KULR Technology Group Inc. (KULR) stock prices were up by 2.53% as of the market closing on October 6th 2021. This brought the price per share up to USD$2.03 at the end of the trading day. Subsequent premarket fluctuations have seen the stock surge by 1.48%, bringing it up to USD$2.06.
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KULR Stock’s Partnership
October 6th 2021 saw KULR stock announce the expansion of its share in the safe battery transportation market share. This development results from the company’s merger with Retriev Technologies. The collaboration is expected to create the largest lithium-ion battery recycler in North America. The combined entity will operate under the Retriev Tech name as it leverages its expanded reach into the original equipment manufacturer (OEM) recycling market that Retriev serves. KULR stock will expand its offerings from its existing partnership’s customer programs in the e-bike and scooter markets. The company will also provide safe transportation logistics to the partnering company’s battery collection operations across North America. The partnering company will serve the entire battery lifecycle, from pickup and transportation to critical material recovery and reuse.
Scope of Collaboration
Through the HBR network, the partnering company will maintain access to more than 100,000 customer locations and 2.500 employees. KULR stock also boasts a fleet of more than 1,300 vehicles and 108 facility locations across North America. The company’s merger with Retriev serves to facilitate the expansion of an already sizeable recycling footprint within North America. This development will provide a safe and cost-effective solution for their customers in the storage and transportation of lithium batteries for recycling.
The company’s Safe Case operates in conjunction with the U.S. Dept. of Transportation special permits for safe transport of higher capacity batteries. This helps the company meets a large, underserved area of need for Retriev, thereby enabling its customers to ship batteries safely back to the company for recycling. The market size for lithium-ion batteries is expected to surpass USD$116 billion by 2030. Projected CAGR is forecasted to be 12.3% from 2021 to 2030, as per a recent report from 2021. The lithium-ion battery market size will continue to be driven by the proliferation of electric vehicles, along with declining prices of lithium-ion batteries.
Future Outlook for KULR Stock
The company is keen to capitalize on the expanded scope of opportunities resulting from its merger with Retriev. KULR stock has reported a strong quarter, the momentum of which it hopes to carry on through the upcoming quarters. Current and potential investors are hopeful that management will b able to leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value.