Benzinga | Oct 6, 2021 04:20PM EDT

KULR Technology Group Reports Its Recently-Announced Partner, Heritage Battery Recycling, Merged With Retriev Technologies

KULR Technology Group, Inc. (NYSE:KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, alongside its recently announced partner Heritage Battery Recycling ("HBR"), expanded its safe battery transportation market share as a result of HBR's merger with Retriev Technologies ("Retriev"). HBR's combination with Retriev will create the largest lithium-ion battery recycler in North America.

The combined entity will operate under the Retriev Technologies name as it leverages its extensive reach into the original equipment manufacturer ("OEM") recycling market Retriev serves. In addition to the existing partnership's customer programs in the e-bike and scooter markets, KULR will also provide safe transportation logistics to Retriev's battery collection operations across North America. Retriev will serve the entire battery lifecycle - from pickup and transportation to critical material recovery and reuse.

Retriev, through the HBR network, will maintain access to over 100,000 customer locations, 2,500 employees, and a fleet of over 1,300 vehicles and 108 facility locations across North America.

"Heritage's merger with Retriev expands our already large recycling footprint within North America and provides a safe and cost-effective solution for their customers to store and transport lithium batteries for recycling," said Michael Mo, CEO of KULR. "We are proud to provide our space-proven thermal solutions to Retriev and their customers, with the aligned goal of helping provide a safer and cleaner environment for everyone."

Shane Thompson, President of Retriev added: "KULR's Safe Case, along with its US Department of Transportation special permits for safe transport of higher capacity batteries, meets a large, underserved area of need for Retriev and enables our customers to ship batteries safely back to us for recycling. Given that it's also a reusable case, it further contributes to the broader green initiatives that are core to our company's core competency."

The market size for lithium-ion batteries is forecasted to exceed $116 billion by 2030 with a projected CAGR of 12.3% from 2021 to 2030, according to a recent 2021 report. Growing adoption of electric vehicles along with declining prices of lithium-ion batteries -- coupled with government initiatives to promote sustainable energy utilization, will drive the lithium-ion battery market size.