Dragonfly Energy Granted New US Patent Making Way for Solid State Battery Production

RENO, Nev., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and producer of deep cycle lithium-ion storage batteries, announced it has been awarded patent number US11,491,508 by the United States Patent and Trademark Office (USPTO). The patent is for “systems and methods for dry powder coating layers of an electrochemical cell” and is a major step forward in the Company’s mission to provide affordable and effective energy storage solutions, including the domestic manufacturing of all solid-state battery cells. This new patent adds to the Company’s extensive portfolio focused on dry powder coating of lithium ion battery electrodes.

The patented powder coating system is part of the lithium battery manufacturing process, replacing methods which require a significant amount of time and expensive heavy machinery by forming a particle layer on a substrate through a dry powder coating spray process. The process developed by Dragonfly Energy is groundbreaking, and Dragonfly Energy believes that this process will enable it to significantly reduce space and cost for lithium ion battery manufacturing. More importantly, the process is integral to scalable production of a non-flammable solution for lithium ion battery applications.

Dragonfly Energy’s all solid-state batteries will contain a solid electrolyte rather than liquid, making them lighter, smaller, non-flammable, and potentially cheaper to manufacture than conventional battery chemistries. Dragonfly Energy has validated its solid-state technology and is optimizing the cells in preparation for production. The Company’s unique solid-state technology is designed to be cost-effective and is expected to allow for highly scalable manufacturing. Unlike many battery manufacturers in the industry today who focus on developing batteries for the EV market, Dragonfly Energy’s products uniquely focus on deep cycle storage for grid, residential and industrial applications.

“This patent is another significant achievement for Dragonfly Energy,” Dr. Denis Phares, CEO of Dragonfly Energy, said. “We have been developing dry powder coating processes for lithium-ion battery production for over a decade, and this newly patented process is a key piece of the foundation for manufacturing our all solid-state batteries here in the U.S. Developing a domestically produced battery is critical to the country’s grid stability and our ultimate goal of revolutionizing grid storage.”

To learn more about the process and development of all solid-state batteries from Dragonfly Energy, visit DragonflyEnergy.com.

About Dragonfly Energy
Dragonfly 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 Statements
This 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 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. Factors that may impact such forward-looking statements include, but are not limited to: the Company’s ability to recognize the anticipated benefits of the Company’s recent business combination with Chardan NexTech Acquisition 2 Corp. and related transactions; the Company’s ability to successfully increase market penetration into target markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully optimize solid state cells and to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the impact of the coronavirus disease pandemic, including any mutations or variants thereof and/or the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Registration Statement on Form S-4 relating to the business combination declared effective by the U.S. Securities and Exchange Commission the (“SEC”) on September 16, 2022, in the Company’s Current Report on Form 8-K filed with the SEC on October 7, 2022, as amended by the Amendment No. 1 to the Current Report on Form 8-K/A filed with the SEC on October 12, 2022 and the Amendment No. 2 to the Current Report on Form 8-K/A filed with the SEC on November 14, 2022, and in the Company’s subsequent filings with the SEC.

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 Relations
Amy Demuth, Rad Strategies
team@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.