KULR Technology Group, Inc 8-K, filed Jun 10, 2020
KULR Technology Group, Inc. (KULR)
About this 8-K
KULR Technology Group, Inc filed this 8-K on June 10, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 10, 2020
KULR TECHNOLOGY GROUP, INC.
(Exact name of the registrant as specified in its charter)
| Delaware | 000-55564 | 81-1004273 | ||
| (State or other jurisdiction of | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) |
1999 S. Bascom Ave. Suite 700. Campbell, CA 95008
(Address of principle executive offices) (Zip code)
Registrant’s telephone number, including area code: (408) 663-5247
(Former name or address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14D-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
| None |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure |
On June 10, 2020, KULR Technology Group, Inc. (the “Company”) issued a press release newly reporting data from test results of the Company’s internal short certain technology demonstrating the value the technology would deliver to potential customers that wish to improve performance and safety of Li-ion battery packs. The press release also explains that such technology was important in evaluating the efficacy of the solutions the Company has provided in various space applications.
A copy of the above mentioned press release is attached herewith as Exhibit 99.1.
The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Exhibits |
| Exhibit No. | Description | |
| 99.1 | Press Release dated June 10, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.
| KULR TECHNOLOGY GROUP, INC. | ||
| Date: June 10, 2020 | By: | /s/ Michael Mo |
| Michael Mo | ||
| President & Chief Executive Officer | ||
Exhibit 99.1
KULR Technology Announces Battery Solution for Space Applications
CAMPBELL, CA, June 10, 2020 – KULR Technology Group, Inc. (OTCQB: KULR) (the “Company” or “KULR”), a leading developer of thermal management technologies, announced today a passive propagation resistant (PPR) battery design solution for space applications, including both trigger and product cells, for lithium ion battery testing and safety, which is critical for the estimated $146 million global space battery market by 2023. KULR’s PPR design solution prevents cell to cell thermal runaway propagation and inhibits the fire and ejecta of a single cell from exiting the battery enclosure.
KULR's VEGA internal short circuit technology allows the user to identify and study any safety issues with a cell or battery pack design. It can be used as a valuable research tool for research institutes, battery manufacturers, or OEMs who wish to improve both the performance and safety of their Li-ion battery packs. KULR's suite of battery solutions offers both 18650 and 21700 trigger and product cells with top vent only or top and bottom vent.
KULR also provides a product cell screening service. In order to weed out damaged or defective cells before they become dangerous, cell screening catches latent defects in cells early in the process rather than after it's too late -- once the ageing process has taken its toll on the faulty cell.
Thermal Properties of KULR Trigger Cells:
| KULR K500 - 21700 | KULR K330 - 18650 | |||||
| Trigger Method | KULR ISC Cell | Overheating | Nail Penetration | KULR ISC Cell | Overheating | Nail Penetration |
| Average Energy Release at TR | 83KJ | 82KJ | 90KJ | 60KJ | 60KJ | 56KJ |
| St. Deviation | 6KJ | 1.8KJ | 2.6KJ | 1.8KJ | 3 KJ | 1.96 KJ |
| Energy Distribution | ||||||
| Cell Body | 33.80% | 35% | 30.70% | 35% | 32% | 36.50% |
| Top Vent | 32% | 37% | 23% | 37% | 23% | 17% |
| Bottom Vent | 34.50% | 27% | 45.40% | 27% | 50% | 46% |
KULR currently works with NASA’s Marshall Space Center and NASA’s Ames Research Center on the PPR CubeSat battery design to meet the JSC 20793 Revision D safety standard created by NASA for a crewed space mission. Also, KULR’s HYDRA thermal runaway shield technology was recently deployed to the International Space Station to store laptop batteries and also is currently being tested by a Tier-1 medical device maker, an electric aircraft maker, and others.
The PPR design is an integrated solution that combines KULR’s HYDRA thermal runaway shield, KULR’s LYRA internal short circuit testing methodology, and NASA’s Fractional Thermal Runaway Calorimeter cell analysis technology to provide total battery safety. KULR’s HYDRA thermal runaway shield has been proven by various government testing authorities to stop or mitigate the impacts of dangerous lithium-ion battery failures known as thermal runaway.
“We are proud of our battery solution for space applications and honored to work on the important issue of battery safety,” said Michael Mo, CEO of KULR. “We are continuously evolving and improving our testing tools and safety solutions and we look forward to sharing them with any customer who relies on safe and efficient battery technology.”
For more information on KULR's battery solution for space applications, or to learn more about KULR’s battery safety and passive propagation testing technologies, please direct enquiries to contact@kulrtechnology.com.
###
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 deep space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics, 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 on May 14, 2020. 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.
Investor Relations:
Keith Pinder
Landon Capital
Main: (404) 995-6671
kpinder@landoncapital.net
Media Contact:
Derek Newton
Head, Media Relations
Main: (786) 499-8998
derek.newton@kulrtechnology.com