KULR Technology Group, Inc. (NYSE:KULR), a firm specializing in sustainable energy management, announced a commitment of over $1 million from H55 Inc., an innovator in electric propulsion technology (EPS).

Under the agreement, the initial phase of delivery commenced in the first quarter of 2024. Incorporating KULR’s TRS into H55’s EPS is essential for meeting EASA’s safety standards.

H55 plans to use KULR’s Thermal Runaway Shield in propulsion systems for major firms like Pratt & Whitney and CAE Inc. (NYSE:CAE).

The collaboration enables H55 to develop propulsion systems that meet rigorous safety protocols and maintain high efficiency and energy density. 

Following EASA’s recent approval of the H55 EPS, the project has advanced to a critical stage of demonstrating compliance in its certification journey.

Michael Mo, CEO of KULR, commented, “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.”

Price Action: KULR shares closed higher by 7.89% at $0.41 on Monday.