CAMPBELL, Calif., March 10, 2020 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (OTCQB: KULR), (the “Company” or “KULR”), announced today it will supply its internal short circuit (ISC) battery safety and testing device to a Tier-1 Asian auto manufacturer. This is one of many commercial partnerships on which the Company sees materializing due to the proliferation of Li-ion batteries in consumer and commercial applications, including electric vehicles.
The ISC device, which was developed in 2015 by researchers at NASA and the National Renewable Energy Lab (NREL), reliably creates thermal runaway in lithium-ion battery trigger cells in controlled, laboratory conditions. The ISC device does not rely on mechanically damaging the battery exterior to activate the short, as do most of the other evaluation methodologies, but instead triggers a true internal short. This makes it possible to accurately pinpoint and fix problems leading to malfunctions. The ISC technology received the prestigious R&D100 Award in 2016 and was the runner-up for NASA invention of the year in 2017.
As the exclusive provider of the ISC technology, KULR will deliver ISC devices in Q1 of 2020. Further details were not released but company leaders highlighted the importance of this agreement for battery safety for electric vehicles. Since the battery pack is the most expensive component in an electric vehicle, the ISC will help this Tier-1 manufacturer develop safer and more efficient battery thermal management systems for their next-gen EV fleets.
“We’re excited to help provide this automaker‘s research and design engineers better ways to develop safer battery packs,” said Michael Mo, CEO of KULR. “Designing safer, more powerful and more efficient battery systems is key to the electric vehicle market and a cornerstone of what we do at KULR.”
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (OTCQB: 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 deep space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. For more information, please visit www.kulrtechnology.com.
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This 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 parent entity’s Form 10-K filed on March 29, 2019. 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. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Media Contact:
Derek Newton
Head, Media Relations
Main: (786) 499-8998
derek.newton@kulrtechnology.com
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Landon Capital
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kpinder@landoncapital.net