Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - August 21, 2023) - Investorideas.com, a leading investor news resource covering clean energy and battery stocks, releases a special news report on automakers and the need for better and safer EV batteries, featuring KULR Technology Group, Inc. (NYSE American: KULR), a leading energy management platform company accelerating the global transition to a sustainable electrification economy.
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Recent research shows estimates that the USD 49.0 billion electric vehicle battery market will reach USD 421.1 billion by 2032. Globally renowned automakers such as General Motors, BMW, Volkswagen and Ford Motor Company are increasing their focus on introducing various types of electric vehicles to the market.
With the big push for electric vehicles, the battery story is still evolving, especially when it comes to safety.
With a mission of batter safety, KULR Technology Group, Inc. (NYSE American: KULR) recently announced it received a contract from one of the world's top-selling automakers for testing and analysis of high-energy battery cells for its next generation electric vehicles. The Company will implement its KULR ONE Design Solutions ("K1-DS") platform to accelerate design readiness for the Automaker's advanced EV roadmap.
From the news: KULR's rigorous testing protocols incorporate its extensive spaceflight expertise and proprietary KULR ONE Design Solutions to deliver what KULR believes to be the world's most rigorous testing platform for battery safety. These tests include Fractional Thermal Runaway Calorimetry, bomb calorimetry, and impingement zone mapping. By providing a uniquely thorough cell-level characterization of the customer's cells, KULR is able to provide its customers what it believes to be globally unique insight into how to optimize battery safety.
From the news: Recently, EV automakers have been looking to high-performance, silicon-anode batteries and other technologies to improve the driving range and cut costs of future electric vehicles. Batteries utilizing silicon as an alternative to graphite - anodes commonly employed in present-day batteries - have demonstrated the capability to achieve substantially greater energy density and accelerated charging rates making KULR's industry standard setting rigorous testing and safety solutions even more essential and mission critical.
"Understanding high power and high-energy cell safety, whether it's lithium-ion, solid state, or silicon-anode, is absolutely essential if automakers want to develop a best in breed battery cell," commented KULR CEO Michael Mo. "KULR utilizes a superior testing protocol for analyzing battery characteristics regardless of cell chemistry. K1-DS accounts for all testing variability -- including the continuous swelling and shrinking during charging and discharging in silicon anodes. Ultimately, through our in-development AI applications learning from this testing data, we believe that KULR is strategically positioned to continue delivering best-in-class solutions for end-to-end battery safety across all applications and all cell chemistries."
From the news: According to a projection by the International Energy Agency in April 2023, electric vehicles, encompassing both fully electric and plug-in hybrid models, are anticipated to account for 35 percent of new vehicle sales worldwide by 2030.
KULR also just announced second quarter 2023 financial results and full-year revenue guidance.
From the news: Revenues: In the second quarter ended June 30, 2023, revenue increased to $2.7 million from $0.6 million reported in the same period last year for an approximately 360% increase. Contract Services revenue increased over 2300%, with second quarter 2023 contract services revenue of approximately $0.7 million versus $0.03 million in the prior year period. Product revenue for the quarter ending June 30, 2023, was approximately $2.0 million from approximately $0.6 million the same period last year for an increase of over 250%.
From the news: KULR Chief Financial Officer Shawn Canter affirmed: "KULR posted a strong second quarter with over 350% revenue growth over the same quarter last year. KULR recorded more revenue in the first half of 2023 than all of 2022. These impressive growth figures demonstrate our team, technology, and standard setting solutions, continue to address mission critical needs across industries. Management is increasingly excited by this trend in growth, pipeline, and prospects. Given what our team is seeing today, management estimates 2023 full year revenue between $10 million and $14 million."
Just how much of an issue is battery safety? Ask Nikola Corporation when its stock was punished following news on August 11th.
"The safety of customers, dealers and team members are Nikola's top priority. Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today provides the preliminary results of its battery pack investigations and as a precautionary measure, announces a voluntary recall of approximately 209 Class 8 Tre battery-electric vehicles (BEVs). Nikola is currently in the process of filing this voluntary recall with the National Highway Traffic Safety Administration (NHTSA) and is placing a temporary hold on new BEV sales until a resolution is in place."
From the news: These actions do not affect the hydrogen fuel cell electric vehicle (FCEV) currently in production as the truck's battery pack has a different design.
From the news: Following an August 10 presentation of preliminary findings from Exponent, a reputable third-party investigator, a coolant leak inside a single battery pack was found to be the probable cause of the truck fire at the company's headquarters in Phoenix, Ariz. on June 23, 2023. The findings were further corroborated by a minor thermal incident that impacted one pack on an engineering validation truck parked at the company's Coolidge, Ariz. plant on Aug. 10. No one was injured in either incident.
From the news: Internal investigations from Nikola's safety and engineering teams indicate a single supplier component within the battery pack as the likely source of the coolant leak and efforts are underway to provide a field remedy in the coming weeks.
Ford Motor Company also had its share of EV battery safety issues earlier this year.
Fordauthority.com reported on the issue: "The Ford F-150 Lightning has faced its fair share of production woes in recent weeks, all of which started when a single pickup caught fire in a holding lot. The cause of that problem stemmed from its battery - which is supplied by SK On - and has since been identified and corrected, according to that company and The Blue Oval. 2023 Ford F-150 Lightning production is expected to restart at the Rouge Electric Vehicle Center today, March 13th, while employees at that facility and the Rawsonville Components Plant - where the Lightning's battery packs are assembled - will soon be back at work. Now, however, a total of 18 Ford F-150 Lightning models are bering recalled over this same battery issue, according to CNBC."
Back on track, Ford Motor Company reported early this month it has resumed production of the F-150 Lightning following a six-week shutdown to expand and retool the Rouge Electric Vehicle Center plant to triple manufacturing capacity of the award-winning electric truck.
From the news: With the expansion, Ford will have ability to produce the F-150 Lightning at an annualized rate of 150,000 units by this fall.
Betting on improved battery safety, General Motors Co. announced in late June that it acquired substantially all the assets of Israel-based battery software startup ALGOLiON Ltd. for an undisclosed sum.
From the news: The acquisition was led by the newly formed Technology Acceleration and Commercialization (TAC) organization, a group within GM that works to identify emerging technology that can support GM's leadership position in battery development through investments, acquisitions or partnerships.
From the news: ALGOLiON, which received early support from the Israeli Innovation Authority, was founded in 2014 by Niles Fleischer, Ph.D., and Alex Nimberger, Ph.D. The company has developed sophisticated software that uses data streams from EV battery management systems to help identify anomalies in cell performance to ensure proper vehicle health management and provide early detection of battery hazards including thermal runaway propagation events. Dr. Fleischer has more than 40 years of experience in the battery industry and more than 80 patents in the field, while Dr. Nimberger has deep military and civilian experience in all aspects of lithium-ion battery operating modes and effects analysis.
From the news: ALGOLiON's software, coupled with GM's internal capabilities and vast experience in delivering best-in-class products at scale, can greatly accelerate time-to-market of a cost-effective early hazard detection system for the benefit of millions of GM's customers worldwide.
"ALGOLiON has developed cutting edge battery analytics and prediction software that will help General Motors deliver great performing EVs for our customers," said Gil Golan, Vice President, TAC.
Looking at the need for better and safer EV batteries, The Financial Post points out a very valid point as we experience global heat domes, "Consider it ironic, or at least a little poetic: Electric vehicles, great for combating climate change, don't do well in extreme heat. It's a paradox being thrown into relief as multiple US states bake under heat waves that are becoming more frequent and more intense."
The EV and battery markets continue to evolve as new safety, range and infrastructure issues arise. For consumers and investors in the sector, the best battery is still to come.
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