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KULR Technology Group Inc is a leading energy management platform company that focuses on developing and commercializing high-performance thermal management technologies for electronics, batteries, and other components. The company aims to revolutionize the $7.5 billion thermal management industry by offering carbon fiber-based architecture that replaces less efficient aluminum and copper heat spreaders and exchangers. KULR's proprietary carbon fiber thermal interface materials provide higher performance, lower contact pressure, higher compliance, and longer reliability compared to traditional materials. The company is actively involved in partnerships, such as the recent contract with BRP, to advance its thermal management solutions for e-mobility products and regulatory compliance.
KULR Technology Group has received a special permit from the U.S. Department of Transportation (DoT) allowing the transport of prototype lithium batteries on cargo aircraft. Issued on June 14, 2021, this permit enables KULR to package and ship these batteries safely, thereby enhancing logistics for the growing battery transportation market. This is the company's second permit in less than a month, validating its passive propagation resistant (PPR) technology. With increasing reliance on lithium batteries, this development supports innovation and safety in battery technology.
KULR Technology Group Inc. announced the appointment of Greg Provenzano as the new Vice President of Sales and Marketing on June 10, 2021. Provenzano brings over 35 years of experience, having previously served as SVP of Sales at Advanced Energy, where he significantly boosted revenues from $18M to $108M. His role at KULR will focus on enhancing sales strategies, targeting large volume applications, particularly in electric vehicles and aerospace. KULR develops cutting-edge thermal management technologies aimed at improving safety and efficiency in various industries.
KULR Technology Group has announced its approval to uplist to the NYSE American Exchange, with trading set to commence under the ticker KULR on June 7, 2021. This transition is anticipated to enhance the company’s market visibility and liquidity, opening access to a broader range of investors. Co-Founder and CEO Michael Mo expressed gratitude towards employees and shareholders for their support, highlighting this milestone as a significant step in KULR's growth potential within the lithium-ion battery safety sector.
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.
KULR Technology Group has received United States Patent Number 11018397 for its innovative Thermal Runaway Shield (TRS), enhancing its intellectual property portfolio aimed at battery safety. The TRS, designed to mitigate risks of thermal runaway in lithium-ion batteries, is currently employed by NASA for battery transport and storage in the International Space Station. This marks the company's third patent related to TRS technology, emphasizing their commitment to advancing battery safety across various sectors, including electric vehicles and space exploration.
KULR Technology Group (OTCQB: KULR) announced its sponsorship of Marco Andretti for the 105th Indianapolis 500 on May 30, 2021. As part of this partnership, KULR's logo will feature on Andretti's No. 98 Honda race car. KULR has previously collaborated with Andretti Technologies as their official thermal management and battery safety provider, establishing a platform for high-performance battery solutions.
Michael Mo, CEO of KULR, expressed honor in associating with the Andretti legacy in racing. The collaboration reinforces KULR's commitment to racing safety and technical excellence.
KULR Technology Group, Inc. (OTCQB:KULR) announced a 439% revenue increase to $417,905 for Q1 2021 compared to Q1 2020, driven by new military and aerospace orders. The company raised $6.5 million on May 20, 2021, enhancing its balance sheet and supporting its up-listing process. KULR is targeting e-mobility markets, launching a smart battery for commercial drones, and expanding operations. However, SG&A expenses rose 220% to $1,492,811, leading to a higher operating loss of $1,473,157.
KULR Technology Group has entered into a securities purchase agreement with Yorkville Advisors for the sale of 650 shares of Preferred Stock, convertible into common stock at $2.05 per share. The transaction is expected to generate approximately $6.5 million in gross proceeds. Additionally, the company issued Warrants allowing the purchase of up to 2,600,000 shares at $2.50 each, which could generate another $6.5 million if fully exercised. The offering's closing is anticipated around May 20, 2021, subject to customary conditions.
KULR Technology Group (OTCQB:KULR) announced that CEO Michael Mo will present at the Benzinga Global Small Cap Conference on May 14, 2021, at 5:05 p.m. EDT. This virtual conference aims to connect small-cap companies with global investors. Mo will discuss KULR's lithium-ion battery safety technologies, market opportunities, and strategic developments. Investors can register for the event here. KULR specializes in thermal management solutions for various industries.
KULR Technology Group, Inc. reported strong preliminary financial results for Q1 2021, expecting a remarkable 400% year-over-year revenue growth, with estimated revenues of $410,000 compared to $77,509 in Q1 2020. Gross profit also saw a significant increase of over 170%, reaching $140,000. CEO Michael Mo highlighted ongoing expansions into new markets, including a $127 billion commercial drone sector, and a partnership with Andretti Technologies for electric vehicle applications.
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