Traders News Source Senior Editor, Mark Roberts Interviews Mr. Michael Mo CEO, KULR Technology Group, Inc. (NYSE American: KULR)
Mr. Michael Mo, Co-Founder, Chairman, CEO & President
Mr. Mo is a technology entrepreneur and successful investor with over 20 years of experience in technology management, product development, and marketing. From 2007 to 2015, Mr. Mo served as Senior Director of Business Development at Amlogic, Inc. Prior to Amlogic, he was co-founder and CEO of Sympeer Technology, a peer-to-peer network company. Mr. Mo received a Master’s degree in Electrical Engineering from UC Santa Barbara in 1995.
Thank you for giving us your time to answer a few questions.
Could you give us a brief overview your company, its segments, and its revenue streams?
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.
We are continuing to invest and focus on our core growth segments in energy storage, e-mobility and safe transportation of lithium-ion batteries within the full battery management lifecycle. As we further commercialize these areas, we will leverage our innovative R&D capabilities and products and also reference our partnerships in aerospace, defense, government and regulatory sectors.
What is your perspective on growth of the thermal management and battery transport markets you are in, now and through 2023?
We believe it to be quite robust. According to Verified Market Research, the Thermal Management Market size was valued at USD 11.2 Billion in 2021 and is projected to grow at a CAGR of 8.6% from 2022 onwards till 2030.
Can you tell us who some of your best/largest customers are?
At the moment our biggest customers are government and space customers such as Lockheed Martin and NASA, and lithium-ion battery recycler Retriev Technologies (now Cirba Solutions). Cirba, through its sister companies, maintains access to over 100,000 customer locations, 2,500 employees, and a fleet of over 1,300 power units and 108 facility locations across North America. We are proud to provide our space-proven thermal solutions to Cirba and their customers, with the aligned goal of helping provide a safer and cleaner environment for everyone.
Our best customers are companies such as stationary energy storage and e-mobility clients who are engaged with us in recurring revenue type projects.
Can you give any updates and particulars on the drone development project?
In August 2022 we secured 2 orders from a Fortune 20 e-commerce and cloud computing firm for its lithium-ion battery powered commercial drone delivery fleet. The first order was for the proof of concept of KULR’s design and the second was a follow-on order for prototype, field testing and certification trials. Pre-production is slated for 2023, with full ramp-up expected to start in H2 2024.
How would you describe the KULR IP portfolio and how long your most critical patents are protected?
We take multi-proned approach to our IP portofolio: internal development and licensing from others. We have developed a lot of IP and knowhow around own battery safety technology around TRS and SafeCase products. We have a few patents granted and many more pending. Our most important patents are covered until 2035. We also acquire and license patents from the likes of NASA and DOE to compliment our portfolio. ISC is a perfect example of this. We are the exclusive licensee of it from NASA/DOE and we have been commercializing that since 2018. Now we have over 40 customers using this product to test their battery safety and it’s been adopted into a few UL certifications. It’s a good successful case study on how to commercialize a NASA patent and make it part of our a platform and ecosystem.
What can you tell us about the fully automated battery testing program for NASA and DoD and when will that begin?
We commenced installation of the fully automated battery testing program with initial processing capability of approximately 500,000 18650/21700 lithium-ion cells annually in support of NASA’s manned flight specification EP-WI-037. System installation will conclude in Q3 2022 with full capability processing beginning in Q4 2022. Screened cell capacity will be allocated to NASA and United States Department of Defense (“DoD”) battery cell deployments as well as internal requirements related to KULR’s qualified commercial cell deployments.
What new products/technologies might KULR be developing that our readers would be interested in?
As a total battery safety platform solution provider, we will incorporate our core thermal technologies into battery pack design, testing and production to create the safest batteries for high value applications. KULR is currently at a key inflection point as we position our thermal safety solutions platform to become better entrenched in the marketplace, ultimately providing us with an opportunity to optimize logistics and to more effectively capture full value for our shareholders. We’re extremely excited on our prospects for the rest of the year and beyond.
What catalyst at KULR could be the biggest benefit to shareholders in the near-term? Confirmation of revenue ramp?
One major boon for domestic battery pack solution suppliers such as KULR going into 2023 is the passing of the Inflation Reduction Act (IRA). The legislation includes US$369 billion of measures to advance the country’s clean energy progress, with the standout from an energy storage perspective being the inclusion of an investment tax credit (ITC) for standalone energy storage (ESS) projects. This will usher in years and years worth of ESS projects domestically. ESS is fertile ground for us as we scale our space-grade thermal management solutions for stationary and mobile energy storage applications.
The Traders News Team
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