KULR Technology Group Inc (OTCQB:KULR) is to launch high capacity lithium battery packs targeting the multi-billion commercial drone market in June 2021, it told investors.
The move by the tech group is part of its overall strategy to target markets, which complement its established battery safety and thermal management products.
It aims to expand into additional e-mobility markets in the coming year.
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"As I previously shared when I joined, KULR would be building the organization to prepare for entry into mass production markets," said KULR president and COO Keith Cochran.
"As such, we hired a very experienced VP of Operations and announced our move into a facility with four times the manufacturing floor space. These steps were taken in support of delivering the first of KULR’s EV Battery Pack platform.
"We targeted markets that are adjacent and complementary to KULR’s established battery safety and thermal management products. The first market in our scope is commercial drones. However, we intend to expand rapidly into other markets."
According to PricewaterhouseCoopers, the commercial drone market is worth $127 billion.
KULR recently secured a global commercial drone manufacturer as a customer and expects to secure more customers in the second half of this year.
The take-up of drones is strongly affected by battery-related safety risks such as energy densities of batteries and weight. KULR said its energy-efficient battery pack platform incorporates an inherently safe and lighter battery with advanced technology.
"For drone makers, that means a drone can fly farther and longer on a single charge. KULR's technology is based on the company's 30+ year history specializing in carbon-based fiber materials applied to thermal management and battery safety," the company said in the statement.
KULR's initial drone battery pack platform will service the high-performance market, retailing at between $450 and $550
Packs to service the mid to moderate performance markets are expected to soon follow.
Contact the author at giles@proactiveinvestors.com