SAN DIEGO, Oct. 02, 2023 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced it has received a contract from a top-5 American electric truck manufacturer (“Manufacturer”) to develop newer and safer batteries for its next generation fleet of electric trucks and SUVs. By implementing the KULR ONE Design Solutions (“K1-DS”) platform, KULR believes it can expedite the evolution to next generation electric trucks and SUVs anticipating safer EVs for consumers and faster growth for the Manufacturer.

Though terms of the contract were not disclosed, the Manufacturer has publicly forecasted a substantial ramp-up in production of its electric truck next year with KULR’s safer and superior battery performance to distinguish itself from rivals and unlock its expected growth. According to Research and Markets in a report released last year, the U.S. electric truck market is expected to grow at a 54% CAGR and reach $15 billion by 2030.

K1-DS integrates KULR’s deep knowledge and experience in the most challenging environments, such as spaceflight with NASA, which requires what KULR considers the most stringent battery solutions platform globally.

“We are proud to partner with another great American EV leader in utilizing KULR’s proprietary, industry leading technology suite with the objective of making safer products for end users and unlocking substantial growth for another great company,” commented KULR CEO Michael Mo. “We are excited to add to our base of tier one customers who could choose to work with anyone, but come to KULR for the critical solutions to meet exacting regulatory standards, deliver industry leading products, and grow their businesses for years to come.”

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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