KULR’s footprint for safe battery transportation is expanded through the merger of Heritage Battery Recycling with Retrieval Technologies
SAN DIEGO, October 06, 2021 (GLOBE NEWSWIRE) – KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of safety and thermal management technologies for next-generation lithium-ion batteries, together with its recently announced partner Heritage Battery Recycling (“HBR”) increased its market share in safe battery transportation through the merger of HBR with Retriev Technologies (“Retriev”). The combination of HBR with Retriev will create the largest lithium-ion battery recycler in North America.
The combined company will operate under the name Retriev Technologies because of its extensive reach in the original equipment manufacturer (“OEM”) recycling market that Retriever serves. In addition to the customer programs of the existing partnership in the e-bike and scooter markets, KULR will also provide secure transport logistics for Retriever’s battery collectors across North America. Retrieve covers the entire battery life cycle – from collection and transport to the recovery and reuse of critical materials.
Retrieve will have access to over 100,000 customer locations, 2,500 employees and a fleet of over 1,300 vehicles and 108 locations across North America via the HBR network.
“The merger of Heritage with Retriever expands our already large recycling footprint in North America and offers their customers a safe and affordable solution for storing and transporting lithium batteries for recycling,” said Michael Mo, CEO of KULR. “We pride ourselves on offering our space-proven thermal solutions to retrievers and their customers with the common goal of creating a safer, cleaner environment for everyone.”
Shane Thompson, President of Retrieve added, “The KULR Safe Case, along with special approvals from the US Department of Transportation for the safe transportation of higher capacity batteries, addresses a large, underserved area of retrieval demand and enables our customers to keep batteries safe send back to us for recycling. Since it is also a reusable case, it further contributes to the broader green initiatives that are at the core of our company’s core competency. “
According to a recent report from 2021, the lithium-ion battery market size is projected to exceed $ 116 billion by 2030, with a projected CAGR of 12.3% from 2021 to 2030. The increasing adoption of electric vehicles along with falling prices for lithium -Ion batteries – in conjunction with government initiatives to promote sustainable energy use – will increase the market size for lithium-ion batteries.
About the KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) develops, manufactures, and licenses the next generation of carbon fiber thermal management technologies for batteries and electronic systems. Leveraging the company’s roots in developing groundbreaking cooling solutions for NASA space missions, KULR, backed by a strong intellectual property portfolio, enables leading aerospace, electronics, energy storage, 5G infrastructure and electric vehicle manufacturers to make their products cooler, lighter and make consumers safer. More information is available at www.KULRTechnology.com.
About retrieval technologies
Retriever, a global leader in battery management and recycling, has been a leader in environmentally safe and responsible recycling technology for decades and has processed lithium batteries for over 25 years. Retriever uses a patented hydrometallurgical process that recovers critical materials needed to make lithium-ion batteries that power our world. Modern businesses, government agencies and consumers trust Retriever Technologies for its high levels of integrity and environmentally sound battery recycling and management services. To learn more about retrieve, please visit https://www.solvedbyretriev.com/.
Safe Harbor Statement
This release does not constitute an offer to sell or the solicitation of an offer to buy any company. This press release contains certain forward-looking statements that are based on our current expectations, projections and assumptions that involve risks and uncertainties. Forward-looking statements in this press release are based on information available to us as of the date of this release. Our actual results may vary due to risks and uncertainties relating to our business, including the risk factors set out on our Form 10-K filed on 19th, 2021. Forward-looking statements include statements about our expectations, beliefs, intentions, or strategies regarding the future and may use forward-looking words such as “look ahead”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “should” and “would” or similar words. All projections provided by management in this press release are based on information currently available and management believes that internal projections and expectations may change over time. In addition, the forecasts are based entirely on management’s best possible assessment of our future financial performance given our current contracts, current order backlog, and discussions with new and existing customers about our products and services. We assume no obligation to update the information contained in this press release, whether as a result of new information, future events or for any other reason.
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