Benzinga | Sep 30, 2021 06:46AM EDT

KULR Technology Receives Authorization For Expanded Battery Coverage To Its Existing Department Of Transportation Special Permit

KULR Technology Group, Inc. (NYSE:KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, announced that the U.S. Department of Transportation ("DoT") authorized a modification to its existing DoT Special Permit (SP21139) to now include the transportation of reused, refurbished, and retrofitted lithium-ion and metal batteries for recycling. KULR's upgraded special permit significantly reduces administrative requirements for both existing and potential customers by streamlining real-time operations, which provide substantial cost and time savings.

The authorized modification ensures the Company's KULR-Tech Safe Case addresses batteries of any condition: new, used, recycled, refurbished, reused, prototyped or DDR (damaged, defective, or recalled). The special permit provides exceptions from shipping papers and employee training when shipping lithium batteries up to 2.1 kilowatt-hours ("kWh"). The permit also authorizes the exceptions based on using KULR's specially designed thermally protective packaging which incorporates the Company's patented thermal runaway shield ("TRS") technology.

"As we've seen with the largest automotive manufacturers making strategic investments in battery recycling as well as the recent spate of battery recycling IPO's, the market is starting to recognize the importance of this matter in the circular economy, which is expected to grow to $21 billion by 2025," said KULR COO Keith Cochran. "With KULR's space-proven, patent-pending technologies and DoT special permits in place, we are well positioned to be the leading provider of battery storage and transportation solutions that services the largest OEM's and service providers in the industry."

The authorized expansion of permit SP21139 was awarded on September 24th, 2021.