In the third quarter of 2019, we made important progress with certain Tier-1 product development partnerships by moving into later stages of work including beta testing.
To date, we have experienced lumpiness in revenues, which is largely attributed to a lengthy product development cycle in which revenue earned can be inconsistent and dependent on stage of product development.
We expect our recent work with commercial partners will lead to future growth into 2020 as we are well-positioned to convert our development partnerships into volume production customers.
It’s been affirmed in multiple third-party tests that KULR’s cost-effective electronics and battery cooling products outperformed competitors’ solutions.
-Michael Mo, CEO of KULR Technology.
Third Quarter 2019 and Subsequent Highlights:
- KULR to Supply NASA with Lithium-Ion Battery Solution for International Space Station (ISS)Through a partnership with Leidos, a FORTUNE 500® science and technology company, KULR’s HYDRA Thermal Runaway Shield (TRS) storage solution which safely stores laptop lithium-ion batteries, is being procured by NASA for use on the ISS. KULR has provided a key component to the efficiency of the thermal management solutions being developed for NASA. KULR’s thermal management technology is expected to have applicability in future additional implementations, both on the ISS and other space destinations.
- Global Medical Equipment Manufacturer Incorporates KULR’s Internal Short Circuit (ISC) DeviceThe Tier-1 medical equipment and device manufacturer is using KULR’s proprietary technology to improve battery pack design and safety solutions within various mission-critical medical product lines, enabling the use of new battery cells into current battery packs with increased energy capacity, while simultaneously maintaining high safety levels and backward compatibility within the same form factor. This application of KULR’s technology, which has previously primarily been used by NASA and other defense and research institutions, represents a commercial opportunity in the healthcare industry.
- Launched Safety-Driven Lithium-Ion Battery Design Solution Package for Commercial MarketsThis total solutions package transitions KULR’s advanced proprietary technologies into mass market commercialization across a diverse array of markets including electric vehicles, consumer electronics, and transportation logistics. KULR has worked with NASA Johnson Space Center, and industry leading customers in the automotive, medical equipment, and aerospace industries to design this total solution package which incorporates KULR’s HYDRA TRS and LYRA ISC Trigger Cell technologies.
- U.S. Navy Selects KULR’s Internal Short Circuit (ISC) Device for Use in Unmanned Underwater Vehicles (UUV)The Navy Sea Systems Command has chosen KULR’s ISC technology as the safety and validation testing solution for the NAVY battery reserve program. The ISC device will be used whenever battery safety and storage designs are tested for UUVs. This marks a recent example of KULR’s long and successful history of working with government and industry experts to design and deploy the most comprehensive battery testing and safety platforms possible.