EXCLUSIVE: KULR Wins Follow-On $2.68M Contract From Exclusive Client

KULR Technology Group, Inc KULR bagged 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. 

What Happened? It is a follow-on order as the Customer prepares to scale toward the complete automation of its battery assembly operations. At the same time, KULR is expanding its automated PPR component manufacturing in North America.

The systems can provide from 50 KWh to 5 MWh of distributed energy storage at the point-of-use where applications range from medical and research complexes and residential and commercial buildings to remote data centers and manufacturing facilities. 

The systems also provide fully renewable mobile energy solutions for construction equipment, waste disposal, last-mile delivery, and other portable industrial markets.

Why Does It Matter? California will require portable gas-powered generators to be zero-emissions by 2028, potentially another boon for KULR.

KULR CEO Michael Mo stated, “The reality is that there will be many more projects like this one coming to market soon, especially with the Inflation Reduction Act amplifying demand for safe and clean stationary energy storage.”

The stationary battery storage market will likely surpass $870 billion by 2032, according to a research report by Global Market Insights Inc. published in late 2022.

This latest Customer order follows KULR’s Phase 2 development of its PPR battery systems for Lockheed Martin Corporation’s LMT Advanced Energy Systems. 

As KULR collaborated with entities such as the United States Department of Defense, NASA, and major defense manufacturers, KULR is steadily leveraging its thermal design expertise beyond government contracts.

Price Action: KULR shares closed higher by 6.49% at $1.32 on Tuesday.