Electric vehicles keep growing in popularity, with about 4.8 million on the road in 2019, up about 1.5 million from a year earlier. With regulations aiming to stamp out gas-powered vehicles in the coming decades, it’s reasonable to forecast the trend towards EVs will continue to accelerate considering there are over one billion cars on the road today.
Before another billion EVs hit the road, engineers must figure out how to end the persistent threat of the Lithium-ion batteries powering EVs catching fire. The facts are indisputable regarding the very real problem today.
During October, BMW recalled 26,900 EVs, essentially every EV it sold so far this year, over risks of battery fires. Hyundai Motor has issued a global recall for more than 77,000 units of its Kona EV after 13 cases of battery fires.
Also this month, the National Highway Traffic Safety Administration initiated an investigation into General Motors’ (NYSE:GM) Chevy Bolt EVs after fires were reported to have started under the back seat, where the batteries are located. A few weeks ago, Ford announced a delay in the launch of its Escape crossover after seven caught fire in Europe while being recharged.
“The increase in EV battery fires is simply a product of a need for better thermal management controls and the fact that a lot more plug-in vehicles are being purchased,” said Michael Mo, CEO of KULR Technology Group Inc. (OTCQB:KULR) in a conversation with AllPennyStocks.com. “As is common, technology will be integral in safety, ultimately allaying fire concerns in the coming years,” he added.
KULR specializes in Li-ion battery safety technologies, designing and manufacturing a full line of products covering everything from testing, shipping and real-world thermal management applications. The company’s products have historically been deployed in aerospace applications in partnerships with NASA, Boeing (NYSE:BA), Airbus, the FAA and others where a battery fire could be catastrophic.
Over the last year, the company has expanded its focus to capitalize on larger markets, rolling the space-tested technology into everyday products, including EVs, power tools, logistics and more. It didn’t take long for KULR’s revolutionary carbon fiber thermal management technology to catch the attention of leading companies around the world for its utility in fire prevention and suppression with Li-ion batteries.
KULR next-generation carbon fiber products help with heat dissipation while its thermal runaway propagation technology encapsulates each battery cell to extinguish a flame should a defect and fire occur. On October 26, a leading smartphone electronics parts supplier partnered with KULR to get access to its product portfolio.
“All our years validating the technology with esteemed groups and companies like NASA, Lockheed Martin (NYSE:LMT) and Ball Aerospace (NYSE:BLL) affords us a competitive advantage in negotiations today,” said Mo. “Carbon fiber is superior in form and function and that is easy for us to demonstrate. When used in combination with our other technology, customers get a reliable turnkey solution for their battery needs.”
Drako Motors was the first EV manufacturer to adopt KULR technology for its vehicles. Drako is using KULR’s carbon fiber thermal interface material with the battery system in its $1.2 million, 1,2000 horsepower all-electric Drako GTE supercar.
Investors are hopping onboard too as measured by trading volumes rising since June and the stock making a new 52-week high at $3.70 before consolidating around $1.30 currently.