KULR Technology Group Inc. KULR shares jumped Thursday after the company received a permit from the U.S. Department of Transportation (DoT) certifying that its packaging for lithium cells and batteries is safe for air freight.
Prototype lithium batteries are only authorized to be transported on cargo-carrying aircrafts to, from or within the U.S. when approved by the DoT.
"When transporting prototype batteries aboard cargo aircrafts, it is critical to ensure the highest level of safety," said KULR President Keith Cochran. "KULR's packaging was approved by the US DoT based on its ability to contain potential hazards in the unlikely event that a cell or battery would experience a thermal event."
The special permit authorizes the manufacture, mark, sale and use of KULR's specially designed packaging for the transportation of prototype lithium cells and batteries.
KULR shares were rising 15.6% to $2.62 on Thursday morning.
Lithium-ion batteries fuel electric vehicles, which are gaining in popularity as governments and businesses look for ways to cut greenhouse gas emissions.
Lithium batteries also face competition from solid-state batteries designed for cars and mobile devices.
Solid-state batter producer Solid Power recently announced plans to go public on the Nasdaq through a reverse merger with special purpose acquisition company Decarbonization Plus Acquisition Corp (DCRB) - Get Report.
Solid says its batteries could provide a near 500-mile vehicle range on a single charge, which would be a 50% to 75% increase over any commercially available lithium-ion battery today.