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KULR to buy telematics, EV battery tech company TECHTOM
KULR Technology Group Inc. has initiated a purchase agreement to buy TECHTOM Ltd., provider of automotive telematics solutions and electrical vehicle battery management technology in Japan.
“Two of the most important components of E-mobility are energy and data,” said Michael Mo, CEO of KULR, in a press release announcing the transaction. "With this acquisition, KULR is one step closer to our mission of becoming a leading technology solutions platform company for E-mobility, which we believe is one of the most significant technology markets for the next twenty years.” “By leveraging decades of experience, a deep reserve of intellectual property and the product successes of TECHTOM, KULR expands its technology portfolio from space-qualified battery safety and thermal management technology to integrated hardware and software battery management systems and vehicle telematics systems,” said Mo. “With our combined resources, KULR will be able to serve customers with technologies that measure performance, detect mobility challenges and deliver a safer and more energy-efficient product to the end user.” Once the deal finalizes, TECHTOM will deliver KULR technology and business synergies for their next generation E-mobility applications that include integration of software and hardware battery management systems with high performance, space-qualified battery safety and thermal management technology; collaboration on EV conversions toward public-transportation vehicles; next-gen telematics for ride- and car-sharing applications; access to the Japanese auto market; and an IP portfolio of 21 granted and 12 pending patents held by TECHTOM and eight granted and seven pending patents held by KULR. As stated in the press release, the agreement calls for TECHTOM shareholders to receive the following aggregate acquisition price: USD 1,750,000 cash consideration (subject to certain escrowed indemnification hold backs); and 100 shares of KULR's Series C Convertible Preferred Stock (which shares have an aggregate stated value of USD 1,000,000 and are convertible into 2,000,000 shares of KULR's common stock). Silicon Valley-based KULR Technology Group develops high-performance space-used thermal management technologies for electronics, batteries, and other components across for use in applications for electric vehicles and autonomous driving, AI/cloud computing, energy storage, and 5G communication technologies.
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