Jul 14, 2021 (Baystreet.ca via COMTEX) -- In the 1870's it was a Chinese gong. Today, it is a brass bell tuned to D pitch (with an overtone of D-sharp) that sounds for just over three seconds from start to end. What is it? The opening/closing bell for the New York Stock Exchange. The first guest to ring the opening bell was Leonard Ross, a 10-year-old that won a television quiz show by answering questions about the stock market in 1956. The last person to ring the closing bell to date was Michael Mo, CEO of KULR Technology Group /zigman2/quotes/201615923/composite KULR -2.86% , who did so on Friday.
It has been a whirlwind year for KULR, as the company makes big strides outside its aerospace roots into commercial markets with its innovative portfolio of next-generation lithium-ion battery safety and thermal management technologies. The product suite includes battery testing, safety, shipping and energy storage solutions, as well as a new line of drone battery packs, which couldn't be timed better for entry into the $127-billion drone market.
KULR developed some of its carbon fiber technology in collaboration with NASA, a repeat customer that has used KULR products to protect laptops and tablets on the International Space Station and as part of SHERLOC (Scanning Habitable Environments with Raman & Luminescence for Organics & Chemicals), a critical part of the Perseverance rover scouring Mars right now for signs of ancient life.
KULR has parlayed that space-proven technology into applications right here on Earth where it is equally important in maintaining battery temperatures and protecting against thermal runaway. Lithium-ion batteries, whether made to high standard like those in a Tesla or shoddily made ones that could be ordered on Amazon for only a few dollars, are notorious for overheating, explosions and fires causing numerous deaths and tens of thousands of injuries. Throughout the entire life cycle of a rechargeable battery - from lab testing to end of life - KULR has products that make Li-ion batteries safer.
Since launching its commercialization initiatives about a year-and-a-half ago, KULR has reached several milestones and inflection points by penetrating different markets where its technology is a major value add. As such, KULR is building multiple revenue streams in addition to its aerospace business.
The San Diego-based company is now part of the shipping industry, where Americase, the go-to name in shipping damaged, defective, and recalled batteries, has licensed KULR's passive propagation resistant (PPR) technology and is sourcing core materials from KULR to produce its patent pending Battery Bag to prevent lithium-ion battery thermal runaway propagation during storage and transportation. Elsewhere, the U.S. Department of Transportation has awarded KULR special permits for the transport of recycled batteries and prototype lithium batteries up to 2.1 kilowatt-hour (kWh), where they can be instrumental in reigning in a very real logistics problem.
Speaking of airplanes, industry giant Airbus /zigman2/quotes/200706109/composite EADSY -1.29% /zigman2/quotes/208224336/delayed FR:AIR -1.44% has contracted KULR to work with its team of engineers to do research and develop safe battery solutions for defense, space, helicopter, and aircraft applications. Airbus joins a growing list of Tier 1 companies working with KULR, including Boeing /zigman2/quotes/208579720/composite BA -0.64% , Lockheed Martin /zigman2/quotes/200691238/composite LMT +0.39% , and Ball Aerospace /zigman2/quotes/209031515/composite BLL -0.89% , amongst others.
KULR remains active in demonstrating its product suite, presenting at popular industry conferences like the recent 11th Annual Battery Safety Summit, its upcoming KULR Battery Solutions Day in September and investor events such as Benzinga's Global Small Cap Conference (kulr starts at 8:23).
The auto market is a natural fit for KULR technology, where enormous amounts of heat are generated by big battery packs powering electric vehicles. The elite of the elite have already chosen KULR, including Drako Motors and Andretti Autosport. Drako is using KULR's carbon fiber thermal interface (FTI) material in its $1.25 million all-electric Drako GTE supercar. The iconic Andretti team is working with KULR on multiple levels, including collaborative R&D work, serving as the official thermal management and battery safety provider to Andretti United Extreme E, and sponsor of Marco Andretti in the recent Indianapolis 500.
To better serve its customers, KULR moved to a larger facility in April. Last month, the company, which always seemed out of place on the OTC, graduated to the NYSE with an NYSE American listing on June 7.
What's next is hard to guess, but there doesn't seem to be any signs that KULR is slowing down. In fact, it looks to be accelerating like the 1,200 horsepower Drako GTE. The company has to remain tight-lipped about many relationships for disclosure reasons, but has said what it can about the next verticals for its tech, including working with a Tier 1 tool manufacturer and a leading supplier of a key electrical component in smartphones (such as the Apple iPhone). Shares have risen from a low of 74 cents in August to as high as $3.19 in June before moving to their current range around $2.40.
Is there a problem with this press release? Contact the source provider Comtex at firstname.lastname@example.org. You can also contact MarketWatch Customer Service via our Customer Center.