Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy”
or the “Company”), an industry leader in green energy storage, has
made a significant breakthrough in battery manufacturing with the
successful production of PFAS-free electrodes in lithium battery
cells. As concerns mount over PFAS (per- and polyfluoroalkyl
substances), also known as 'forever chemicals,' Europe is poised to
enact restrictions on its use. This could negatively impact many
battery suppliers, as PFAS are a common chemical in lithium-ion
battery production which have been linked to environmental and
health risks. The US Environmental Protection Agency (EPA) has also
been taking steps to address these mounting PFAS concerns.
PFAS pose a growing challenge for the
lithium-ion battery industry. These substances are widely used in
battery components, from electrolytes to electrode binders, but can
be released into the environment during production, disposal, and
recycling. Dragonfly Energy recognized this as an opportunity for
differentiation and used the Company’s proprietary dry electrode
battery manufacturing process to successfully produce a working
lithium cell using PFAS-free electrodes.
"At Dragonfly Energy, we are deeply committed to
the dual imperatives of environmental sustainability and
technological advancement," said Denis Phares, Chief Executive
Officer of Dragonfly Energy. "This breakthrough by our team
exemplifies this commitment. By successfully demonstrating the
removal of persistent forever chemicals from lithium battery cells,
we believe we are well-positioned to address a critical challenge
facing the future of energy storage."
Today, traditional lithium-ion battery
production relies on both PFAS and toxic solvents like NMP
(N-Methyl-2-Pyrrolidone). Dragonfly Energy has not only
successfully demonstrated its ability to produce PFAS-free
electrodes, but the Company’s proprietary dry electrode
manufacturing process was recently validated for its sustainable,
cost-effective process. This process, highlighted by the use of no
toxic solvents, also features a 22% smaller manufacturing
footprint, is 25% less energy-intensive, and boasts a 9% reduced
carbon footprint when compared to conventional manufacturing
methods.
The European Union is poised for a major shift
in its approach to PFAS regulation, with a proposed ban on over
10,000 PFAS chemicals on the horizon. This aggressive restriction,
currently under evaluation by the European Chemicals Agency (ECHA),
could take effect as early as 2026. Aimed at safeguarding public
health and the environment, this ban presents a significant
challenge for the European battery industry, which is undergoing a
critical growth phase.
Recognizing the global potential of its dry
electrode battery manufacturing process and its ability to produce
PFAS-free electrodes, Dragonfly Energy is exploring international
partnership opportunities. These partnerships could take the form
of licensing its scalable cell manufacturing process, enabling
established manufacturers to adopt Dragonfly Energy's
environmentally friendly technology. Additionally, Dragonfly Energy
is open to jointly developing next-generation battery cells
specifically tailored for the needs of new markets. Dragonfly
Energy believes this strategic approach positions them as a leader
in the evolving battery production landscape, well-equipped to
address the growing demand for clean energy solutions
worldwide.
For more information about Dragonfly Energy,
visit DragonflyEnergy.com.
About Dragonfly EnergyDragonfly
Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium
battery technology company, specializing in cell manufacturing,
battery pack assembly, and full system integration. Through its
renowned Battle Born Batteries® brand, Dragonfly Energy has
established itself as a frontrunner in the lithium battery
industry, with hundreds of thousands of reliable battery packs
deployed in the field through top-tier OEMs and a diverse retail
customer base. At the forefront of domestic lithium battery cell
production, Dragonfly Energy’s patented dry electrode manufacturing
process can deliver chemistry-agnostic power solutions for a broad
spectrum of applications, including energy storage systems,
electric vehicles, and consumer electronics. The Company's
overarching mission is the future deployment of its proprietary,
nonflammable, all-solid-state battery cells.
To learn more about Dragonfly Energy and its
commitment to clean energy advancements, 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 PFAS-free electrodes, 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, 2023, 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 Caldwell BaileyICR,
Inc.DragonflyIR@icrinc.com
Media RelationsAmy Demuth, RAD Strategies
Inc.dragonfly@radstrategiesinc.com
Source: Dragonfly Energy Holdings Corp.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/419808cc-caf4-4ef3-babe-45c38705c76e
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