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.

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