Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - June 12, 2023) - Investorideas.com, a leading investor news resource covering defense, energy and battery stocks releases a news report on the evolution of safer and more efficient battery options featuring KULR Technology Group, Inc. (NYSE: KULR), a leading energy management platform company accelerating the global transition to a sustainable electrification economy.
Read the full article on battery innovators at Investorideas.com
https://www.investorideas.com//News/2023/defense/06120Battery-Market.asp
According to a June 5th post on the Department of Defense website, "Deputy Defense Secretary Kathleen H. Hicks has made clear a healthy battery supply chain is essential for military capabilities and national security - and when it comes to batteries, "America needs to lead the world." Batteries are a vital and dynamic sector at the center of national efforts to deliver effective battlefield operations, secure critical defense supply chains and ensure America's clean energy future. The Defense Department depends on batteries to communicate, operate autonomous vehicles, power directed energy weapons and electrify warfighting platforms."
KULR Technology Group, Inc. (NYSE: KULR), with a long history in defense, issued a shareholder letter last week with Chief Executive Officer Michael Mo sharing key milestones and insight into the Company's future in the battery market.
Excerpts: "It is a privilege to write to you as the CEO of KULR Technology Group .Over the last two years, we have worked very hard to transform KULR from a niche component supplier to NASA and the Department of Defense, to a company with multiple energy management platforms powering the electrification economy."
"In 2Q 2023, we signed contracts with customers representing more revenue than we have signed in any quarter since our founding. KULR has also laid the foundation, with new products, an expanding customer base, and growing customer demand for continued significant growth. Our demanding customers continue to validate the competitive advantages of our product suite."
"At CES this past January, we launched our KULR ONE Platform, which includes the KULR ONE Design Solutions ("K1DS") platform and KULR ONE battery module. K1DS consists of both products and services. On the services side, we work with clients to design, test, prototype, and achieve necessary certifications in order to bring their products to market."
"With respect to K1DS, our goal is to shorten the cycle time from initial design to readiness for manufacturing for production to under one year. As more customers come to us at the initial stages of their battery design/development cycle, we can reduce timelines by utilizing K1DS. We believe that we are achieving this with the US Army battery pack, having already started the design phase in April 2023, and being on schedule to achieve manufacturing readiness by April 2024."
"We recently announced receiving a $1.13 million contract from the US Army to develop a safe, high-energy battery storage platform using next generation silicon anode lithium-ion cells. We also recently received an order from the US military to develop high-energy battery packs for uninterruptible power supplies to mobile command centers."
From the May 4th news: "We are proud to support military operational readiness with advanced next-generation energy storage platforms," said KULR CEO Michael Mo. "Our breakthrough KULR ONE Design Solutions has enabled leading aerospace, electronics, and energy storage manufactures to develop lighter, safer, and more thermally efficient products. Now, by developing next generation high-energy silicon anode battery packs into smaller and lighter power sources for deployed applications, we can implement measures that enhance the capabilities and resilience of soldiers in the field. We are very excited to help solve the difficult problems facing operational preparedness for the U.S. Armed Forces and its allies."
Shareholder letter continued: "Another question, I am asked often is around the size of the market and KULR's potential within it. McKinsey estimates the global lithium battery market to be approximately $400 billion by 2030. KULR operates within the approximately $200 billion portion of the market that includes battery cells, battery packs, and recycling. Some estimates have the battery recycling market alone to reach approximately $23 billion by 2030."
American Resources Corporation's subsidiary, ReElement Technologies LLC ("ReElement Technologies"), a leading provider of high performance refining capacity of battery and rare earth elements, recently announced that it has signed a partnership with American Lithium Energy Corporation to enhance the current supply chain for lithium-ion batteries to the energy storage industry by supplying battery-grade materials, investing in and co-locating advanced refining capacity with ALE's battery manufacturing. Through this agreement, ReElement Technologies will supply the high-purity lithium and other refined battery minerals to be used in creating ALE's state-of-the-art batteries that are used in a variety of applications and industries including medical, aerospace, defense, and electric vehicles.
From the news: American Lithium Energy ships the world's highest energy density silicon-based lithium-ion batteries with industry best safety and zero-volt stability. ALE's patented technologies eliminate the need for trade-offs between energy density, lifecycle, and safety, and ALE's products are able to deliver all three benefits. ALE's patented lithium battery safety technologies generate extremely high-power, high-energy-density lithium cells. ALE's customers include: Department of Defense, Department of Energy, and several US defense primes for over several years.
In February, The Defense Innovation Unit awarded Canoo, a high-tech advanced mobility company, a contract to supply battery modules for analysis and demonstration. This award supports the U.S. Department of Defense focus to incorporate scalable and adaptable capabilities in tactical environments.
From the news: "We are proud to be selected by the DoD and to contribute to our country's global defense technology leadership."
From the news: "We are very proud to be selected by the Department of Defense and to contribute to our country's global defense technology leadership. This award is another example of our focus and commitment to innovation. We've worked hard and continue to develop our patented technologies and ability to deliver flexible, on demand energy solutions that are multi-purpose capable, to serve America's interests and its allies around the world," said Tony Aquila, Chairman & CEO at Canoo.
From the news: Canoo's proprietary battery system is modular to support different vehicle configurations and engineered to provide industry leading energy density. The system is designed to be flexible and compatible with cells from leading battery providers and engineered to evolve with changes in cell size and chemistry as the industry matures, scales and reduces costs.
According to Torquenews, "Lucid will develop battery modules for the Department of Defense to test towards the electrification of military platforms along with Canoo, GM Defense and two other companies that are yet to be named."
Continued: The contracts charge Lucid and Canoo with developing batteries that can be standardized across a range of military applications. In return, the companies will receive research funding and the revenue that comes with having one of the world's largest militaries as a customer.
Continued: Lucid's Role The contracts aim to reduce or eliminate barriers standing between the commercial sector and the military. Lucid is tasked with developing a version of its high-voltage battery systems specifically for EV tactical military vehicles
The opportunity is laid out in a June 5th post on the Department of Defense website. "Budget and strategy are also aligned in this critical mission. The President's recently released FY 2024 defense budget request makes critical investments into revitalizing the defense industrial base, driving innovation, and building enduring advantages. The budget request invests approximately $6 billion in fostering industrial base resilience, including long-term investments in five defense-critical sectors in alignment with E.O.14017, including $125 million in battery and energy storage."
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