On Thursday, shares of the leading developer of next-generation lithium-ion battery safety and thermal management technologies, KULR Technology Group Inc [OTCQB: KULR] surged 20.76% to close at $2.8500. Volume of 1.08M shares of the KULR stock surpassed its 30-day Average Volume of 177.82K shares. KULR stock rose after issuance of special permit from the US Department of Transportation.
What kind of permit was issued?
A leading developer and manufacturer of next-gen carbon fiber thermal management technologies for batteries and electronic systems, KULR develops, manufactures and licenses these products. As a company rooted in NASA space mission cooling solutions and backed by a strong intellectual property portfolio, KULR provides innovative cooling solutions to industry leaders in aerospace, electronics, energy storage, 5G infrastructure, and electric vehicles.
The Department of Transportation recently granted KULR a special permit. In keeping with the permit, KULR can transport lithium-ion batteries and metal batteries for recycling.
KULR is exempt from shipping documents and employee training when shipping lithium batteries with capacities exceeding 300 Watt-Hours under this permit. The permit also authorizes KULR to use its patented thermal runaway shield (TRS) technology in its specially designed thermally protective packaging.
How was the permit granted?
The passive propagation resistant (PPR) battery design of KULR and its proprietary internal short circuit testing (ISC) technology are of particular interest to regulatory bodies. KULR continues to support regulatory initiatives that promote the development and safe transportation of lithium batteries, especially at the end of their useful life and in recycling. Since KULR provides space-proven expertise in the design, manufacturing, testing, and development of innovative equipment designed to reduce lithium battery risk.