KULR Technology Group, Inc. ( KULR ) shares are jumping higher after it received a significant six-figure contract from Lockheed Martin Corporation ( LMT ) .

As per the terms, KULR ( KULR ) will develop phase change material (PCM) heat sinks that are key for the thermal regulation of essential electronics within long-range precision missiles. 

The contract win follows a series of successful evaluations that showcased the efficiency of KULR’s solutions in cooling critical onboard systems, and this contract underscores its role as a source of innovative cooling solutions.

Ted Krupp, KULR’s VP of Sales and Marketing, said, “Our partnership with Lockheed Martin ( LMT ) validates our drive for excellence and innovation in managing high-stakes thermal challenges. Our work is critical for enhancing the capabilities of precision-guided weaponry.” 

In December, KULR ( KULR ) disclosed winning an initial purchase order from one of the world’s largest privately held space exploration companies.

Price Action: KULR ( KULR ) shares are up 21.4% at $0.3947 on the last check Tuesday.