Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - March 27, 2024) - Investorideas.com, a go-to investing platform covering defense and energy stocks releases a news report on recent contract news and contracts within the defense industry, featuring KULR Technology Group, Inc (NYSE American: KULR), a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy.
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According to GlobalData, "The global missiles and missile defense systems (MMDS) market is valued at $45.2 billion in 2023 and will grow at a compound annual growth rate (CAGR) of more than 4% during 2023-2033. The MMDS market will be driven by the rise in air defense modernization and advanced precision strike missile procurement programs by key defense spending countries, such as the US, Russia, China, India, Poland, and the UK, among others. The increased focus on the development and procurement of newer-generation missiles and sophisticated missile defense systems by key military powers is expected to further drive market growth over the forecast period."
KULR Technology Group, Inc. (NYSE American: KULR), with a long history in the defense industry expands its footprint, and just announced receiving a six-figure contract from Lockheed Martin (NYSE: LMT) for developing phase change material ("PCM") heat sinks that are pivotal for the thermal regulation of essential electronics within long-range precision missiles. This achievement follows a series of successful evaluations that showcased the efficiency of KULR's solutions in cooling critical onboard systems.
With over two decades of pioneering work in heat dissipation technologies, KULR has become a trusted provider for demanding sectors including defense, aerospace and beyond. This latest contract with Lockheed Martin underscores KULR's role as a source of innovative cooling solutions.
From the news: KULR's PCM heat sinks stand out for their efficient, lightweight, and durable design, ideal for managing the heat loads of systems requiring intense, short bursts of power. Such capabilities are crucial for maintaining the reliability and performance of sophisticated missile electronics. Lockheed Martin's selection of KULR for this project reflects confidence in the company's ability to meet the high standards required for aerospace and defense applications.
Ted Krupp, KULR's VP of Sales and Marketing expressed pride in this collaboration, stating, "Our partnership with Lockheed Martin validates our drive for excellence and innovation in managing high-stakes thermal challenges. Our work is critical for enhancing the capabilities of precision-guided weaponry." KULR remains at the forefront of thermal regulation technology, continuously evolving its solutions to support safer, more efficient electronic and battery systems across a variety of applications.
From the news: According to Straits Research, the global electronic warfare market size is estimated to reach an expected value of USD 27.79 billion by 2030, registering a CAGR of 5.8% during the forecast period of 2022 to 2030.
KULR Technology's stock has been trading up following last week's defense industry news on the receipt of an additional purchase order from the United States Army, increasing the total contract value to $1.81 million. This latest order propels the project into its final phase, scheduled for completion by August 2024, with KULR having already achieved significant milestones in the development of next-generation battery solutions for advanced aviation.
Earlier in March, the US Army awarded Lockheed Martin a $219 million contract to produce more Early Operational Capability (EOC) Precision Strike Missiles (PrSM).
The award is the fourth production contract to date for the long-range surface-to-surface missile, which will allow for a significant increase in production capacity to meet Army demand.
Lockheed Martin delivered the first missiles in December 2023 following a successful November production qualification test.
Initial deliveries achieved a major modernization milestone for the U.S. Army, securing needed long-range precision fires capability.
"We're proud to deliver this long-range deterrent capability to our Army customer and continue work to advance the program and production on an aggressive schedule," said Jay Price, Vice President of Precision Fires at Lockheed Martin.
Raytheon, an RTX business, was recently awarded a $1.2 billion contract to supply Germany with Patriot® air and missile defense systems. These systems will augment Germany's existing air defense infrastructure with additional Patriot equipment.
Patriot is a combat-proven air and missile defense system. These new Patriot systems will augment Germany's existing air defense infrastructure.
The scope of the contract includes the most current Patriot Configuration 3+ radars, launchers, command and control stations, associated spares and support.
Patriot is the backbone of air defense for 19 countries, including Germany, the US and Ukraine. The formidable, combat-proven performance of Patriot continues to demonstrate its effectiveness against the most advanced and complex threats.
"This contract reflects the global emphasis on advanced air and missile defense capabilities and the steadfast confidence in Patriot," said Tom Laliberty, President of Land and Air Defense Systems at Raytheon. "With this expansion, Germany will not only modernize its own significant air defense but enhance its interoperability with allies and further strengthen a core NATO mission."
Also looking for a piece of the pie in Germany, Northrop Grumman Corporation and Diehl Defence GmbH & Co. KG recently signed a Memorandum of Understanding (MOU) formalizing their commitment to work together to support innovative layered air and missile defense capabilities for Germany.
Northrop Grumman's expertise in IAMD and control capabilities, such as the US Army's Integrated Battle Command System (IBCS), complements Diehl's state-of-the-art ground based air and missile defense systems, such as IRIS-T SLM, by enabling integration and interoperability with allied systems.
From the news: The MOU facilitates collaboration by allowing the companies to use their expertise to explore advanced technologies that would support the seamless integration of Germany's air and missile defense systems. The memorandum also addresses the critical need for NATO and European allies to modernize IAMD capabilities.
For investors following the defense sector, the rise in the number of conflicts and the increase in spending for defense across the globe, make this a sector to watch. For smaller companies like KULR Technology Group, Inc. (NYSE American: KULR), the defense industry represents an opportunity to capitalize on their innovative energy efficiency technology solutions and the sky is the limit.
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