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KULR Technology Group, Inc. (NYSE American: KULR), a pioneer in thermal management and battery safety solutions, has recently marked a significant milestone in the space exploration sector. The company announced receiving an initial purchase order from one of the world's most prominent privately held space exploration companies. This order is focused on enhancing battery safety testing solutions by Clarence Oxford
Los Angeles CA (SPX) Jan 01, 2024
KULR Technology Group, Inc. (NYSE American: KULR), a pioneer in thermal management and battery safety solutions, has recently marked a significant milestone in the space exploration sector. The company announced receiving an initial purchase order from one of the world's most prominent privately held space exploration companies. This order is focused on enhancing battery safety testing solutions, utilizing KULR's proprietary KULR ONE Design Solutions (K1-DS) platform.
The K1-DS platform is at the forefront of battery safety technology. It encompasses a comprehensive design and testing methodology that includes several innovative features. These include Internal Short Circuit (ISC) technology, Fractional Thermal Runaway Calorimetry (FTRC), bomb calorimetry, and impingement zone mapping. Together, these components facilitate a thorough cell-level characterization of thermal runaway behavior in the customer's battery cells.
While the specifics of the contract remain under wraps, the space exploration company has publicly announced plans for a significant increase in its space missions. It is actively scaling its satellite deployment operations throughout 2024. This expansion aligns with the growing global space exploration market, which, according to a May 2023 report by Spherical Insights and Consulting, is expected to surge at a 16.21% CAGR, reaching an impressive USD 1,879 Billion by 2032.
KULR's K1-DS platform leverages the company's extensive experience in challenging environments, notably in spaceflight collaborations with NASA. This experience positions KULR as a provider of some of the most stringent battery solutions on a global scale. KULR's focus on the space exploration market with the K1-DS platform is strategic, and the company anticipates this initial contract to be the precursor to further design wins extending into the next year.
Earlier this month, KULR was awarded a critical contract for the expedited development, testing, and production of an advanced space battery for a prominent privately-held hardware and in-space services company. This contract is expected to evolve into a multi-million-dollar partnership, with expanded production slated for 2024.
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