This sector continue to flourish thanks to a global surge in Electric Vehicles demand. As the automotive industry transitions towards electric vehicles, demand for lithium batteries would surge as well. Simply put, lithium is a core component in electric vehicle (EV) batteries and plays a vital role in fueling the EV battery market.
Facts and Factors recently published a new research report that estimates the global Electric Vehicles Market will grow at a CAGR of 22% to reach around $700 Billion by 2026 (it was approximately $140 Billion in 2019.
As more analysts expect a surge in adoption of EVs & Drones in the long run, EV/Lithium related name such as KULR Technology Group Inc (OTCQB: KULR) could be worth considering at current levels.
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 space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer.
Latest Company’s Customized Battery Pack Platform Targets the Global $127B Commercial Drone Market
Last month KULR announced the June 2021 launch of a new product line of high capacity lithium battery packs targeting the $127B commercial drone market, according to PricewaterhouseCoopers.
The Company recently secured a global commercial drone manufacturer as a customer and expects to secure additional customers in the second half of 2021. The announcement is a first step in KULR’s overall strategy of targeting adjacent markets complimentary to the Company’s established battery safety and thermal management products. KULR intends to expand into additional e-mobility markets in the coming year.
KULR Technology Group Inc. Q1 Financial highlights:
- Revenue for the three months ended March 31, 2021 is estimated at $410,000, an increase of over 400%, compared with $77,509 for the three months ended March 31, 2020
- Gross profit for the three months ended March 31, 2021 is estimated at $140,000, an increase of over 170%, compared with $51,574 for the three months ended March 31, 2020
“The contribution our technology brought to the Mars 2020 Mission Perseverance Rover, which successfully landed on Mars in February, was an extremely rewarding corporate milestone. Our space-proven technology is now being applied to develop thermal management testing and design platform for high-performance electric vehicle motorsports with our recently announced partnership with Andretti Technologies, the technology arm of Andretti Autosport. This partnership will also focus on developing peak performance and high-safety-rating battery products for mass market EV applications,”
In a recent press release, the company also announced that Antonio Martinez will be the new Vice President of Operations. Mr. Martinez will be responsible for managing day-to-day operations of the Company’s manufacturing department as well as supporting strategic growth goals.
Mr. Martinez joins KULR with over 37 years of leadership and worldwide manufacturing experience in Electronics Manufacturing and Operations. He spent most of his career at Pulse Electronics Corporation in the electronics manufacturing services industry. Most recently he served as Principal Program Manager of Jabil (NYSE: JBL) since 2015, managing business operations spanning Quality Assurance Readiness, Large Production Line Transfers, Project Management, Process Improvement with Increased Productivity, and Customer Qualification Support.
“Working for KULR is an excellent opportunity for me to use all my past experience in leading projects and people,” Mr. Martinez said in a statement. “I’ll be working with the local teams and outside resources to deliver KULR a world class manufacturing operation capable of large scale production. A big blessing for me is that I’ll be working in my home town of San Diego.”
For more information, please visit www.KULRTechnology.com