Benzinga | Dec 15, 2021 06:30AM EST

EXCLUSIVE: KULR Tech Group Receives Three-Year Multi-Million Dollar Battery Safety Deployment Order From Volta Energy Products

SAN DIEGO, CA and BUFFALO, NY/ GLOBENEWSWIRE / December 15,

2021 / KULR Technology Group, Inc. (NYSE:KULR) (the "Company"

or "KULR"), a leading developer of next-generation lithium-ion battery safety

and thermal management technologies, today announced receipt of a three-

year multi-million dollar deployment order for its Passive Propagation Resistant

("PPR") solution suite from Volta Energy Products ("Volta"), a subsidiary of Viridi

Parente, Inc. ("Viridi"). The PPR solution will be used for Volta's stationary and

certain mobile lithium-ion battery power systems.

The initial deployment order totals approximately $1.6 million for immediate

delivery with higher volume shipments expected throughout 2022 for KULR's

PPR solution, which includes the patented thermal runaway shield ("TRS")

product. After more than 18 months of joint design and testing efforts, KULR's

PPR solution will support Volta's commercialization of proprietary battery

architecture for energy storage systems. This order represents KULR's first PPR

order of commercial deployment in a stationary energy storge product.

"Safety is paramount in these applications and by pairing KULR's space-proven

technology with our proprietary architecture, we have designed the safest

lithium-ion energy storage solution on the market," said Viridi Parente CEO Jon

M. Williams. "We also plan to incorporate KULR's technology into other Volta

stationary and certain mobile storage systems in order to capitalize on the

added safety it will provide our customers."

Michael Mo, CEO of KULR Technology Group added: "Volta's depth of technology

experience and innovative approach to the market makes them an outstanding

partner for us. Our thermal solutions for their products were based on similar

designs we provided to customers such as NASA and Lockheed Martin, and

therefore provides Volta with space-grade thermal management architecture for

stationary and mobile energy storage applications. Our partnership marks only

the first step in commercializing KULR's suite of thermal solutions for the rapidly

growing commercial and residential battery storage market."

The stationary battery storage market is set to surpass USD $140 billion by

2030, according to a research report by Global Market Insights Inc. published

earlier this year.

About KULR Technology Group Inc.

KULR Technology Group Inc. (NYSE: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.

About Viridi Parente

Viridi Parente (Viridi) is a disruptive energy company in Buffalo, New York, that

is changing the way we use energy, improving systems, communities, and lives.

Viridi deploys safe battery technology into applications that have been

historically dominated by fossil fuel systems. Its innovative architecture is

constructed from materials used for aerospace and military applications and is

the only design in the market that can be safely installed and operated in nearly

any environment or location. Through its subsidiary, Green Machine Equipment,

Viridi is bringing quiet, fully renewable mobile energy solutions to products in

construction equipment, waste disposal, last-mile delivery, and other portable

industrial markets. Through its subsidiary, Volta Energy Products, Viridi brings

stationary, point-of-use storage technology that is safe, locatable, and reliable to

industrial, medical, commercial, municipal, and residential building applications.

Learn more at: www.viridiparente.com.

Safe Harbor Statement

This release does not constitute an offer to sell or a solicitation of offers to buy

any securities of any entity. This release contains certain forward-looking

statements based on our current expectations, forecasts and assumptions that

involve risks and uncertainties. Forward-looking statements in this release are

based on information available to us as of the date hereof. Our actual results

may differ materially from those stated or implied in such forward-looking

statements, due to risks and uncertainties associated with our business, which

include the risk factors disclosed in our Form 10-K filed with the Securities and

Exchange Commission on March 19, 2021. Forward-looking statements include

statements regarding our expectations, beliefs, intentions, or strategies

regarding the future and can be identified by forward-looking words such as

"anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should,"

and "would" or similar words. All forecasts are provided by management in this

release are based on information available at this time and management

expects that internal projections and expectations may change over time. In

addition, the forecasts are entirely on management's best estimate of our future

financial performance given our current contracts, current backlog of

opportunities and conversations with new and existing customers about our

products and services. We assume no obligation to update the information

included in this press release, whether as a result of new information, future

events or otherwise.