KULR Technology Awarded Critical Contract

KULR Technology Group, Inc. (NYSE American: KULR), a global leader in sustainable energy management, is excited to announce that it has been awarded an initial contract for the accelerated development, testing, and production of a cutting-edge space battery for a prominent privately held space hardware and in-space services company. Although specific contract terms are confidential, the initial six-figure engagement is expected to expand into a multi-million-dollar partnership for increased production in 2024. This partnership aligns with the continued growth of the global space battery market, which is forecasted to reach $5.66 billion by 2029, with a 6.5% CAGR by Maximize Market Research.

This significant award underscores the aerospace industry’s confidence in KULR’s advanced battery design capabilities, especially for critical applications in defense and aerospace sectors. The state-of-the-art battery will be an essential component for a CubeSat application intended for Department of Defense missions in geostationary orbit (“GEO”) and geostationary transfer orbit (“GTO”), where it will power the satellite during eclipse periods. KULR’s battery technology is not only radiation-hardened but also aligns with space-grade design methodology and stringent test protocols that meet NASA standards for manned spaceflight. The selected 18650 lithium-ion cells for this project have successfully completed NASA’s EP-WI-036 initial lot acceptance and will undergo further examination at KULR’s automated cell screening facility, following comprehensive standards set forth in NASA’s EP-WI-037.

KULR’s expertise and innovation ensure that the battery design is scalable, broadening its applicability for the expanding range of battery projects in satellite and crewed space missions. The design and development work for this project will be a collaborative effort between KULR’s state-of-the-art facilities located in Webster, Texas, and San Diego, California. With this project, KULR reaffirms its commitment to providing safe, reliable, and high-performance energy solutions for the most demanding environments in space. The potential for KULR’s contribution to space technology continues to grow, along with its role in advancing the boundaries of aerospace engineering and design.

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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.

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 and may not represent our actual results. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future. 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. We assume no obligation to update the information included in this press release.

For more information, please visit KULR Technology Group Inc.’s website.

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com

Media Relations:
Further PR
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