KULR Technology (KULR) said Tuesday it was awarded $6.7 million by the Texas Space Commission as part of a $26 million grant to support the state's role in space exploration and technology.
The funding supports KULR's program to develop lithium-ion battery systems for use in cold environments on the Moon and Mars, in partnership with NASA's Johnson Space Center and battery materials company South 8 Technologies, the company said.
KULR said it will lead the design, testing, and manufacturing of lithium-ion cells using South 8's liquefied gas electrolyte, which can function in extremely cold temperatures.
Shares of the company were up 7.5% in recent trading.
Price: 1.22, Change: +0.09, Percent Change: +7.52
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.