KULR Secures New Special Permits from the United States Department of Transportation Related to its Patented SafeX Product Suite, Including SafeCASE™ and SafeSLEEVE™
- KULR Technology Group, Inc. receives Special Permits 21693 and 21704 from the US Department of Transportation for battery transportation and recycling.
- The permits cover damaged, defective, and end-of-life batteries, validating the safety and reliability of KULR's SafeCASE™ product.
- The approval of the permits paves the way for safer and more sustainable battery recovery and reuse practices.
- KULR's partnership with Clarios and collaboration with Cirba Solutions highlight the company's commitment to battery safety and sustainability.
- The global market for battery recycling is projected to grow at a CAGR of 7.80% between 2024 and 2032, reaching USD 24.04 billion by 2032.
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Insights
The DoT's approval of Special Permits for KULR Technology Group represents a significant development in the realm of battery management and recycling, an industry that is rapidly expanding due to the global shift towards electric-powered solutions. The permits allow KULR to transport DDR and EOL batteries safely, which is crucial as these batteries pose environmental and safety risks if not handled properly. With the global battery recycling market projected to grow substantially, KULR's positioning is strategic, potentially tapping into a market that is expected to be worth USD 24.04 billion by 2032. This growth is driven by increasing environmental awareness and legislative pressure to promote responsible disposal and recycling of batteries.
The announcement of KULR's receipt of Special Permits from the DoT could be interpreted by investors as a positive indicator of the company's future revenue streams. By securing the permits, KULR has effectively expanded its operational capabilities and can potentially increase its market share in the battery safety and recycling sector. The collaboration with Cirba Solutions, a battery recycler, may also lead to increased business opportunities and synergies that could improve KULR's bottom line. Investors should monitor the company's subsequent financial performance to gauge the actual impact of these developments.
The approval of Special Permits for KULR by the DoT aligns with broader environmental policies aimed at promoting sustainable practices in the energy sector. KULR's SafeCASE™ technology facilitates the safe transportation and storage of lithium-ion batteries, which is increasingly important as battery usage proliferates across industries. The permits underscore the government's commitment to regulating battery disposal and recycling, ensuring that companies like KULR are well-positioned to support these initiatives. The collaboration with industry leaders such as Clarios and Cirba Solutions further emphasizes the role of public-private partnerships in advancing national interests in sustainable energy management.
SAN DIEGO, March 12, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced that the United States Department of Transportation (“DoT”) recently granted Special Permit 21693 and Special Permit 21704 to the Company. The new special permits cover transportation of damaged, defective, or recalled (“DDR”) batteries as well as end-of-life (“EOL”) batteries to include the critical area of battery disposal and recycling, paving the way for safer and more sustainable battery recovery and reuse practices. The DoT's approval of these special permits validates the safety standards and reliability of KULR's SafeCASE™ product for transporting and storing lithium-ion batteries which is expected to generate additional opportunities for KULR with both existing and new customers in various industries.
Securing both Special Permit 21693 for DDR and Special Permit 21704 for EOL enables KULR to further deploy its innovative SafeCASE™ technology, addressing the pressing need for responsible battery management amidst the rising utilization of batteries across diverse industries. Both Special Permits will open new doors for the Company to support industries and consumers in managing batteries at their end of life or when they become damaged or defective, in a manner that is both safe and compliant with regulations. Previously, KULR partnered with Clarios, the largest global producer of lead acid batteries, providing its SafeCASE™ transportation solution for a U.S. Department of Energy lithium battery lifecycle initiative to develop the manufacturing and re-use of lithium-ion batteries and their chemical elements in the United States for the purpose of domestic national interest.
Recently, the Company announced a collaboration with Charlotte, North Carolina-based battery recycler Cirba Solutions. The collaboration remains focused on developing a safe transportation platform for original equipment manufacturers to store and transport prototype, EOL, and DDR lithium-ion batteries up to 2.5-kilowatt hours by using KULR’s SafeCASE™ product and Cirba’s nationwide logistics and recycling services.
KULR's commitment to battery safety and sustainability is in line with global efforts to promote the responsible use and disposal of lithium-ion batteries. As legislation and environmental awareness continue to drive the shift towards electric-powered solutions and the need for efficient recycling processes, KULR stands at the forefront, ready to meet these challenges with innovative and reliable technologies. According to research firm EMR, the global market for battery recycling is expected to grow at a CAGR of
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. For more information, please visit www.kulrtechnology.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 March 28, 2023, as may be amended or supplemented by other reports we filed 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.
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