Benzinga | Dec 15, 2021 06:33AM EST

EXCLUSIVE: KULR Scoops 3-Year Multi-Million Dollar Battery Safety Deployment Deal

KULR Technology Group, Inc (NYSE:KULR) won a three-year multi-million dollar deployment order for its Passive Propagation Resistant (PPR) solution suite from Volta Energy Products, a subsidiary of Viridi Parente, Inc.

KULR is a developer of next-generation lithium-ion battery safety and thermal management technologies.

What Happened: The initial deployment order totals $1.6 million for immediate delivery, with higher volume shipments expected throughout 2022 for KULR's PPR solution, including the patented thermal runaway shield (TRS) product.

Why It Matters: The PPR solution will serve Volta's stationary and specific mobile lithium-ion battery power systems.

After more than 18 months of collaborative 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 storage product.

The stationary battery storage market will likely surpass $140 billion by 2030, as per Global Market Insights Inc.

Related: EXCLUSIVE: KULR Tech Acquires Intellectual Property Rights From Centropy

Price Action: KULR shares traded lower by 0.34% at $2.92 in the premarket session on the last check Wednesday.