Benzinga | Dec 7, 2021 06:30AM EST

EXCLUSIVE: KULR Tech Acquires Intellectual Property Rights From Centropy

KULR Technology Group Inc (NYSE:KULR) has acquired the patented intellectual property rights from Centropy AB. Deal terms were not disclosed.

KULR Technology develops, manufactures, and licenses carbon fiber thermal management technologies for batteries and electronic systems. Sweden-based Centropy offers compact and efficient cooling solutions for electronic components.

What Happened: The acquisition brings advanced carbon fiber-based heatsink technology for high power computing (HPC) applications strengthening KULR's portfolio of thermal management solutions for cloud computing, AI, and crypto mining applications.

Centropy's cooling solutions will be integrated into KULR's existing technology portfolio, targeting air & liquid-cooling of HPC applications.

Why It Matters: High power computing applications, such as industrial bitcoin mining operations, comprise thousands of stacked computers surrounded by large-scale fans where electricity can account for about 80% of a miner's operating cost.

The joint capabilities of Centropy and KULR's technology would help crypto miners to conduct operations more efficiently and effectively.

"KULR intends to be a staunch custodian and conduit for Centropy's technology, advancing a complete suite of solutions and other thermal management technologies that will result from IP acquisitions," said KULR CEO Michael Mo.

Related Link: EXCLUSIVE: Kulr Tech's CEO On Electrification, NASA, Growth Projections.

Price Action: KULR shares closed 3.09% higher at $3.00 on Monday.