KULR Technology Group Inc (NYSE:KULR) said it is teaming up with Taiwan’s E-One Moli Energy Corporation (Molicel) to boost its production and supply chain localization plans within North America.
KULR, a developer of next-generation lithium-ion battery safety and thermal management technologies, said it had placed an initial order for over 75 megawatt hours of lithium-ion battery cell capacity from Molicel to design and build battery applications “with the highest safety ratings”, according to a company release.
The partnership will advance KULR’s total battery safety and thermal management solutions strategy, the company told shareholders.
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Molicel is focused on developing the high-power cylindrical cell segment, and is a manufacturer of high-performance rechargeable lithium-ion cells and battery pack products.
KULR will purchase over 700 megawatts of battery energy capacity as part of its strategic relationship with Molicel.
CEO Michael Mo called the partnership with Molicel an important step in the company’s growth strategy.
"This collaboration ensures that KULR has access to world-class Li-ion battery capacity - an increasingly scarce resource given today's global supply chain challenges,” Mo said in a statement.
KULR will incorporate its core technologies into battery pack design, testing and production to create the safest batteries for high value applications.
“This is an inflection point for KULR as it positions our thermal safety solutions platform to become better entrenched in the marketplace, ultimately providing us with an opportunity to optimize logistics and to more effectively capture full value for our shareholders,” Mo added.
“As we described earlier this year, we plan to continue investing in the localization of our production and supply chain to North America. Securing this Molicel battery cell supply accelerates our ability to provide total solutions to high value customer applications with revenue potential that could exceed $350 million."
The company is targeting the aerospace and defense markets, energy storage systems, high-performance electric vehicles and premium industrial and consumer electronics.
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