Company Overview (from 10-K for fiscal year ended December 31, 2018)
KULR Technology Group, Inc., through its wholly-owned subsidiary KULR Technology Corporation, develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across an array of applications. Currently, it is focused on targeting the following applications: electric vehicles and autonomous driving systems (collectively referred to herein as “E-Mobility”); artificial intelligence and Cloud computing; energy storage; and 5G communication technologies. The Company's proprietary, core technology is a carbon fiber material, with roots in aerospace and defense, that provides what they believe to be superior thermal conductivity and heat dissipation in an ultra-lightweight and pliable material. By leveraging its proprietary cooling solutions that have been developed through longstanding partnerships with NASA, the Jet Propulsion Lab and others, their products and services make E-Mobility products and other products safer and more stable.
KULR Technology Group management believes that the E-Mobility industry has created and will create significant new opportunities for the application of its technology and know-how. These new opportunities will be further driven by certain changing preferences observed in younger generations that must increasingly cope with higher population density, global warming, and the rapidly evolving communications and computing needs of their personal devices and the surrounding infrastructure. As a result, the Company predicts that the younger generations will increasingly prefer to attend meetings by video conference; rent a car, bike, or scooter, or call an app-based car service instead of owning a vehicle; and leverage the Cloud to perform tasks traditionally done in person, such as shopping for lunch, clothes, electronics and other consumer goods that also leverages an expanding E-Mobility delivery network.
In addition to evolving demands led by consumer-preferences, the Company has observed trending manufacturer-led opportunities in industries that have become increasingly more reliant on the Cloud, on portability and on high-demand processing power. For example, car manufacturers are increasingly providing options that take over the responsibility for driving, diagnosing its own service requirements and analyzing on-board systems data and efficiency. The communications and entertainment industries are leveraging increasingly more powerful and portable devices to deliver live and high-definition content and experiences. These innovations will require high bandwidth communication devices that can handle the power drain and computational requirements to keep up with the sophisticated security and software tools that will power these advanced product offerings. As a result of these manufacturer and consumer trends, the Company believes that the new generations of high-powered, small form-factor semiconductors are outpacing the development in lithium ion batteries.
The above-described advances in micro technology, portable power, and compact energy efficient devices linked to an ever-widening Internet of Things (“IoT”) via the Cloud are driving opportunities that forms the focus of the Company’s business development plan. KULR Technology Group believe that its core technology and historical development focus on improving lithium-ion battery performance and safety, positions it in a competitively advantageous position to enhance key components to the evolving mobile applications for a wide range of consumer products and IoT. As chip performance increases, power consumption increases, and more heat is generated as a byproduct. When chip size reduces, there is an increased potential for a hot spot on the chip, which can degrade system performance, or even cause spontaneous combustion. However, electronic system components mustoperate within a specific temperature range on both the high and low end to operate properly. After strenuous testing, the Company believes it has developed heat management solutions that significantly improve upon traditional heat storage and dissipation solutions and that improve upon their rigidity and durability. The Company believes that traditional solutions are not equipped to handle the evolving marketplace. However, through a combination of custom design services and provision of proprietary hardware solutions, its products reduce manufacturing complexity and provide a lighter weight solution than traditional thermal management materials and can meet the heat management demands of components and batteries being designed into the newest mobile technologies and applications.
The management’s growth strategy has put particular focus on targeting E-Mobility applications for its core technology as they believe that they are well-positioned to provide a broad range of E-mobility solutions, and intend to expand business through internal growth and acquisition. In the case of acquisitions, the Company seeks to acquire businesses in related markets that are synergistic to its existing operations, technologies, and management experience. This focus will highlight markets in which they can: (1) integrate existing technology into the acquiree’s product offerings or simultaneously offer its products and services through the acquiree’s customer base and channels; (2) gain a leading market position and provide vertically integrated services where it can secure economies of scale, premium market positioning, and operational synergies; and/or (3) establish a leading position in selected markets and channels of the acquiree through a joint broad-based, hi-tech, E-Mobility branding campaign. KULR Technology Group has developed an acquisition discipline based on a set of financial, market and management criteria to evaluate opportunities. If it were to successfully close an acquisition, it would seek to integrate it while minimizing disruption to existing operations and those of the acquired business, while exploiting the technical and managerial synergies from integration.
Michael Mo, Chief Executive Officer Explainer Video Executive Team
Michael's family co-founded Epic Design Technology, a provider of integrated circuit simulation and analysis software tools. In 1997, Epic was acquired by Synopsis, Inc. (NASDAQ: SNPS) for $427.1 million. Michael co-founded Sympeer Technology in 2005, which was acquired by Amlogic in 2007, where he served as Senior Director of Business Development and his supply chain represented 70% of China's OTT set top box market. As a venture capital investor, notable early round investments include AllBusiness.com ($225 million acquisition by NBC Interactive), Spreadtrum Communications ($1.78 billion acquisition by Tsinghua holdings), and Omnivision ($1.9 billion acquisition by Hua Capital, Citic Capital, and Goldstone in 2016). Today, he focuses entirely on building KULR's business to serve the growing industry demand for improved thermal management products. Over the years, he has established business relationships with high-profile tech leaders in the U.S. and China. Michael earned a Master’s of Science in Electrical Engineering from UC Santa Barbara.
Dr. Timothy Knowles, Chief Technology Officer
Dr. Knowles has over thirty years of thermal management research and product development experience having performed work on some of the most challenging aerospace and industrial applications. Some of Dr. Knowles and his team's projects included building the X-38 battery heat sink, Mercury Messenger PCM heat sink, NICER telescope PCM heat sink, Mars Rover heat sink, and X-51 Scramjet heat exchanger and thermal interface material. He and his team of engineers (formerly Energy Science Laboratory, Inc.) conceived and developed KULR's proprietary carbon fiber cooling solutions and was awarded hundreds of contracts from numerous customers including NASA, JPL, Raytheon, and Boeing. Dr. Knowles is an expert in materials science and utilization of carbon fiber for heat sinks and heat exchangers. He authored or co-authored 48 research papers over the years. Dr. Knowles received a Ph.D. in Physics from UC San Diego.
Simon Westbrook, Chief Financial Officer
Simon founded and served as an officer of Aargo, Inc., a company specializing in financial consulting services to corporations in various tech related industries. Prior to Aargo, Simon served as CFO of Amber Network, Inc. and Sage, Inc. (NASDAQ: SAGI), a Silicon Valley company specializing in flat panel displays. Prior to Sage, Simon also held senior financial positions at Creative Technology (NASDAQ: CREAF) and Atari Corporation (AMEX: ATC), the video game and home computer company. Throughout his career, he has been involved in multiple initial and secondary public offerings and public and private M&A transactions. Simon is a chartered accountant and holds a Masters in Economics from Trinity College, Cambridge University. News
7/17/2017: Wall Street Journal - Nasa's Work to Head Off Battery Blazes in Space Finds Uses on Earth
2/21/2018: Cheddar TV - Protecting Batteries from Electric Cars to NASA Space Shuttles
4/18/2018: National Renewable Energy Laboratory - KULR Technology Exclusively Licenses Award-Winning Battery Internal Short Circuit Device
7/11/2018: Business Wire - Xia Zuoquan, Co-Founder of Chinese Electric Vehicle and Battery Maker BYD Joins KULR Technology's Advisory Board
7/19/2018: Business Wire - KULR Technology to Serve as Technology Advisor to High-Performance Drone Racing Organization, DR1 Racing
8/02/2018: Business Wire - KULR Technology’s Thermal Architecture Included in Two Upcoming NASA-JPL Space Missions
10/16/2018: Associated Press - NASA Places Initial Order for KULR's Battery Testing Devices
11/01/2018: Globe News Wire - KULR Technology Secures Contract with Leidos to Provide Purpose Built Materials for Ongoing Defense Work
11/13/2018: AP News Wire - KULR Technology Group Announces Third Quarter 2018 Earnings
01/07/2019: NASDAQ - KULR Technology Secures Patent for Thermal Runaway Shield, Proven to Minimize Risk of Fires and Explosions in Lithium-Ion Battery Packs
3/11/2019: Globe News Wire - KULR Technology Partners with Saft to Provide Battery Safety Research and Testing Devices
4/02/2019: Globe News Wire - KULR Technology Group Announces FY2018 Financial Results
4/03/2019: Globe News Wire - KULR Technology Group to Acquire Vehicle Management Technology Company TECHTOM
5/14/2019: Globe News Wire - KULR Technology Partners with Lockheed Martin to Provide Thermal Management Solutions