KULR Technology Group Inc (NYSE:KULR) said it has received an order from a leading Fortune 500 commercial aviation company for its suite of battery products and services.
The aviation customer has enlisted KULR to provide battery design and safety solutions in the development of its new electric vertical takeoff and landing (eVTOL) aircraft, according to the company.
San Diego-based KULR said it expects this order to be the first of several from the customer, as the implementation of KULR's products and services will be fundamental in the testing and evaluation of the customer's battery-powered aircraft design.
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KULR CEO Michael Mo said: "Our engagement with this top-tier commercial aviation company underscores the value KULR brings to our partners in the fast-growing e-mobility industry. KULR's holistic set of services and products for safe battery design facilitates faster certification for customers in the electric aviation and eVTOL space."
As the advanced air mobility market (AAM) continues to expand, KULR said its holistic solutions will play a critical role in enabling industry leaders to accelerate electrification.
According to management consulting firm McKinsey, the leading companies in the passenger AAM industry are projected to have larger fleets of around 1,000 aircrafts, offering more flights per day than the world's largest airlines by 2030, KULR noted.
It also noted that Acumen Research and Consulting reports that "the global eVTOL market size accounted for US$6.9 billion in 2021 and is estimated to achieve a market size of US$30.5 billion by 2030, growing at a compounded annual growth rate of 18.3% from 2022 to 2030".
KULR manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. By leveraging its roots in developing breakthrough cooling solutions for NASA space missions and its IP portfolio, KULR enables leading aerospace, electronics, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer.
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