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.
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.
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