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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 13, 2025
KULR
TECHNOLOGY GROUP, INC.
(Exact
name of the registrant as specified in its charter)
| Delaware |
|
001-40454 |
|
81-1004273 |
(State or other jurisdiction of
incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
555
Forge River Road, Suite 100, Webster,
Texas 77598
(Address of principle executive offices) (Zip
code)
Registrant’s telephone number, including
area code: (408) 663-5247
N/A
(Former name or address if changed since last
report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ¨ |
Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ¨ |
Pre-commencement communications pursuant to Rule 14D-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered: |
| Common
Stock |
|
KULR |
|
NYSE
American LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item
7.01 Regulation FD Disclosure
On February 13, 2025, KULR
Technology Group, Inc. (the “Company” or “KULR”) issued a press release announcing a strategic partnership focused
on advancing battery technology and strengthening domestic manufacturing.
A copy of the press release
is attached herewith as Exhibit 99.1.
By filing this Current Report
on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in
this report that is required to be disclosed solely by reason of Regulation FD. The Company uses, and will continue to use, its website,
press releases, and various social media channels, including its Twitter account (twitter.com/kulrtech), its LinkedIn account (linkedin.com/company/kulr-technology-corporation),
its Facebook account (facebook.com/KULRTechnology), its TikTok account (tiktok.com/Kulr_tech), its Instagram account (instagram.com/Kulr_tech),
and its YouTube account (youtube.com/channel/UC3wZBPINQd51N6p35Mo5uQg), as additional means of disclosing public information to investors,
the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated
in press releases and on social media could be deemed to be material information, and the Company encourages investors, the media and
others interested in the Company to review the business and financial information that the Company posts on its website, disseminates
in press releases and on the social media channels identified above, as such information could be deemed to be material information.
The information in this Item
7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section.
In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings
of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such filing.
Item
9.01 Exhibits
Exhibit
No. |
|
Description |
| 99.1 |
|
Press Release dated February 13, 2025 |
| 104 |
|
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto
duly authorized.
| |
KULR TECHNOLOGY GROUP, INC. |
| |
|
| Date: February 13, 2025 |
By: |
/s/ Michael Mo |
| |
|
Michael Mo |
| |
|
Chief Executive Officer |
Exhibit 99.1
KULR and Worksport Forge Strategic Partnership
to Advance Battery Technology and U.S. Manufacturing
HOUSTON / GLOBENEWSWIRE / February 13, 2025 / KULR Technology
Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leader in advanced energy management platforms,
and Worksport Ltd. (Nasdaq: WKSP), a pioneer in solar-integrated tonneau covers and portable energy storage, have announced
a strategic partnership focused on advancing battery technology and strengthening domestic manufacturing. The collaboration centers on
three key areas: joint battery pack development, thermal runaway protection, and AI-integrated battery management system (BMS) software
design.
Key Areas of Collaboration
| · | Joint Battery Pack Development: KULR and Worksport will work together on the development of Worksport’s COR Battery Pack
System. This initiative will focus on optimizing BMS requirements, refining cell configurations, and improving overall system performance,
safety, and reliability. |
| · | Software (BMS + AI Integration): Both companies aim to incorporate AI-driven software into the BMS, enabling real-time monitoring,
predictive maintenance, and advanced data analytics. These advancements will optimize power distribution, extend battery lifespan, and
reinforce safety measures. |
| · | Thermal Runaway Protection: The partnership will look to integrate KULR’s patented thermal runaway protection technology
into Worksport’s battery systems. This enhancement is expected to significantly improve battery safety and longevity by mitigating
thermal runaway risks. |
KULR will utilize its KULR ONE Design Solutions (K1-DS) to evaluate
the performance, cost efficiency, and scalability of integrated battery solutions for the Worksport COR system. With the first generation
of Worksport SOLIS and COR set for release in the second half of 2025, these studies will guide future development and innovation.
The K1-DS platform includes advanced battery safety testing methodologies such as Fractional Thermal Runaway Calorimetry (FTRC), bomb
calorimetry, and impingement zone mapping, ensuring thorough cell-level characterization and safety optimization.
Market Growth and Business Impact
As demand for U.S.-based production increases—fueled by the Trump
administration’s emphasis on tariffs—KULR and Worksport are exploring domestic manufacturing options for the COR Battery Pack
and related products. This strategic move aligns with growing market preferences for American-made energy solutions and positions both
companies for long-term scalability and expansion.
After expanding U.S. production in 2024, Worksport’s revenue
surged more than 450% from 2023 to 2024, surpassing a monthly run rate of $1 million. Projections indicate the company could reach nine
figure revenues within the next two to three years. This collaboration with KULR should advance Worksport’s goal of transforming
the $20 billion-plus portable energy market through innovation and scalable manufacturing.
Through the integration of its advanced thermal management technology
and AI-powered BMS into Worksport’s products, KULR expects to open new revenue streams and establish a significant presence in
the portable energy storage sector. The portable energy system market is projected to reach between $21.95 billion and $24.8 billion
by 2032, per a Q4 2024 report by Astute Analytica, with an anticipated CAGR of 16% to over 24%. Battery solutions under 3000 kWh,
such as the COR, are key drivers of this growth, particularly as off-grid and backup power needs continue to expand.
About KULR Technology Group
Inc.
KULR Technology Group Inc. (NYSE American: KULR) delivers cutting edge energy storage solutions for space, aerospace, and defense by
leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and
production capabilities. The Company’s holistic offering allows delivery of commercial-off-the-shelf and custom next generation
energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. On December 4, 2024, KULR announced
that its Board of Directors has agreed to include bitcoin as a primary asset in its treasury program and committed to allocating up to
90% of its surplus cash to the acquisition of bitcoin. For more information, please visit www.kulrtechnology.com.
About Worksport Ltd.
Worksport
Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau
covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with
Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible
with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks
to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile
energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. For more information, please visit investors.worksport.com.
Safe Harbor Statement
This press 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 April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and
Exchange Commission from time to time. 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.
KULR Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
Website: www.kulrtechnology.com
WKSP Investor Relations:
Worksport Ltd.
Phone: 888-554-8789 x 128
Email: investors@worksport.com
Website: investors.worksport.com
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