KULR Technology Group Issued Special Permit from the U.S. Department of Transportation Authorizing Transport of Lithium-Ion and Metal Batteries for Recycling

Rhea-AI Summary

KULR Technology Group (OTCQB:KULR) announced the issuance of a special permit from the U.S. Department of Transportation on May 28, 2021, allowing the transport of lithium-ion and metal batteries for recycling. This permit streamlines the shipping process, exempting certain requirements when batteries exceed 300 Watt-Hours. KULR's patented thermal runaway shield technology enhances the safety of these batteries, which are increasingly used in outdoor power equipment. The company aims to leverage the growing regulations in the renewable energy market to boost its products and services.

Positive

• Issuance of a special permit from the U.S. Department of Transportation for battery transport.
• Exemptions from shipping papers enhance operational efficiency.
• Patented thermal runaway shield technology improves battery safety.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / June 1, 2021 / KULR Technology Group Inc. (OTCQB:KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, announced today it was issued a special permit from the U.S. Department of Transportation authorizing the transport of lithium-ion and metal batteries for recycling. The permit provides exceptions from shipping papers and employee training when shipping lithium batteries exceeds 300 Watt-Hours. The permit authorizes the exceptions based on using KULR's specially designed thermally protective packaging which incorporates the Company's patented thermal runaway shield (TRS) technology.

The permit issuance comes at a crucial time for the general public since lithium batteries used by consumers and companies such as outdoor power equipment manufacturers are increasingly larger and more energy dense, such as batteries for lawn mowers, snow blowers and power tools. These batteries require shipment for recycling when they reach end of life. Of particular interest to regulatory bodies are KULR's passive propagation resistant (PPR) design and proprietary internal short circuit (ISC) battery safety testing technology. As a provider of space-proven expertise in the design, manufacturing, testing and development of innovative risk mitigation solutions to enhance lithium battery safety, KULR continues to support regulatory initiatives that promote the development and safe transportation of lithium batteries, especially in end of life and recycling applications.

"Sound battery design, testing and packaging play a critical role in reducing the likelihood of cells and batteries experiencing thermal events. These factors are also crucial in reducing the hazards when a cell or battery experiences a thermal event," said Michael Mo, CEO of KULR Technology Group. "Our product strategy is to provide a suite of products to address the battery safety issue from testing, transportation, application, second life, and to end of life. The recent issuance of this special permit from the Department of Transportation is a continuation of that strategy. We firmly believe the rising safety regulations in the renewable energy market will be a strong catalyst for KULR's products and testing services going forward."

The permit, issued as SP21139, was awarded on May 28th, 2021.

About KULR Technology Group Inc.

KULR Technology Group Inc. (OTCQB: 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 Statement

This 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 19, 2021. 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.

Media Contact:

Derek Newton
Head, Media Relations
Main: (786) 499-8998
Derek.Newton@KULRTechnology.com

Investor Relations:

KULR Technology Group Inc.
Main: (888) 367-5559
IR@KULRTechnology.com

SOURCE: KULR Technology Group, Inc.

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https://www.accesswire.com/649886/KULR-Technology-Group-Issued-Special-Permit-from-the-US-Department-of-Transportation-Authorizing-Transport-of-Lithium-Ion-and-Metal-Batteries-for-Recycling

FAQ

What does the special permit issued to KULR allow?

The permit authorizes KULR to transport lithium-ion and metal batteries for recycling, with certain exemptions.

When was the special permit from the Department of Transportation issued to KULR?

The permit was issued on May 28, 2021.

How does KULR's technology enhance battery safety?

KULR uses patented thermal runaway shield technology to improve the safety of lithium-ion batteries.

What are the implications of the permit for KULR's business?

The permit positions KULR to capitalize on growing safety regulations in the renewable energy market.