KULR Technology Group (KULR) shares were up over 7% early Wednesday after the lithium-ion battery producer said the US Army has expanded the company's contract by $600,000 as it nears completion developing prototypes and wrapping up environmental testing under its initial work order.

KULR Technology and the US Army previously announced an upsized $1.8 million contract in March that called on the company to develop next-generation batteries for use in advanced aviation applications.

With the new contract extension, the US Army purchase order now totals $2.4 million, the company said, adding it expects to work on additional prototypes and environmental qualifications.

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