KULR Technology Group, Inc. (NYSE American: KULR) shares are spiking on Wednesday, higher by more than 5% into the afternoon session. KULR, a leading developer of next-generation lithium-ion battery safety and thermal management technologies, said it received a follow-on order for its space-developed phase change material (“PCM”) heat sink technology from leading aerospace and defense company Lockheed Martin Corporation (NYSE: LMT).
They noted that its Phase change material heat sink technology reduces system temperature excursions and extends both the life of key components within the thermal storage process. The solution is most useful for compact and high-performance devices that require bursts of computational power in short time intervals. KULR’s PCM heat sink technology is compact, reliable, and lightweight and has been utilized by leaders in the U.S. aerospace and defense industries.
“Repeat business like this is a testament to our reliable engineering, testing, and design capabilities that meet the stringent requirements of long-range weapon systems,” said Keith Cochran, President & COO of KULR Technology Group, Inc. “Our many years of experience designing lightweight and durable heat sink technologies positions us well to capture additional share of the thermal design market for military precision strike weapons. Lockheed is a valuable customer to us, and we look forward to the continued partnership in providing them the best thermal management technologies for crucial aerospace, defense and other systems.”
Shares are trading at $1.81 at press time.