SAN DIEGO, Feb. 07, 2023 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leading energy management platform company accelerating the global transition to a sustainable electrification economy, today announced that the United States Patent and Trademark Office awarded a patent on the technology behind its SafeCase products – a U.S. Department of Transportation (“DoT”) permitted lithium-ion battery cell and pack storage and transportation system. The SafeCase products are designed to mitigate thermal runaway propagation and its catastrophic effects for lithium-ion battery packs of up to 2.5 kWh (kilowatt-hours) per case by utilizing KULR’s patented Thermal Runaway Shield (“TRS”) technology.
In 2022, KULR gained immediate and open access to commercial partners and customers by securing United Parcel Service (NYSE: UPS) (“UPS”) shipping certification, which allows for shipment of batteries utilizing the KULR SafeCase products through UPS’ vast shipping network.
This is the fourth patent issued to KULR based on its TRS design architecture. As a result of its TRS solution, the Company more recently secured a trio of DoT granted special permits enabling it to strategically pursue regulatory markets ranging from shipping prototype batteries to end of life battery management, as well as those used by NASA to transport and store batteries aboard the International Space Station.
“We bring decades of experience solving today’s problems within thermal management,” stated Dr. Will Walker, Chief Technology Officer of KULR Technology Group, Inc. “Previously, the Consumer Product Safety Commission reported KULR’s design solutions could stop fires and explosions in lithium-ion battery packs, and provided additional insights on the future of safe battery technology. We continue to work with government agencies, regulators, and commercial customers across the world incorporating our holistic methodology for designing safe battery systems.”
The lithium-ion battery market size is expected to grow at a CAGR of 13.1% from USD 44.5 billion in 2022 to USD 135.1 billion by 2031.
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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