KULR Technology Group Inc. (NASDAQ: KULR) stock surged by 2.53% at last close while the KULR stock-price gains by 1.48% in the after-hours trading session after its business partner Heritage Battery Recycling has signed an important merger deal with Retriev Technologies. Next-generation carbon fiber heat management solutions for batteries and electronic systems are developed, manufactured, and licensed by KULR Technology Group Inc. (NYSE American: KULR).
KULR stock’ Important Development
As a consequence of HBR’s merger with Retriev Technologies, KULR Technology Group, together with its recently announced partner Heritage Battery Recycling, increased its safe battery transportation customer base. The merger of HBR and Retriev will establish North America’s largest lithium-ion battery recycling.
The merged business will run under the name Retriev Technologies. KULR will offer reliable transportation logistics to Retriev’s battery collecting operations across North America, in addition to the current partnership’s client programs in the e-bike and scooter industries. From collection and delivery to essential material recovery and reuse, Retriev will service the complete battery lifetime.
Michael Mo, CEO of KULR commented,
Heritage’s merger with Retriev tends to increase their existing extensive recycling presence in North America while it will also provide secure and cost-effective storage and transportation option for their customers’ lithium batteries for recycling. They’re happy to offer Retriev and its clients their space-tested thermal solutions, with the shared aim of making the world a safer and cleaner place for everybody.
Shane Thompson, President of Retriev stated,
The Safe Case from KULR, coupled with specific licenses from the US Department of Transportation for the safe transport of greater capacity batteries, fills a significant, unmet demand for Retriev and allows its customers to securely return batteries to them for recycling. It also adds to the larger green initiatives that are essential to the company’s core expertise because it is a reusable case