A Partnership Estimated at $3.5 Million to $5 Million Incorporates KULR ONE Design Solutions with Forge Nano’s Battery Cells
SAN DIEGO, Sept. 26, 2023 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a global leader in sustainable energy management, today announced that it has entered into a Memorandum of Understanding (MOU) with Forge Nano, a global leader in precision nanocoating technology. The strategic partnership, initially estimated at a $3.5 million to $5 million revenue opportunity, will combine KULR ONE Design Solutions offerings that include cell characterization and advanced automated battery cell screening capabilities with Forge Nano’s proprietary Atomic Layer Deposition (ALD) coating process, tactically deploying the respective companies’ breakthroughs to OEM partners’ batteries with unmatched safety and efficiency.
This strategic partnership will start with the assessment of Forge Nano’s premium battery cells for space and US Department of Defense (DoD) applications employing KULR’s automated cell screening to measure voltage, temperature, and impedance of individual battery cells, analyzing the data to identify potential issues and optimizing battery cell performance compliant within the strict NASA flight specification EP-WI-037 crucial for ensuring safety and reliability. Last month, KULR announced it had secured a third order for automated battery cell screening services from NASA. The Company’s modular screening technology allows for ease of scalability as will be required for the upcoming partnership as volume of screened cells increases.
Recently, the U.S. Department of Energy announced it intends to make available a second round of funding to support U.S. battery production and recycling. The announcement of this additional $3 billion in Bipartisan Infrastructure Law funding is welcome news to American businesses seeking to produce North American–made batteries. KULR believes that this partnership is well positioned to ensure that US-based battery production value chain redefines industry standards in battery safety and performance.
Forge Nano, with its commitment to piloting American-made batteries, has been at the forefront of exploring diverse silicon materials for enhanced battery application. KULR believes that their vision and commitment align seamlessly with KULR’s recognized space-proven solutions and comprehensive market presence in energy storage systems, e-mobility, transportation logistics, battery safety testing, vibration reduction services and aerospace and defense applications.
Earlier this year, Forge Nano raised $50 million to build out battery production lines to meet growing demand. To date the Colorado based company has raised over $95 million, supporting the buildout of a new 1 GWh (gigawatt-hour) battery production line to satisfy increased demand for its premium battery cells.
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. For more information, please visit www.kulrtechnology.com.
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