28 Jun KULR Technology: Conquering New Frontiers!
KULR Technology Group, Inc. (NYSE: KULR), formerly known as KT High-Tech Marketing Inc., develops cutting-edge battery safety and thermal management solutions, for use in diverse industries such as Electric Vehicles, Cloud Computing and 5G Communication devices among others. The Company’s comprehensive solutions aim to disrupt the thermal management solutions market. To this end, KULR is adopting an integrated design approach in offering thermal interface materials, safety against lithium-ion battery thermal runaway propagation and lightweight heat exchangers. The solutions offered by the Company are customizable to suit specific needs of any application and can deliver solutions that can accommodate any electronic configuration, size or weight restriction, even in the most demanding spaces.
The Company recently received approval to uplist to the NYSE American Exchange and commenced trading on the NYSE on June 7, 2021. This will not only ensure a wider exposure and visibility to the Company but also enable it to attract institutional and retail investors. In addition, the move will also improve the liquidity of its stock and enhance long-term shareholder value.
Another significant development is the receipt of a special permit from the U.S. Department of Transportation (DoT) to transport prototype lithium cells and batteries aboard cargo aircrafts. The specialized permit will enable the Company to manufacture and use specially designed packaging for sending prototype lithium cells and batteries abroad either on their own or packed with equipment. This is the second permit received by the company and serves as a validation of its technology.
KULR Technology Group, Inc. (NYSE: KULR)
Market Cap: $233.73M; Current Share Price: 2.48 USD
Data by YCharts
An Impressive Product Portfolio
ARA, is a carbon fiber infused heat sink that makes use of phase change materials (PCM), to not only reduce system temperature excursions but also improve operating times, while extending the life of the product. In addition, it eliminates the need for active cooling thereby reducing weight and volume. The solution is ideal for application in the Aerospace and Defense Industries, owing to its impressive heat capacity over small temperature ranges. The ARA can also be extremely useful in space applications, laser and RF components. KULR has developed a proprietary high thermal conductivity fiber core material that can effectively regulate high-power conditions, while keeping the devices cool.
KULR’s PCM heat sink technology has found application in NASA’s X-38 re-entry vehicle, LEO flight, Mercury Messenger satellite, and NICER telescope on the International Space Station among others. The Company provides a dedicated engineering team that works in tandem with clients to determine and develop the best thermal management solution that is the right fit for the organization’s needs.
Furthermore, the Company’s Passive Propagation Resistant (PPR) solutions can effectively reduce the impact of thermal runaway propagation, while Thermal Runaway Shield (TRS) can stop cell-propagation. In fact, the core TRS technology has been chosen by NASA and is applied in the transportations and storage of batteries abroad the International Space Station.
The Company is leveraging its expertise in lithium batteries transportation, which are deemed hazardous materials and require adherence to special regulatory requirements for their safe transportation, to offer leading-edge PPR packaging solutions. In April 2020 KULR entered into a licensing agreement with Americase for use of the company’s passive propagation resistant (PPR) technology and other core materials to produce Battery Bag, a cost-effective solution for transportation of damaged defective (DDR) batteries.
The technology was previously used by NASA to protect the laptops onboard the International Space Station. The Company has tied up with many organizations to develop PPR solutions including military, government and consumer electronics.
The Technology of the Future
The advent of 5G communication and cloud computing solutions has led to a growing demand for cost-effective cooling solutions in the 5G and cloud computing industries. The Company is building strategic partnerships and collaborations with industry leading companies in this arena to offer solutions such as the proprietary carbon fiber-based suite of thermal interface materials (FTI), which offers unique advantages such as bulk thermal conductivity, low interfacial interference and reliability to name a few.
The Company also addresses a key issue in the Electric Vehicle Industry namely augmenting the battery energy capacity while maintaining battery safety. The biggest concern with lithium-ion batteries (Li-B) is they may explode due to thermal runaway, if subjected to high operating temperatures, which raises big safety concerns. KUL’s HYDRA TRS is capable of preventing Li-B thermal runaway propagation.
KULR has won more than 30 contracts with NASA and the company’s thermal management solutions were incorporated into the Mars Rover and Mercury Messenger. Solutions offered by KULR use carbon fiber architecture to deliver mass and weight advantages, which are critical components in space applications.
A Burgeoning Thermal Management Industry
The growing use of electronic devices and miniaturizations resulting from advanced technological developments are contributing to the rise in demand for storage solutions that offer unmatched space and size.
Lithium batteries offer a plethora of advantages when compared to lead-acid or other batteries such as better charge discharge efficiency, improved battery life, ease of maintenance and durability. Most importantly the batteries are made of lightweight material and offer superior temperature control in addition to safety, longer shelf life and greater usable capacity. The batteries are suitable for a wide array of applications as they charge and discharge more rapidly when compared to conventional batteries and have lower downtime as well. The size and weight of these batteries is almost half of lead-acid batteries, which results in easy installation and more flexibility.
These batteries are perfectly suited to the needs of Electric Vehicles and are emerging as the most popular alternative to Lead-acid battery, Nickel-metal Hybrid batteries among others as they offer benefits such as improved charge efficiency without memory effect, compactness and are more environment friendly.
The International Energy Agency predicts that Electric Vehicles which stand at 3 million today will grow to 125 million by 2030. The Global Electric Vehicle market is all set to compete with the internal combustion engine (ICE) vehicles in the next five years, accounting for one out of every five cars sold by 2030, according to Seth Goldstein, an analyst and chair of Morningstar’s electric vehicle committee.
The demand for electric vehicles will also bolster the demand for ancillary industries such as engine components, electronics for propulsion systems, battery optimization and torque transfer devices. In fact, the demand for lithium, which is a crucial component of energy storage in transportation batteries, is likely to quadruple over the next decade according to Seth Goldstein.
According to a report by Statista, the Global Lithium Battery market size is poised to reach 100.4 billion U.S. dollars by 2025 growing from 30.2 billion U.S. dollars in 2017.
However, the issues related to thermal runway propagation, if subjected to high operating temperatures, raises big safety concerns. This is now being addressed by companies developing solutions to tackle the problem. Technological advancements such as cool chips for thermal management and other similar developments will transform the market in the future.
According to a report by Markets and Markets, the global thermal management solutions market is projected to reach USD 12.8 billion by 2025, growing at a CAGR of 8.2 percent, from USD 8.8 billion in 2020.
Key Takeaways
The Company’s growth strategy is focused on delivering cutting-edge technology innovations to organizations like NASA, U.S Air Force and the U.S Department of Energy on one hand and work towards setting safety standards for battery safety etc., in association with regulators such as FAA and United Nations. Furthermore, the Company is aiming to explore the potential of applying its technology to mass market applications in the EV, 5G and cloud computing industries.
KULR’s technology is used by industry leading organizations such as Lockheed Martin, Airbus, Raytheon, Leidos, Volta Energy and Drako Motors among others. While the Federal Aviation Administration is using its ISC technology to evaluate lithium-ion battery malfunctions, NASA has made use of the company’s Carbon fiber thermal management solutions in its Mars Rover Perseverance 2020, 3Dprinted battery systems for manned and robotic space applications and TRS technology for laptop batteries and Microsoft Surface Pro 5 on the International Space Station among others. This serves as a validation for its technology.
KULR is helmed by an experienced management team that has a wealth of experience in leading companies and is fully equipped to handle the challenges posed by the burgeoning market. The CEO of the Company, Michael Mo, was the co-founder of Sympeer Technology, which was later acquired by Amlogic in 2007 and brings to the table over 25 years of technology product development, marketing and investment experience. Dr. Timothy Knowles, the Chief Technology Officer, has over 30 years of experience in the research and development related to thermal management, having led the team responsible for building the X-38 battery heat sink, Mercury Messenger PCM heat sink, NICER telescope PCM heat sink, and Mars Rover battery enclosure among others.
The Company has built a robust patent portfolio, which offers significant protection and barrier to entry and is poised to gain a strong foothold in the industry in the coming days.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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References
https://thebatterybag.com/lithium-ion-battery-recall-solutions/
https://www.marketsandmarkets.com/Market-Reports/thermal-management-market-155049228.html
https://finance.yahoo.com/news/kulr-technology-group-receives-special-104500667.html
https://finance.yahoo.com/news/kulr-technology-group-receives-special-104500667.html
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