sectors of vehicles build out their electric portfolios, battery safety is still a key issue to address. ResearchandMarkets reported, "In line with rapidly evolving electric mobility demands, the process of EV battery formation and testing is cementing its role as a critical industry segment. Technological advancements and rigorous testing measures are the linchpins for establishing stable, efficient, and secure battery operation that meets consumer expectations and strict regulatory frameworks."

With battery safety as a key service and betting on a future of the electrification of multiple industries, (KULR Technology Group, Inc. (NYSE American: KULR) just added to its growing list entering the electric recreational products sector.

KULR just announced it has been awarded an engineering contract with Bombardier Recreational Products 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.

BRP Inc. (Bombardier Recreational Products), a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus, announced in February it added two new electric models available to more commercial users such as ski centers and recreational resorts, as well as consumers to play around their cabin. These new models are designed for more traction and flotation in loose snow.

Polaris, a global leader in powersports and its dvision, Polaris Commercial, introduced earlier this year its all-new, all-electric Pro XD Full-Size Kinetic utility vehicle (UTV) ,engineered from the inside out to withstand tough jobsite duty cycles and enable all-day operation with zero exhaust - taking operational efficiency and sustainability to the next level. The Pro XD Kinetic further expands the industry-leading line-up of commercial work UTVs that boast durability, serviceability and safety features while increasing the environments and areas these all-electric UTVs can operate.

From the news: Polaris has been a leader in the electric UTV space with the class-leading and award-winning RANGER XP Kinetic. The all-electric RANGER has been called game changing and the gold standard for battery EV UTVs.

Also addressing safety in the electric recreational vehicle market, Vision Marine Technologies, Inc., a pioneer in electric marine propulsion announced yesterday the filing of its fourth patent on May 15, 2024, for a dedicated high-voltage marine battery pack. This battery pack is a key element of the E-Motion™ Marine Powertrain Technology and will also be available as a standalone product for future recreational electric powerboats.

From the news: Over a rigorous five-year development period, Vision Marine meticulously tested and evaluated various batteries to power the E-Motion™ Electric Powertrain. Existing solutions fell short of the high standards for performance, security, and ease of installation required for a premier marine powertrain. Determined to address this gap, Vision Marine engineered a bespoke solution prioritizing security, performance, and user-friendly installation.

Continued: The Vision Marine team created a state-of-the-art marine battery surpassing automotive standards, featuring NMC (1) cells and an advanced battery management system. This unique battery is designed to endure the critical challenges of electric boating, with high voltage delivery, sophisticated electronic communications, and internal cooling tailored for the E-Motion™ Technology.

SolarEdge, a global leader in smart energy technology has also entered the recreational market. SolarEdge e-Mobility has developed The Modular electrification kit for trailers to overcome driving range challenges of electric vehicles and increase customer's comfort.

According to the company website, "Modular e-Trailer, equipped with our system, is the key to autonomy and comfort without making compromises in environmental protection. It can support your EV, generate solar and recuperation energy, and play the role of solar residential storage, being an integral part of your home power network."

As the electrification of all transportation rolls out from EV's to aviation, recreational - battery safety and performance will remain some of the biggest issues to overcome.

Positioned to capitalize on these multiple markets, KULR Technology Group, Inc (NYSE American: KULR) announced in January that it "is now the only entity in the world providing comprehensive fractional thermal runaway calorimetry testing services for every cell type, regardless of capacity or format. This breakthrough win firmly establishes KULR as the de facto industry standard battery testing and design services provider in the world to the largest OEM customers across all industries."

Continued: "Sole access to this all-important thermal runaway data decisively positions KULR as a crucial strategic partner for OEM customers requiring state-of-the-art battery safety design, testing, storage, and recycling throughout any part or all of the battery's life cycle."

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FAQ

What recent contract did KULR Technology Group secure?

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

Why is KULR's contract with BRP significant?

The contract emphasizes KULR's expanding influence and commitment to advancing battery safety in the electric recreational products sector.

What is the projected size of the global battery testing market by 2030?

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

What new technology has Vision Marine Technologies announced?

Vision Marine Technologies announced a patent for a high-voltage marine battery pack, enhancing safety and performance in electric marine propulsion.

What new electric vehicle did Polaris introduce?

Polaris introduced the all-electric Pro XD Full-Size Kinetic utility vehicle, expanding its line-up of electric utility terrain vehicles (UTVs).

What innovation has SolarEdge developed for the recreational market?

SolarEdge developed a modular electrification kit for trailers, enhancing the driving range and comfort of electric vehicles.

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