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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):
May 7, 2024
KULR TECHNOLOGY GROUP, INC. |
(Exact name of the registrant as specified in its
charter) |
Delaware |
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001-40454 |
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81-1004273 |
(State or other jurisdiction of
incorporation) |
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(Commission
File Number) |
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(IRS Employer Identification
No.) |
4863
Shawline Street, San Diego, California 92111
(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) |
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¨ |
Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14D-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
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 |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock |
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KULR |
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NYSE American LLC |
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 May 7, 2024, KULR Technology
Group, Inc. (the “Company” or “KULR”) issued a press release announcing it today announced the Company has successfully
completed large format fractional thermal runaway calorimeter (“L-FTRC”) tests for 200 Amp-hour high energy Nickel Manganese
Cobalt prismatic format lithium-ion cells for its global automotive OEM customer.
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 as 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.
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.
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KULR TECHNOLOGY GROUP, INC. |
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Date: May 7, 2024 |
By: |
/s/ Michael Mo |
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Michael Mo |
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Chief Executive Officer |
Exhibit 99.1
KULR
Technology Successfully Completes 200 Amp-Hour Battery Fractional Thermal Runaway Calorimetry Test for EV Customer
SAN DIEGO / GLOBENEWSWIRE / May 07, 2024 / KULR Technology Group,
Inc. (NYSE American: KULR) (the "Company" or "KULR"), "), a global leader in safe and high-performance
energy storage solutions, today announced the Company has successfully completed large format fractional thermal runaway calorimeter
(“L-FTRC”) tests for 200 Amp-hour (Ah) high energy Nickel Manganese Cobalt (NMC) prismatic format lithium-ion cells for its
global automotive OEM customer. As the exclusive licensee of the L-FTRC technology from NASA, KULR is uniquely positioned to service
customers in electric vehicles, grid energy storage and industrial applications with L-FTRC testing of their batteries in the global
cell testing market estimated to reach USD $7 billion by 2030. Just last year, a leading global automaker selected KULR
for its next-generation EV battery safety and testing solutions. Recently, EV automakers have been exploring high-performance silicon-anode
batteries and other technologies to enhance driving range and reduce costs in future electric vehicles.
The S-FTRC, a NASA Invention of the Year Award Winner, was
expanded in 2018 to accommodate large format cells (L-FTRC). This technology was eventually licensed by KULR Technology Corporation on
an exclusive basis in 2023. With this technique, KULR can characterize total energy yield, fractional energy yield, and mass ejection
distributions for the largest of lithium-ion cell formats available (both from a dimension standpoint and with respect to capacity).
This arrangement also allows KULR to extract and submit gas samples for third party gas speciation analysis.
William Walker, KULR CTO, stated, "Thermal runaway testing in
general is a challenge where numerous variables and their impacts must be considered. Ultimately, we are characterizing very violent events.
If the objective is closed, or semi-closed, in format testing the larger the cell -- the more difficult the test.” Walker continued,
“When a lithium-ion cell goes into thermal runaway, we have immense amount of heat and gas released, with estimates of gas generation
to be on the order of 3 liters per Ah. For 200 Ah cell, this means we must be prepared to deal with up to 600 liters of hot, toxic, and
corrosive gases that are released in as little as 3-5 seconds. The KULR engineering team’s modifications to the NASA developed technology
allowed us to successfully facilitate, instrument, and characterize the thermal runaway event of a NMC based 200 Ah cell for one of our
customers.”
With all modifications considered, KULR is the only entity capable
of conducting FTRC format experiments for cylindrical, pouch, and prismatic cells of any capacity. Walker concluded that, “this
accomplishment marks a new era of what we can do with FTRC and how far we can push the technology. No customer and no cell are off limits.
KULR can handle it.”
During the onboarding process, KULR modified
the design to be modular so that the mass of the system could be reduced or increased enough to sufficiently support
“mid” sized lithium-ion cells (e.g. 30 Ah to 70 Ah) and very large cells (upwards of 200 Ah), respectively (the as
licensed technology was only good for over 100 Ah capacity cells). Ongoing research and development activities seek to add
additional instrumentation to the device to facilitate real time mass flow measurement of the gases and in-situ characterization of
some of the more toxic gases, such as Hydrogen Fluoride (HF). Understanding HF concentrations is critical to achieving certification
when using lithium-ion cells in applications that are used around people.
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 press 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 April 12, 2024, as may
be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. 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:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
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