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Microcap & Penny Stocks : KULR Technology
KULR 1.7000.0%Oct 10 1:16 PM EDT

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From: supernova238/29/2019 11:26:12 AM
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US Navy Includes Use of KULR Technology Solution in Proposed Battery Screening and Warehousing Program

KULR's Internal Short Circuit (ISC) will be used to test batteries in US Navy's request for a Lithium-Ion Battery Screening and Warehousing program

CAMPBELL, Calif., Aug. 29, 2019 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (OTCQB: KULR) (the “Company” or “KULR”), a leading developer of next-generation thermal management and battery safety technologies, announced today that its Internal Short Circuit (ISC) device will be required by the Navy Sea Systems Command to test the safety and storage of battery designs for planned use in Unmanned Underwater Vehicles (UUV). The requirements to use KULR’s ISC were outlined in a Request for Information (RFI) released by the Navy earlier this month.

The Navy’s RFI is “seeking organization[s] that are potentially interested in screening lithium-ion cells for high reliability, critical applications” as well as storing those cells for future use in, “large lithium-ion battery systems for Unmanned Underwater Vehicle (UUV) applications.”

The RFI specifies that responding organizations should be able to “generate small batches of reliable and repeatable trigger cells (e.g., cells imbedded with the NREL/NASA internal short circuit device, available through a partnership with KULR Technologies, exclusive licensee for the device).” The RFI says, “These "trigger cells" are needed for verification and validation of the safety of battery designs…”

“KULR is pleased to have the ISC technology be the safety and validation testing solution for the NAVY battery reserve program,” said Michael Mo, CEO of KULR Technology. “It validates our long and successful history of working with government and industry experts to design and deploy the most comprehensive battery testing and safety platforms possible.”

In addition to the ISC, KULR also provides other leading battery safety and storage solutions including its patented HYDRA TRS technology. The TRS, developed with NASA and other partners, has been proven in testing to reduce the risks of thermal propagation fires and explosions in battery packs, making them ideal for shipping and storage.

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.

Source: globenewswire.com
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