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KULR Technology | 8-K: Current report

SEC announcement · Apr 8 08:32

KULR +2.35%

Summary by Moomoo AI

On April 8, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, announced a significant expansion of its SafeCASE technology applications. The company has secured an initial contract to supply SafeCASES to a prominent electric vertical take-off and landing (eVTOL) company, marking a strategic move into the electric aviation industry. The partnership highlights the adaptability and effectiveness of KULR's SafeCASE technology in managing battery safety and transport within complex manufacturing environments. Initially designed for the safe transit of compromised batteries, SafeCASE is now being integrated into eVTOL manufacturing processes, enhancing safety and efficiency. The collaboration will begin with thermal runaway characterization at the cell level, with potential for broader product integration and design opportunities aimed at generating recurring revenue. KULR's CEO, Michael Mo, emphasized the milestone this partnership represents for the company, demonstrating its capacity to innovate and meet the needs of advanced industries. The eVTOL market is projected to grow significantly, with expectations to reach USD 52 billion by 2030. KULR's involvement in this sector underscores its commitment to advancing sustainable transportation solutions.

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