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By Meg Flippin, Benzinga
Saving the planet while saving companies’ money, is the mantra for Dragonfly Energy (NASDAQ: DFLI), and that was recently on display with the company announcing a series of wins this month in the lead up to the Fourth of July. Dragonfly is making a name for itself in the lithium battery market thanks to its powerful brand of batteries - Battle Born Batteries®, along with the development of a patented dry electrode cell manufacturing process.
Dragonfly’s new deal with Refreshment Services Pepsi – a privately held independent bottler and distributor for Pepsi-Cola® products – underscores that. Dragonfly is providing Refreshment Services Pepsi with lithium-based liftgate power solutions, saving the bottler money and lowering emissions in comparison to using lead acid batteries.
Dragonfly Energy says its lithium based Battle Born Batteries have shown in testing to outperform lead acid batteries with more liftgate cycles, a longer lifespan and a lower overall cost due to a decrease in replacement frequency and maintenance requirements. A whitepaper study conducted by Dragonfly Energy found lithium batteries outperform lead acid batteries by 54% in cycle life, requiring fewer replacements over time and thereby decreasing costs in materials, labor and vehicle downtime.
By utilizing Battle Born Batteries, Refreshment Services Pepsi expects to achieve notable fuel savings due to the ability to turn off the truck engine at every stop without compromising liftgate operation. This eliminates the need to idle the engine to maintain battery power for the liftgate, resulting in significant cost reductions and environmental benefits.
“Liftgates, though seemingly small, can greatly impact our business in terms of cost, sustainability and productivity,” said William Funk, delivery supervisor at Refreshment Services Pepsi. “Lead acid batteries have always presented challenges for us. Dragonfly Energy's lithium solution is not only better for the environment but also helps reduce costs.”
Getting The Word Out About Its Prowess
In addition to adding Refreshment Services Pepsi to its roster of big-name customers, Dragonfly Energy has also been busy laying the groundwork to expand its presence within local and federal governments. The company's long-term goal is vertical integration by infusing its battery technology with important infrastructure and workforce development initiatives.
Toward that goal, Dragonfly Energy hosted an event with Gina Raimondo, the United States Secretary of Commerce, and Nevada senator Jacky Rosen, at which Rosen announced a $21 million investment in Nevada’s tech hub. The program is one of many around the country that is focused on scaling the production of critical technologies, including lithium batteries.
Dragonfly Energy was selected to host the event and was highlighted as an example of the technological innovation happening in Nevada. The company was able to demonstrate to Secretary Raimondo and Senator Rosen how it is leading Nevada’s expanding lithium industry through its robust battery technology and manufacturing.
“This is a vote of confidence in Nevada,” Secretary Raimondo said in her speech. “I spend all of my days thinking about how we can outcompete the world, how we can outcompete China, how America can lead in the world. And that’s what this is all about – investing in America, one community at a time, to create industries of the future.”
Nevada is emerging as a key player in the lithium sector, not only housing the only currently operating lithium mine in the United States, but also boasting a robust pipeline of new projects nearing development. This includes Ioneer's Rhyoite Ridge Project, of which Dragonfly Energy has already secured an offtake agreement for critical lithium supply.
Giving Back Too
It's not all business for Dragonfly Energy. The company is also committed to giving back to the community, as evidenced by its partnership with the John Lennon Educational Tour Bus. Dragonfly, along with actor Jeremy Renner and his non-profit Rennervation Foundation, have brought together innovation, music and the imagination of young people in order to write, record and premiere an original song and music video.
Imagine: A Musical Collaboration with Jeremy Renner was the result of two days of songwriting, recording, production and filming. The video premiered at Artown, a 31-day celebration held annually in Reno, Nevada, and the largest arts and culture festival in the western U.S. Six talented youth from Big Brothers Big Sisters of Northern Nevada joined the team from the John Lennon Educational Tour Bus and worked alongside actor, musician and founder of the RennerVation Foundation, Renner, to complete the project.
The project was hosted by Dragonfly Energy, which provided the nontoxic lithium Battle Born Batteries that power the mobile recording studio on the John Lennon Educational Tour Bus. The nonprofit mobile recording facility that provides hands-on experiences for students of all ages was transitioned to lithium power. The company says that brought a new level of sustainability, cost-savings and improved mobility and experience with additional runtime using batteries, plus extended runtime with the availability of solar power.
“There are a few projects that go beyond the business side of what we do, and this is definitely one,” said Tyler Bourns, chief marketing officer for Dragonfly Energy. “We see this as our gift to the community and an opportunity to celebrate and cheer for our youth while at the same time helping a worthwhile nonprofit move toward sustainability. We hope this project has an impact beyond those involved, and together, our community can continue to encourage young minds that they can do anything.”
Featured photo and other photos courtesy of Dragonfly Energy.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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