Dragonfly Energy Completes U.S. Lithium Battery Cell Pilot Line, Begins Manufacturing Anode at Scale Using Patented Dry Deposition Processes
July 19 2023 - 7:30AM
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy”
or the “Company”), maker of Battle Born BatteriesTM and an industry
leader in energy storage, announced today they have completed their
U.S. lithium battery cell pilot line. Deploying the Company’s
patented dry deposition manufacturing processes, Dragonfly Energy
has begun using its pilot line to dry deposit working anode
(industry standard graphite with an SBR/CMC binder), at a level
sufficient to support large-scale production. The Company believes
the establishment of its pilot line and the successful production
of anode marks a critical milestone for its goal of manufacturing
battery cells domestically from its Reno, Nevada, manufacturing
facility.
Dragonfly Energy’s patented battery cell
manufacturing processes are chemistry agnostic, meaning they can be
applied to various uses, which is expected to enable the Company to
expand into new markets over time and to achieve its goal of
domestically producing nonflammable solid state battery cells. The
processes allow the cells to be manufactured within a significantly
smaller footprint and without the toxic solvent present in
conventional cell manufacturing, which is expected to make the
process not only more environmentally friendly but also more cost
effective.
“Announcing that our patented dry powder coating
technology is coming to fruition at scale is not only incredibly
exciting on a personal level but also represents a significant
turning point for the Company as we expand into cell
manufacturing,” Dr. Denis Phares, Chief Executive Officer of
Dragonfly Energy, said. “The implications are considerable in terms
of advancing our mission of reducing the levelized cost of energy
storage and establishing a closed loop domestic supply chain.”
Dragonfly Energy estimates this pilot line is
capable of producing up to 150 MWh of domestically manufactured
LiFePO4 (lithium iron phosphate) battery cells per year when
operating at 70 percent efficiency. The Company believes it can
rapidly scale capacity with additional production lines as demand
increases. Using its patented dry deposition processes, the Company
has been able to significantly reduce the manufacturing footprint
required to produce lithium-ion battery cells by replacing large,
energy intensive equipment such as slurry coaters, conveyor dryers,
and solvent reclamation equipment. The new pilot line requires less
than 150 square feet of physical space per electrode and consumes
less than 6 kW of power. This significant reduction in energy and
space is expected to meaningfully reduce the environmental impact
of future battery production compared to conventional
manufacturing.
Having demonstrated the scalability of the new
manufacturing process with the production of anode material, the
pilot line is expected to begin producing cathode material during
the third quarter of 2023. With these important milestones,
Dragonfly Energy expects to produce fully American-made battery
cells from its pilot line in the fourth quarter of 2023. The
Company expects to provide sample cells to potential customers at
that time and expects to commercialize the cells by incorporating
them into new Battle Born BatteriesTM products during 2024. With a
well-established brand and customer base, the Company believes it
is in a prime position to be able to not only market American-made
battery cells, but also incorporate them into its existing and
future battery products, reducing the Company’s reliance on
imported cells and vertically integrating its battery
production.
To learn more about Dragonfly Energy, visit
DragonflyEnergy.com.
About Dragonfly EnergyDragonfly
Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada,
is a leading supplier of deep cycle lithium-ion batteries.
Dragonfly Energy’s research and development initiatives are
revolutionizing the energy storage industry through innovative
technologies and manufacturing processes. Today, Dragonfly Energy’s
non-toxic deep cycle lithium-ion batteries are displacing lead-acid
batteries across a wide range of end-markets, including RVs, marine
vessels, off-grid installations, and other storage applications.
Dragonfly Energy is also focused on delivering an energy storage
solution to enable a more sustainable and reliable smart grid
through the future deployment of its proprietary and patented
solid-state cell technology. To learn more,
visit www.dragonflyenergy.com/investors.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
are not historical statements of fact and statements regarding the
Company’s intent, belief, or expectations, including, but not
limited to, statements regarding the Company’s manufacturing
processes, the Company’s future results of operations and financial
position, planned products and services, business strategy and
plans, market size and growth opportunities, competitive position
and technological and market trends. Some of these forward-looking
statements can be identified by the use of forward-looking words,
including “may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,”
“could,” “would,” “continue,” “forecast” or the negatives of these
terms or variations of them or similar expressions.
These forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the Company’s control) which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include those set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022 and in the Company’s
subsequent filings with the SEC available at www.sec.gov.If
any of these risks materialize or any of the Company’s assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that the Company presently does not know or that
it currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. All forward-looking statements contained in this press
release speak only as of the date they were made. Except to the
extent required by law, the Company undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
Investor Relations Sioban Hickie, ICR,
Inc.DragonflyIR@icrinc.com
Media RelationsAmy Demuth, RAD Strategies
Inc.team@radstrategiesinc.com
Source: Dragonfly Energy Holdings Corp.
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