SAN DIEGO - KULR Technology Group, Inc. (NYSE American: KULR), a company specializing in sustainable energy management, has received two Special Permits from the United States Department of Transportation (DoT). These permits, identified as Special Permit 21693 and Special Permit 21704, authorize the transport of damaged, defective, or recalled (DDR) batteries and end-of-life (EOL) batteries, enhancing safety measures for battery disposal and recycling.
This development is expected to create additional business opportunities for KULR, potentially attracting both new and existing customers across various sectors.
With the issuance of these permits, KULR can now expand the use of its SafeCASE™ technology, meeting the growing need for responsible battery management in an era of increasing battery usage in multiple industries. The permits facilitate KULR's support for safe and regulatory compliant management of batteries at their end of life or when they are deemed damaged or defective.
KULR has previously collaborated with Clarios on a U.S. Department of Energy initiative focused on the lifecycle of lithium batteries. More recently, KULR announced a partnership with Cirba Solutions, a Charlotte-based battery recycler, to develop a safe transportation platform for lithium-ion batteries up to 2.5-kilowatt hours.
Market research by EMR indicates that the global battery recycling market is projected to grow at a CAGR of 7.80% from 2024 to 2032, potentially reaching a value of USD 24.04 billion by 2032.
This development is based on a press release statement from KULR Technology Group, Inc.
InvestingPro Insights
KULR Technology Group's recent acquisition of Special Permits from the U.S. Department of Transportation is a strategic move that could amplify their presence in the battery management market. To provide a deeper financial context to this development, here are some key insights based on real-time data from InvestingPro.
InvestingPro Data indicates a substantial revenue growth for KULR in the last twelve months as of Q3 2023, amounting to 215.9%. This is complemented by an impressive gross profit margin of 49.89%, showcasing the company's ability to maintain profitability on its products and services. Despite these strong growth figures, it's worth noting that the company's stock has experienced considerable volatility, with a price total return of -87.53% over the last year, reflecting the high-risk nature of investing in KULR.
An InvestingPro Tip worth mentioning is that analysts anticipate sales growth in the current year, which could be further bolstered by the new opportunities arising from the DoT permits. However, it's essential to consider that the company is quickly burning through cash and analysts do not anticipate profitability this year, which may affect short-term financial stability.
For investors interested in a more comprehensive analysis, there are 15 additional InvestingPro Tips available for KULR at https://www.investing.com/pro/KULR. These tips provide valuable insights into the company's financial health and market position.
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