Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - April 3, 2024) - Investorideas.com, a go-to investing platform covering defense and energy stocks releases a news report on the evolving electric aircraft market and companies playing a key role, 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 research from MarketsandMarkets, the Electric Aircraft Market is set to achieve unprecedented growth, projecting a remarkable worth of $37.2 billion by 2030. The market, currently valued at USD 8.8 billion in 2022, is anticipated to experience a robust Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period, propelled by the escalating demand for sustainable and low-emission transportation alternatives.
KULR Technology Group, Inc. (NYSE American: KULR), betting on the electrification of everything, will play a key role in the safety of the electric aircraft future.
KULR, renowned for its contributions to sustainable energy management just unveiled a commitment exceeding $1 million with H55 Inc., a pioneer and global leader in electric propulsion. H55 will employ KULR's unique Thermal Runaway Shield within its propulsion systems that equip fleets of industry behemoths such as Pratt & Whitney and CAE Inc. (NYSE: CAE). 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's ("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/).
From the 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."
From the news: 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% from 2023 to 2030.
KULR continues to pioneer revolutionary energy management solutions, propelling the electric aviation industry forward.
EHang (Nasdaq: EH), an urban air mobility technology platform company with a mission to enable safe, autonomous, and eco-friendly air mobility accessible to everyone, recently announced that Japan's first UAM Center has been established in Tsukuba City, Ibaraki Prefecture. This state-of-the-art facility serves as a demonstration flight site, ground infrastructure and maintenance base for EHang's various pilotless electric vertical takeoff and landing ("eVTOL") aircraft in the region, including the EH216-S. This UAM center is a milestone in Japan's advanced air mobility industry.
During the inauguration ceremony, attended by Mr. Tatsuo Igarashi, Mayor of Tsukuba City, the EH216-S pilotless eVTOL successfully completed its first flight in the Kanto region for aerial sightseeing.
From the news: The establishment of the UAM Center is the result of a strategic partnership between EHang and AirX Inc. ("AirX"), a leading Japanese air mobility digital platform company. Situated on the site of the former Helicopter Control and Command Center owned by Ibaraki Prefectural Government, the UAM Center houses hangars with capacity for approximately 25 units of EH216-S aircraft. The shared landing platform, used by both helicopters and eVTOLs, covers an area of around 30,000 square meters. Developed by AirX in collaboration with Tsukuba Airlines, the UAM Center is designed to meet the evolving needs of next-generation air mobility that encompasses pilotless eVTOL aircraft, helicopters and private jets.
Joby Aviation, Inc. (NYSE: JOBY), a company developing electric air taxis for commercial passenger service, recently announced it will deliver two aircraft to MacDill Air Force Base ("AFB") in 2025 as part of the Company's AFWERX Agility Prime contract with the US Air Force.
From the news: MacDill AFB is home to the U.S. Special Operations Command ("USSOCOM"), U.S. Central Command ("CENTCOM"), and units from the Air Mobility Command ("AMC"), along with numerous logistics-oriented units. Personnel will test and train with the aircraft based at MacDill AFB, on base and in the surrounding area.
Joby delivered its first aircraft to Edwards Air Force Base in California in September 2023, with a second aircraft expected to be placed on the base this year. At Edwards, the Joby team is working closely with the 412th Test Wing on testing and experimentation that will inform future operational testing at MacDill AFB in Tampa, Florida.
In mid-March, Lilium N.V. (NASDAQ: LILM), a developer of the first all-electric vertical take-off and landing ("eVTOL") jet announced it teamed up with Atlantic Aviation, a leading fixed-based operation (FBO) and aviation services provider, to prepare Atlantic's network of more than 100 FBOs for the Lilium Jet's regional upcoming air mobility service launch in the United States.
From the new: This strategic partnership will work to ensure seamless compatibility between the Lilium Jet and Atlantic's network of aviation assets across North America, enabling Advanced Air Mobility operations at current and future locations. Atlantic operates sites at more than 30 airport locations within Lilium's planned launch markets in Florida, Southern California, the Northeast corridor, and Texas.
Lilium and Atlantic will focus on infrastructure deployment and operations, with an eye toward passenger experience, at existing and upcoming sites. Strategic planning will revolve around key drivers including aircraft flight paths, charging capabilities, passenger facilities, operations forecasting, and more. This comprehensive approach will ensure Lilium Jet operators have access to strategic points within Atlantic's network of aviation facilities, working to both optimize the passenger experience and usher in a new era of air travel.
AirlineGeeks.com reports, "Several companies have thrown their hats into the electric aviation ring. From startups like Eviation with their Alice aircraft to major players like Airbus and their E-Fan X project, the race is on to develop viable electric planes. While the technology is still in its infancy, progress has been swift. Some smaller electric aircraft are already taking to the skies for test flights."
In early March, Airbus (AIR.PA) presented its full electric CityAirbus NextGen prototype to the public, ahead of its maiden flight later this year. The two-tonne class CityAirbus, with a wing span of approximately 12 meters is being developed to fly with an 80 km range and to reach a cruise speed of 120 km/h, making it perfectly suited for operations in major cities for a variety of missions.
The unveiling coincided with the opening of the new CityAirbus test centre in Donauwörth, which will be dedicated to testing systems for electric vertical takeoff and landing vehicles (eVTOLs). The centre, which is part of Airbus' ongoing and long-term investment in Advanced Air Mobility (AAM), began its operations with the CityAirbus NextGen's power-on in December 2023 and it will be now used for the remaining tests required before the prototype's maiden flight later in the year. These tests cover the electric motors with their eight rotors as well as the aircraft's other systems such as flight controls and avionics.
The electrification of the skies is still in its infancy and represents significant opportunity for long term investors, but it is only one industry sector for KULR Technology Group, Inc. (NYSE American: KULR), who continues betting on electrification of the circular economy.
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