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KULR secures over $1M contract from H55

KULR Press Release | April 2, 2024

Estimated reading time 2 minutes, 59 seconds.

KULR Technology Group, Inc. (KULR) has unveiled a commitment exceeding $1 million with H55 Inc. (“H55”), a pioneer in electric propulsion.

H55 will employ KULR’s unique thermal runaway shield (TRS) within its propulsion systems that equip fleets of industry behemoths such as Pratt & Whitney and CAE Inc.

According to the agreement, the initial delivery phase began in Q1 2024. Embedding KULR’s TRS into H55’s electrical propulsion system (EPS) is critical for aligning with the European Union Aviation Safety Agency (EASA) safety protocols.

H55 harnesses KULR’s innovative TRS to construct systems that adhere to stringent safety measures while retaining efficiency and energy density. EASA recently approved the H55 EPS solution, paving the way for the critical compliance demonstration phase of their certification program (https://h55.ch/news/).

Michael Mo, CEO of KULR, reflected on the significance of this collaboration: “Working with H55 epitomizes our commitment to setting new standards for safety in electric aviation. With H55, we reinforce our role in addressing the escalating compliance requisites from regulatory bodies such as EASA and the FAA. Our goal is to ensure our technology not only fulfills but also anticipates the evolving safety needs of the electric aviation sector.”

Martin Larose, CEO of H55, also acknowledged the positive side of this collaboration: “Tightening the relationship with KULR has marked a transformative step for us. The TRS technology from KULR has enabled us to push the safety norms and position H55 as a global leader. We are equipped to offer products that defy the rigorous requirements of EASA while preserving the high caliber and compactness our clients rely on. This synergy with KULR promises significant progress.”

According to a recent forecast, the global hybrid aircraft market is estimated to grow from USD 1.2 billion in 2023 to USD 13.2 billion by 2030, at a CAGR of 41.6 percent from 2023 to 2030.

KULR continues to pioneer revolutionary energy management solutions, propelling the electric aviation industry forward.

This press release was prepared and distributed by KULR.

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