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Tuesday, Feb 27, 2024

Former Goldman Exec Named KULR’s New CFO

TECH: Canter to Help Scale Firm Through Commercialization

San Diego-based sustainable energy tech company  KULR has named former  Goldman Sachs  executive  Shawn Canter as its new Chief Financial Officer.

Shawn Canter

Canter, an M&A specialist at Goldman, will be responsible for financial management and driving a disciplined fiscal strategy while scaling the company through its commercialization phase. He previously served as Chief Operating Officer of M&A at  Bank of America’s investment bank. Canter was most recently a partner at New York-based  Orange Capital Ventures.

The announcement follows the retirement of  Simon Westbrook  as KULR’s CFO, which became effective on March 30.

“I am very excited to join the KULR team and be a part of the mission to catalyze our industry leading, sustainable energy storage and thermal management technologies to make sustainable energy solutions more effective and safer,” Canter said.

“With existing marquee customers like  NASA  and the U.S. military, KULR is poised to seize an enormous commercial opportunity as the market for electrification expands globally,” Canter added. “This is an exciting time for sustainable energy technologies, and KULR is on the cutting edge.”

Michael Mo 

KULR CEO Michael Mo added, “We are pleased to welcome Shawn to the team at an important time for KULR and its growth. Shawn has extensive experience in supporting and guiding the scaling up of organizations to commercial maturity, and he brings a disciplined approach to driving shareholder value that complements our strategy. In addition to benefiting from his strong financial management skills, I look forward to collaborating with Shawn on our capital markets activities and believe he will be a valuable addition to our team with his leadership and team-oriented value system.”

Founded in 2013,  KULR develops, manufactures and licenses NASA-grade next-generation carbon fiber thermal-management technologies for batteries and electronic systems.

The company’s technology works to keep electronics cooler, lighter and safer in an ethical and environmentally sustainable way. They’re  designed to fit almost any power or electronic configuration, including extremely demanding spaces or for applications where size and weight restrictions are a concern.

The company previously reported Q4 ’22 revenue of $1.81 million, an increase of 137% over Q4 2021. Total revenue for 2022 was $3.99 million, an increase of 66% from 2021.

Leadership at KULR says revenue could exceed $200 million by 2026 and believes that energy storage is by far its largest market opportunity with an expected reach of more than $400 billion by 2030.

Canter, a Southern California native, will be relocating to KULR’s local headquarters after living in New York for the last 20 years. “I’m looking forward to connecting with the San Diego business community,” he told the  Business Journal. “I’d love to be a catalyst to integrate KULR, its products and services further into the San Diego business community.”

Canter also shared three valuable lessons he learned through his experience at Goldman Sachs and Orange Capital Ventures.

“One: A reputation takes a lifetime to build and a moment to lose. Act accordingly. Two: People. People. People. How many times have we all been on calls or meetings where the conversation is all about, ‘This can’t be done,’ with lots of ‘good’ reasons why? With the right people who have the right attitude, those same conversations are instead about the art of the possible. That’s where the magic happens.”

“And three: You can’t do everything,” Canter added. “Know what to say ‘yes’ to and what to say ‘no’ to. Then focus and execute on the ‘yes’.”


FOUNDED:  2013
CEO:  Michael Mo
BUSINESS: Technology
WEBSITE: kulrtechnology.com
NOTABLE:  KULR Technology has exclusively licensed from NASA an innovative automated cell screening line with a capability that enables screening of cylindrical lithium-ion battery cells to be certified for manned spaceflight.


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