Global Battery Management System Market Expected To Reach $5.4 Billion In 2022

PALM BEACH, FL, Oct. 25, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Battery management system (BMS) is an important link between on-board power battery and electric vehicle, mainly used to diagnose battery temperature, current and power supply. Specific functions include: real-time monitoring of battery physical parameters, battery state estimation, online diagnosis and early warning, charge, discharge and precharge control, equilibrium management and thermal management. A battery management system in an electric vehicle manages a rechargeable battery to ensure it operates safely and efficiently. BMS is designed to monitor the parameters associated with the battery pack and its cells, apply the collected data to eliminate safety risks and optimize battery performance.  According to a report from Mordor Intelligence, the global battery management system market is expected to reach USD 5.4 billion in 2022 and is projected to register a CAGR of over 4.85% during the forecast period (2022-2027). The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.  The report said: "Over the medium term, the growing demand for battery management systems is expected to stimulate the market growth of battery management systems. Furthermore, the increasing adoption of electric vehicles, the need for robust charging infrastructure, and the focus on increasing the energy efficiency of batteries are also expected to drive the growth of the market studied… Technological advancements in battery management systems with advantages, such as reduced complexity, better efficiency, and improved reliability, among others, are expected to provide growth opportunities in the forecast period."  Active stocks in news today include: KULR Technology Group, Inc. (NYSE: KULR), Lockheed Martin (NYSE: LMT), QuantumScape Corporation (NYSE: QS), FREYR Battery (NYSE: FREY), NextEra Energy, Inc. (NYSE: NEE).

Mordor Intelligence continued: "The Asia-Pacific region dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the rapid rise in sales of electric vehicles in countries like China and Japan. This rise has been due to the extensive efforts of the governments to reduce greenhouse gas emissions.  Lithium-ion batteries are mostly used in EVs as they provide high energy density, low self-discharge, less weight, and low maintenance. For internal combustion engines (ICE) vehicles, the lead-based battery is being widely used and is expected to continue to be the only viable mass-market battery system for the foreseeable future."

KULR Technology Group, Inc. (NYSE American: KULR) BREAKING NEWS - KULR TECHNOLOGY BEGINS PHASE 2 BATTERY SAFETY TESTING FOR LOCKHEED MARTIN - Testing Utilizes KULR's Leading Bomb Calorimeter Product - KULR Technology Group, (the "Company" or "KULR"), a leading energy management platform accelerating the electrification of the circular economy, has commenced Phase 2 development of its passive propagation resistant ("PPR") battery systems for the Lockheed Martin Corporation (NYSE: LMT) ("Lockheed"). Following a successful Phase 1 trial in November 2021, the testing for Phase 2 began in Summer 2022, utilizing KULR's recently implemented bomb calorimeter and leveraging the Company's technological advancements in PPR energy products for its Advanced Energy Systems.

A bomb calorimeter measures the total heat generated in a particular reaction. Data gathered with KULR's bomb calorimeter can be used in combination with additional information collected from running experiments in the Company's Fractional Thermal Runaway Calorimeter ("FTRC"), licensed from NASA, for similar cell types. The FTRC supports the determination of both the total amount of heat generated and the fraction of heat contained within the ejecta compared to that retained in the cell body. These compiled datapoints are critical for cell selection decisions and for designing battery systems that are safe against the unique cell level thermal runaway response.

In addition to serving NASA and defense contractors, the versatile FTRC also provides significant value to commercial leaning companies that wish to develop better battery pack and battery management system ("BMS") designs.

"Lockheed Martin is a valued KULR customer, and we are encouraged to be jointly proceeding to Phase 2 in developing our PPR energy products for their Advanced Energy Systems," said Dr. William Walker, KULR's Director of Engineering. "We are confident our state-of-the-art technological capabilities will meet their needs and lead to a continued, longstanding partnership with one of the leading aerospace, arms, defense, information security, and technology companies in the world."

KULR has developed a multitude of products to increase the performance of aerospace and U.S. Department of Defense ("DoD") technologies and is continuing to research new and innovative thermal management and energy solutions.  CONTINUED…  Read this entire press release and more news for KULR at:  https://www.kulrtechnology.com/news/

In other industry news of note includes:

Lockheed Martin (NYSE: LMT) recently announced third quarter 2022 net sales of $16.6 billion, compared to $16.0 billion in the third quarter of 2021. Net earnings in the third quarter of 2022 were $1.8 billion, or $6.71 per share, compared to $614 million, or $2.21 per share, in the third quarter of 2021. Cash from operations was $3.1 billion in the third quarter of 2022, compared to $1.9 billion in the third quarter of 2021. Free cash flow was $2.7 billion in the third quarter of 2022, compared to $1.6 billion in the third quarter of 2021.

"Lockheed Martin delivered a solid quarter, highlighted by strength in free cash flow, orders, and operating margins, that positions us well to achieve our full-year commitments," said Lockheed Martin Chairman, President and CEO James Taiclet. "Our continuing ability to deliver strong financial performance in turn enables further investments in the 21st Century Security technologies essential to support our customers in conducting effective Joint All-Domain Operations. These technologies include hypersonics, directed energy, and autonomy, as well as cutting edge digital capabilities in our evolving 5G.MIL® open standards-based architecture. In addition, we are investing in production and sustainment capacity for the solutions needed now to defend our allies and our nation, including F-35, Javelin and HIMARS. Moreover, we today announced an additional $14 billion in share repurchase authority to go with our recently increased, industry-leading dividend for the benefit of our investors."

QuantumScape Corporation (NYSE: QS), a leader in developing next-generation solid-state lithium-metal batteries, recently announced it will release 2022 third-quarter financial results after market close on Wednesday, October 26, 2022. This will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Jagdeep Singh, co-founder and chief executive officer, and Kevin Hettrich, chief financial officer, will participate on the call.

Shareholders can submit and upvote questions they would like addressed on the earnings call. QuantumScape management will respond to a selection of the most upvoted questions. Please submit questions on this online Q&A platform. We will accept questions on the Q&A platform until Tuesday, October 25, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

The earnings call will be accessible live via a webcast on QuantumScape's IR Events Calendar page. An archive of the webcast will be available shortly after the call for 12 months.

FREYR Battery (NYSE: FREY), a developer of clean, next-generation battery cell production capacity, has recently entered into an agreement with Aleees (TWSE: 5227), the Taiwan-based lithium-iron phosphate ("LFP") cathode battery material manufacturer. The agreement, which includes ongoing services and support from Aleees, provides FREYR with a worldwide license to produce and sell LFP cathode material based on Aleees' technology, and to build production facilities leveraging Aleees' industrial expertise. FREYR anticipates that the agreement will enable FREYR to meet the future LFP cathode material needs of the Giga Arctic battery production facility in Mo i Rana, Norway. Volumes could furthermore be deployed to FREYR's planned Giga America project in the U.S.

"There is high global demand at present for active cathode material in general and LFP material in particular. By consummating this licensing agreement with Aleees, FREYR is well-positioned to achieve speed and scale of LFP cathode production for our Giga Arctic battery manufacturing plant and beyond. Aleees is one of the best-established LFP cathode producers outside of mainland China and is recognized for their world-class production technology. FREYR should derive an advantage by accessing the knowledge and capabilities of the Aleees team to help FREYR build a strong, localized supply chain for high quality raw materials," commented Dr. Tilo Hauke, EVP of Supply Chain Management, FREYR.

NextEra Energy, Inc. (NYSE: NEE) recently announced that it plans to report third-quarter 2022 financial results before the opening of the New York Stock Exchange on Friday, Oct. 28, 2022, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of Oct. 28, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.

John Ketchum, chairman, president and chief executive officer of NextEra Energy, Kirk Crews, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2022 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 28. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.

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