KULR Technology Group Inc KULR has received a development contract from a United States Armed Forces branch to develop high-energy battery packs for uninterruptible power supplies to mobile command centers.
The deal terms were not disclosed. It is the second KULR ONE Design Solutions (K1DS) contract within a month.
Earlier this month, the United States Army awarded KULR a $1.13 million contract to develop a high-energy battery storage platform for advanced aviation applications.
Why It Matters: "Although there is still more than a month left in our current fiscal quarter, we believe that we are seeing impressive demand for KULR ONE battery packs leading to sizable growth in revenue from Q1 2023," KULR CEO Michael Mo said.
In February, KULR Technology landed a $2.68 million follow-on contract as the exclusive supplier of its patented and proprietary fail-safe Passive Propagation Resistant battery solutions for a stationary and mobile lithium-ion battery power system manufacturer.
Price Action: KULR shares closed at $0.58 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
