Dragonfly Energy gets $2 million investment
A $2 million investment in Reno-based startup Dragonfly Energy Corp. is expected to accelerate expansion of its manufacturing capacity. Dynavolt Renewable Power Technology Co. Ltd. invested $2 million to acquire 2 million shares of stock in Dragonfly Energy, which makes lithium-ion batteries. The investment represents a one-third ownership stake in the company.
The grand opening of Dragonfly Energy will be at 12:30 p.m. July 12 at 4814 Longley Lane, Reno. In attendance will be the CEO of Dynavolt, a representative from Senator Harry Reid's office, Senator Ben Kieckhefer, Assemblywoman Jill Tolles and Washoe County Commissioner Bob Lucey. The event will feature facility tours and a product demo with a go-ped using Dragonfly batteries. The public is invited.
Dragonfly Energy started as an research-and-development company developing manufacturing methods for reducing the cost of energy storage. The company grew to manufacture and market a line of 12-volt deep cycle lithium-ion batteries for RV, marine and off-grid solar applications. The company currently manufactures and sells batteries for consumer and original equipment manufacturer applications with a focus on serving the marine and RV industries.
Denis Phares, chief executive officer of Dragonfly Energy, said the company is using the proceeds from the Dynavolt investment to widen its product offerings and accelerate its R&D program.
Phares said expansion of Dragonfly Energy’s manufacturing capacity marks a major step in the company’s goal of lowering the costs of lighter, longer-life energy storage options for customers who currently rely on lead-acid batteries. The company relies on patented, environmentally friendly processes that reduce manufacturing costs.
Dynavolt, a leading maker of energy storage products, increasingly expects that lithium-ion and other renewable technology will drive its future growth. Dynavolt chairman Lewu Chen said that the investment in Dragonfly Energy, which is the China-based company's first U.S. investment, gives it access to technology that is expected to lower manufacturing costs.