RENO, Nev. - Dragonfly Energy Holdings Corp. (NASDAQ:DFLI), known for its energy storage solutions, has announced findings from a Sphere Energy-conducted Cost & Sustainability Assessment that point to significant improvements in its patented dry electrode battery manufacturing process. The study reveals that this process is more cost-effective and sustainable than the current industry-standard methods.
The assessment, which was based on data from Dragonfly Energy's cell manufacturing pilot line in Northern Nevada, indicates that the company's process does not require toxic NMP solvent and results in a 9% reduction in the carbon footprint of cell manufacturing.
Moreover, the process demands a 22% smaller factory area and is approximately 25% less energy-intensive. These enhancements lead to around a 5% savings on process-related costs, although the exact savings may vary depending on cell chemistry.
Dragonfly Energy's dry electrode technology, which uses a patented spray coating method, eliminates the need for large, energy-intensive equipment like slurry coaters and dryers. This innovation not only reduces the environmental impact but also offers versatility across different battery chemistries, potentially broadening the company's market reach to include electric vehicles, consumer electronics, and energy storage.
CEO Dr. Denis Phares commented on the assessment, emphasizing the potential of Dragonfly Energy's technology to reshape the lithium-ion battery industry by providing scalable, cost-competitive, and environmentally responsible energy storage solutions. The company aims to contribute to U.S. self-sufficiency in battery production.
Dragonfly Energy is recognized for its Battle Born Batteries® brand and is at the forefront of domestic lithium battery cell production. Its mission includes the future deployment of proprietary, nonflammable, all-solid-state battery cells.
This press release contains forward-looking statements, which are subject to risks, uncertainties, and assumptions that could cause actual results to differ from those suggested. The full report and data are based on the assessment by Sphere Energy, and further information is available on the company's website.
The information in this article is based on a press release statement from Dragonfly Energy Holdings Corp.
InvestingPro Insights
As Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) champions its innovative dry electrode battery manufacturing process, the financial metrics and market performance provide a broader context for investors. According to InvestingPro data, Dragonfly Energy has a market capitalization of $27.27 million, reflecting the company's size and market value as of the last twelve months ending Q3 2023.
The company's revenue during this period was $74.16 million, although it faced a decline of 13.98%, signaling challenges in sales growth.
InvestingPro Tips indicate that analysts are concerned about the company's cash burn and anticipate a sales decline in the current year. These insights, coupled with a significant drop in the stock price over the last year, with a total return of -85.67%, suggest that investors may exercise caution. Still, it is worth noting that the company's liquid assets exceed its short-term obligations, which could provide some financial stability in the near term.
For those interested in a deeper analysis, InvestingPro offers additional insights, including 12 more InvestingPro Tips for Dragonfly Energy. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which could be a valuable resource for making informed investment decisions.
While Dragonfly Energy is pioneering in the field of energy storage with its cost-effective and sustainable technology, investors may want to consider both the innovative strides and the financial health of the company as they assess its long-term viability and stock performance.
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