Dragonfly Energy Secures $30M Licensing Deal with Stryten Energy, Expanding Market Reach
August 1st, 2024 12:45 PM
By: Advos Staff Reporter
Dragonfly Energy has entered into a $30 million licensing agreement with Stryten Energy, significantly expanding its market reach and promoting sustainability in lithium battery production.
Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) has forged a significant $30 million licensing agreement with Stryten Energy, a leading North American battery manufacturer. This collaboration will enable Stryten to utilize Dragonfly Energy’s Battle Born Batteries brand in various lithium battery products, tapping into sectors such as military, automotive, marine, power sports, lawn and garden, and golf carts.
This strategic alliance marks a substantial expansion for Dragonfly Energy, exposing its Battle Born Batteries brand to a broader customer base across multiple industries. Leveraging Stryten’s well-established retail relationships, Dragonfly anticipates increased visibility and brand recognition, potentially solidifying Battle Born as a leading name in lithium-ion batteries.
Under the agreement, Dragonfly will provide contract manufacturing and custom battery design services for Stryten, initially producing lithium battery models at its Nevada facility. This move is expected to see Battle Born Batteries products in major big-box stores, enhancing consumer and commercial market penetration.
The collaboration between Dragonfly and Stryten also emphasizes sustainability. Stryten plans to incorporate its existing battery recycling infrastructure to create a closed-loop system for Battle Born Batteries, ensuring proper disposal or recycling of returned products. This initiative aligns with the U.S. government’s push for domestic battery manufacturing and energy independence, reinforcing a commitment to environmental responsibility.
Mike Judd, CEO and President of Stryten Energy, highlighted the importance of this partnership in supporting next-generation lithium battery production for various critical applications. The integration of Dragonfly Energy’s technology into Stryten’s manufacturing processes is seen as a crucial step towards achieving energy independence and sustainability goals.
Dragonfly Energy’s innovative dry electrode battery manufacturing technology, which eliminates toxic solvents and reduces energy consumption, has been validated as cost-effective and sustainable. This partnership with Stryten is expected to further enhance Dragonfly’s position in the market, following recent deals with companies such as Refreshment Services Pepsi.
The agreement underscores the growing demand for lithium batteries and positions Dragonfly Energy as a key player in driving the industry towards a greener future. With a strong focus on research and development, Dragonfly Energy continues to innovate and expand its patented lithium battery technologies, potentially paving the way for further high-profile collaborations.
Source Statement
This news article relied primarily on a press release disributed by News Direct. You can read the source press release here,