Summary by Futu AI
On April 2, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, announced a significant contract with H55 Inc. valued at over $1 million. The contract involves KULR supplying its proprietary Thermal Runaway Shield (TRS) technology for integration into H55's electric propulsion systems, which are used by major industry players such as Pratt & Whitney and CAE Inc. The initial delivery phase of the contract commenced in Q1 2024. This partnership is particularly notable as it aligns with the European Union Aviation Safety Agency's (EASA) safety protocols, with H55's Electrical Propulsion System recently receiving EASA approval. KULR's CEO, Michael Mo, emphasized the importance of this collaboration in advancing safety standards in electric aviation and meeting regulatory requirements. H55's CEO, Martin Larose, also highlighted the transformative impact of incorporating KULR's TRS technology. The global hybrid aircraft market is projected to grow significantly, and KULR continues to be at the forefront of energy management solutions in the electric aviation industry.