CAMPBELL, Calif., Sept. 03, 2019 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (OTCQB: KULR) (the “Company” or “KULR”), a leading developer of next-generation thermal management technologies, announced its Thermal Runaway Shield (TRS) storage solution to safely store laptop lithium-ion batteries on the International Space Station (ISS), in partnership with Leidos (NYSE: LDOS), a FORTUNE 500® science and technology company, for the National Aeronautics and Space Administration (NASA).
Leidos—in a $159 million, single-award cost-plus fixed-fee contract with NASA—is applying multiple technology innovations such as KULR’s Thermal Runaway Shield (TRS) to improve capabilities for cargo planning, processes and packing that provide the ISS with cost-effective solutions in a dynamic and challenging operating environment.
In 2019, Leidos procured KULR’s TRS for NASA to support testing of its TRS in storage bags to protect laptop computer battery packs on board the ISS. These bags, each containing two laptop battery packs, are typically stored adjacent to one another. If one of the batteries enters into a state of thermal runaway, the resulting temperatures will increase to the point where thermal runaway is initiated in any neighboring bag as well, overheating all nearby laptop batteries. Until now, additional empty bags had to be placed between occupied bags to reduce the amount of heat radiated.
Tests of the TRS within the fireproof bags began in 2019, and were found to absorb enough thermal energy in the tightly packed scenario to prevent thermal runaway in the populated adjacent bags. This was a significant difference from previous tests run without the KULR TRS, and met the fireproofing requirements.
“KULR has provided a key component to the efficiency of the thermal management solutions we are developing for NASA,” said Daniel Barineau, Senior Project Manager, at Leidos. “KULR’s thermal management technology should have applicability beyond this one implementation, both on the ISS and future destinations. Thermal management solutions are crucial to the safety and security of all missions, and we are pleased to see another effective use of KULR’s technology. The TRS is being flight certified now and the bags will fly on a resupply mission to the ISS on NG-12 in October 2019.”
“Alongside what is another successful space application with our world-class strategic partners, we are rapidly transitioning TRS and our other proprietary technologies into mass market commercialization. In addition to working with global automakers to utilize our disruptive TRS technology for next-gen electric vehicles, we progress towards offering the transportation and logistics industry with the safest, cost-effective way to store and ship lithium-ion batteries and products containing them. We are working closely with regulatory agencies and the private sector in this regard,” said Michael Mo, Chief Executive Officer of KULR Technology Group. “Each and every successful collaboration provides new opportunities to further applications for a diverse array of consumer products including electric vehicles, e-scooters, smartphones, laptops, and e-cigarettes. We look forward to providing our shareholders with further updates as these efforts continue to materialize.”
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (OTCQB: KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. Leveraging the company’s roots in developing breakthrough cooling solutions for NASA deep space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our parent entity’s Form 10-K filed on March 29, 2019. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Head, Media Relations
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e21f0fa-b5bd-43ef-bdf0-baf9ec93ad44