SAN DIEGO, Aug. 07, 2023 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) , a global leader in sustainable energy management, today announced it has signed an agreement to partner with a world leading provider of drone-powered package delivery services. Pursuant to the agreement, KULR will leverage its KULR ONE Design Solutions (“K1-DS”) platform and proprietary technology for the development of high-capacity lithium battery packs for use in last-mile delivery, which is the most expensive and time-consuming part of the shipping process. The KULR K1-DS is globally recognized for the safety and efficiency it brings to batteries and battery-powered products and equipment. It is used by some of the world’s most demanding aerospace and defense customers.

The global drone delivery services market is currently estimated at $2.1 billion and is expected to grow over 400% to $9.2 billion by 2027.

Although drones offer immense potential, their widespread adoption is hindered by safety risks associated with batteries and various technological challenges, particularly related to energy density and weight. The Company will support the customer in addressing these concerns with its cutting-edge K1-DS battery pack design and testing platform, which integrates inherently safe and lightweight battery designs featuring advanced chemistry and thermal management technology. This approach empowers drone makers to achieve extended flight ranges and longer flight durations on a single charge.

“Our state-of-the-art KULR ONE Design Solutions platform has enabled leading aerospace, electronics, and energy storage manufacturers to develop lighter, safer, and more thermally efficient products,” stated KULR CEO Michael Mo. “We are excited to collaborate with global e-commerce companies to increasingly disrupt the last-mile delivery market by incorporating our solutions for development of high-energy battery packs into smaller and lighter power sources for drone delivery applications.”

About KULR Technology Group Inc.

KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. For more information, please visit www.kulrtechnology.com.

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