KULR Technology Group, Inc 8-K, filed Feb 28, 2023
KULR Technology Group, Inc. (KULR)
About this 8-K
KULR Technology Group, Inc filed this 8-K on February 28, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure |
On February 28, 2023, KULR Technology Group, Inc. (the “Company”) issued a press release announcing that it has secured a $2.68 million follow-on contract as the exclusive supplier of its patented and proprietary fail-safe Passive Propagation Resistant battery solutions for a stationary and mobile lithium-ion battery power system manufacturer.
A copy of the above-mentioned press release is attached herewith as Exhibit 99.1.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The Company uses, and will continue to use, its website, press releases, and various social media channels, including its Twitter account (twitter.com/kulrtech), its LinkedIn account (linkedin.com/company/kulr-technology-corporation), its Facebook account (facebook.com/KULRTechnology), its TikTok account (tiktok.com/Kulr_tech), its Instagram account (instagram.com/Kulr_tech), and its YouTube account (youtube.com/channel/UC3wZBPINQd51N6p35Mo5uQg), as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases and on the social media channels identified above, as such information could be deemed to be material information.
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 February 28, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: February 28, 2023 | By: | /s/ Michael Mo |
| Michael Mo | ||
| President & Chief Executive Officer | ||
Exhibit 99.1
KULR Secures Follow-On $2.68 Million Contract as Exclusive Supplier of Fail-Safe Battery Safety Solutions for Industrial Scale Energy Storage System Manufacturer
SAN DIEGO / GLOBENEWSWIRE / February 28, 2023 / KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leading energy management platform company accelerating the global transition to a sustainable electrification economy, today announced it secured a $2.68 million follow-on contract as the exclusive supplier of its patented and proprietary fail-safe Passive Propagation Resistant (“PPR”) battery solutions for a stationary and mobile lithium-ion battery power system manufacturer (the “Customer”). After extensive design and testing efforts, this order represents KULR's single largest PPR deployment order in a stationary or mobile energy product to date. This is a follow-on order as the Customer prepares to scale towards the full automation of its battery assembly operations, whilst KULR expands its automated PPR component manufacturing in North America.
The Customer relied on KULR’s PPR solution in designing, testing, and meeting the stringent UL 9540 (Field-Listed with Energy Storage Systems) and UL 9540A (Cell/Module/Pack-Tested) certification of its stationary lithium-ion battery pack systems, which in turn led to rigorous testing and passing of the safety threshold established by the Canadian Standards Association Group (“CSA”), an independent testing body that is a leader in standards development, testing, inspection and certification.
The Customer’s lithium-ion battery systems have been authorized as safe to use in occupied buildings. The systems can be configured to provide from 50 KWh (“Kilowatt-hours”) to 5 MWh (“Megawatt-hours”) of distributed energy storage at the point-of-use where applications range from medical and research complexes, residential and commercial buildings, to remote data centers and manufacturing facilities. The systems also provide fully renewable mobile energy solutions for construction equipment, waste disposal, last-mile delivery, as well as other portable industrial markets.
KULR’s PPR design solutions enable energy storage systems a longer life cycle and allow completely self-contained safe battery solutions to meet the demands of the heavy construction and manufacturing sector while opening new opportunities for KULR with industrial customers seeking to buy and store electricity during less-expensive off-peak times – offsetting the need for gas-powered generators as backup power. The state of California will require portable gas-powered generators to be zero-emissions by 2028, potentially another boon for KULR.
"We are pleased to be the exclusive supplier of fail-safe stationary storage battery solutions for this Customer’s significant buildout,” said KULR CEO Michael Mo. “The reality is that there will be many more projects like this one coming to market soon, especially with the Inflation Reduction Act amplifying demand for safe and clean stationary energy storage. We know solutions that promote battery safety are of great importance for utility and industrial energy storage providers and it’s our belief that KULR offers one of the safest and most cost-effective energy storage technologies in the marketplace.”
The stationary battery storage market is set to surpass USD $870 billion by 2032, according to a research report by Global Market Insights Inc. published in late 2022.
This latest Customer order follows the recent announcement that KULR commenced Phase 2 development of its PPR battery systems for Lockheed Martin Corporation’s (NYSE: LMT) Advanced Energy Systems. As KULR continues to collaborate with entities such as the United States Department of Defense ("DoD"), NASA, and major defense manufacturers, KULR is steadily leveraging its thermal design expertise beyond government contracts, rechanneling its PPR applications from military purposes to commercial enterprise, for uses such as energy storage systems, e-mobility, and cloud computing.
About KULR Technology Group
Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play
a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and
licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic
suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. 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 with the Securities and Exchange Commission on March 28, 2022. 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:
Mark Komonoski
Partner
Integrous Communications
Phone: 1-877-255-8483
Email: kulr@integcom.us