KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion (“Li-ion”) battery safety and thermal management technologies, has received two orders from a leading Fortune 20 e-commerce and cloud computing company for its next generation Li-ion battery powered commercial drone delivery fleet.

The first order was for the proof of concept of KULR’s design; the second follow-on order is for prototype, field testing and certification trials. Pre-production is scheduled for 2023 with full ramp-up set to start in the second half of 2024. These drones will feature improved safety and longer flight time. In March of this year McKinsey & Company asserted, “As of early 2022, we estimate that more than 2,000 drone deliveries are occurring each day worldwide. The growth rate is accelerating every week, and we project that there will be close to 1.5 million deliveries in 2022 as a whole, up from just under half a million in 2021.”

KULR’s VP of Sales and Marketing Greg Provenzano added, “This project dovetails nicely with our focus on specific high-growth markets where our differentiated products provide a design and production solution for safety and performance. Drone delivery is still in its early innings and e-commerce companies will only continue to implement this form of delivery logistics into their platforms as the commercial drone ecosystem continues to build out.”

About KULR Technology Group Inc. 
KULR Technology Group Inc. (NYSE American: 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. For more information, please visit www.KULRTechnology.com.

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