Summary by Moomoo AI
On March 19, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, announced a partnership with a leading U.S. automaker to address thermal runaway risks in electric vehicle (EV) battery modules using its SafeCASE™ technology. The collaboration highlights KULR's dedication to safety and innovation within the burgeoning EV market. The company's CEO, Michael Mo, emphasized the rigorous testing regime akin to that used in space exploration, ensuring the highest safety standards for lithium-ion battery storage and transportation. KULR's SafeX product line, including SafeCASE™ and SafeSLEEVE™, aims to provide scalable and secure transportation solutions for lithium batteries. This strategic partnership is anticipated to pave the way for further collaborations in EV battery transport, logistics, and recycling sectors. KULR positions itself as a key player in the battery packaging market, which is projected to grow significantly, reaching a market size of USD 201.85 Billion by 2032.