Dragonfly Energy Holdings Corp. is expanding into new markets.
Stryten Energy, a lead, lithium and vanadium battery supplier, will license Dragonfly’s Battle Born Batteries for a potential value of up to $30 million. The company’s vast distributor and customer network will introduce Battle Born Batteries into new business-to-business markets including automotive, golf carts, lawn and garden, marine, military and powersports industries.
With the expansion, Dragonfly will continue to serve in current markets including RV, off-grid and heavy-duty trucking.
Dragonfly CEO Denis Phares said, “We believe that Stryten Energy’s extensive reach and shared commitment to innovation will make this agreement the beginning of a truly mutually beneficial relationship, and we are confident it will unlock increased growth for both companies.”
Stryten will pay Dragonfly $5 million up front, then pay royalty payments that could totaled an additional $25 million. Stryten employs more than 2,500 individuals and has 10 manufacturing facilities.
Dragonfly will continue to make Battle Born Batteries at its northern Nevada facility until Stryten establishes its own domestic manufacturing footprint.
Stryten CEO Mike Judd said, “This partnership with Dragonfly Energy will allow us to expand our transportation product portfolio and provide our customers access to the well-known Battle Born Batteries brand of quality lithium batteries.”
Dragonfly will provide technical support for all Battle Born Batteries products.
Dragonfly Chief Marketing Officer Tyler Bourns said, “We believe this is a major step forward in our mission to make Battle Born Batteries a household name across North America.”
