KULR Receives Department of Transportation Special Permit for its SafeCase Solution
September 13 2022 - 8:30AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the "Company" or "KULR"), a leading developer of next-generation
lithium-ion (“Li-ion”) battery safety and thermal management
technologies, announced that it has received approval from the
Department of Transportation (“DoT”) to increase the energy levels
in three special permits from 2.1 kWh to 2.5 kWh, expanding usage
for its SafeCase product. KULR will utilize the permit upgrades to
support a recently-awarded project with one of the three largest
outdoor rider landscaping companies in the world for the safe
shipment and storage of Li-Ion batteries.
The permit approval restates the safety of KULR’s SafeCase
product for transportation and storage of Li-Ion batteries, and
will enable the large landscaping equipment customer to safely
transport its batteries for services or end of life (“EOL”) on its
new line of higher-capacity landscaping electric vehicles. In
addition to this project, the permit upgrades are expected to
generate expanded use cases for the SafeCase product with existing
and new customers.
“The DoT’s approval for additional energy levels is further
evidence of the quality of KULR’s SafeCase and our battery safety
products that we produce from our holistic approach,” said Jason
Brandi, Director of Product Marketing at KULR. “The permit upgrade
enables one of our key customers to transport and store high energy
batteries safely in a sustainable and cost-effective manner, and we
look forward to providing the same capability to our other
customers alike.”
With the signing of Assembly Bill No. 1346 in October 2021,
California was the first state to prohibit the sale of gas-powered
landscaping equipment. The legislation came following Governor
Newsom’s 2020 executive order prohibiting the sale of all
gas-powered vehicles by 2035. The bill is expected to drive the
growth of e-powered landscaping equipment, which is projected to
hit USD 43.24 billion by 2029 and exhibit a CAGR of 5.3% during the
forecast period.
About KULR Technology Group Inc. KULR
Technology Group Inc. (NYSE American: KULR) develops, manufactures
and licenses next-generation carbon fiber thermal management
technologies for batteries and electronic systems. Leveraging the
company’s roots in developing breakthrough cooling solutions for
NASA space missions and backed by a strong intellectual property
portfolio, KULR enables leading aerospace, electronics, energy
storage, 5G infrastructure, and electric vehicle manufacturers to
make their products cooler, lighter and safer for the consumer. For
more information, please visit www.kulrtechnology.com.Safe
Harbor StatementThis release does not constitute an offer
to sell or a solicitation of offers to buy any securities of any
entity. This release contains certain forward-looking statements
based on our current expectations, forecasts and assumptions that
involve risks and uncertainties. Forward-looking statements in this
release are based on information available to us as of the date
hereof. Our actual results may differ materially from those stated
or implied in such forward-looking statements, due to risks and
uncertainties associated with our business, which include the risk
factors disclosed in our Form 10-K filed with the Securities and
Exchange Commission on March 28, 2022. Forward-looking statements
include statements regarding our expectations, beliefs, intentions,
or strategies regarding the future and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “should,” and “would” or
similar words. All forecasts are provided by management in this
release are based on information available at this time and
management expects that internal projections and expectations may
change over time. In addition, the forecasts are entirely on
management’s best estimate of our future financial performance
given our current contracts, current backlog of opportunities and
conversations with new and existing customers about our products
and services. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise.Investor
Relations:Tom Colton or John Yi Gateway GroupMain:
(949) 574-3860 KULR@gatewayir.com
Public Relations:Robert Collins / Zach Kadletz
/ Anna Rutter Gateway GroupMain: (949)
574-3860 KULR@gatewayir.com
KULR Technology (AMEX:KULR)
Historical Stock Chart
From Jun 2024 to Jul 2024
KULR Technology (AMEX:KULR)
Historical Stock Chart
From Jul 2023 to Jul 2024