Business
Dragonfly Energy Enters into $30M Licensing Agreement for Battle Born Batteries Brand with Stryten Energy, a Leading North American Battery Manufacturer
Agreement to allow for expansion of Battle Born Batteries® products into new markets Dragonfly Energy signs a $30 million agreement to license its popular
About this update from Dragonfly Energy Holdings Corp
[{"type":"text","content":"Agreement to allow for expansion of Battle Born Batteries® products into new markets\nDragonfly Energy signs a $30 million agreement to license its popular lithium-ion battery brand, Battle Born Batteries®, to Stryten Energy for distribution globally Stryten Energy will have exclusive rights to market and distribute Battle Born Batteries for military, automotive, marine, power sports, lawn and garden and golf cart applications. All B2B end markets Dragonfly Energy doesn’t currently have a presence in. This partnership will encompass a mix of existing Battle Born Batteries products, with a strong focus on the development of new battery models specifically tailored to Stryten Energy's target markets.Dragonfly Energy will receive an initial licensing fee of $5 million and have the right to mid-single digit royalty payments for up to an additional $25 million. RENO, Nev., July 30, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (\"Dragonfly Energy\" or the \"Company\") (Nasdaq: DFLI), an industry leader in energy storage and manufacturer of lithium-ion batteries, today announced a strategic partnership with Stryten Energy, a leading North American battery manufacturer, for the licensing of the Dragonfly Energy’s Battle Born Batteries® brand of lithium-ion batteries. The agreement, with a potential value of up to $30 million, grants Stryten Energy a license to market and distribute Dragonfly Energy's Battle Born Batteries globally. Stryten Energy plans to leverage its vast distributor and customer network to introduce Battle Born Batteries branded products to new business-to-business (B2B) markets, including military, automotive, marine, power sports, lawn & garden and golf carts. \"At Dragonfly Energy, we're incredibly proud to see the Battle Born Batteries brand take this leap forward into new end markets,\" said Dr. Denis Phares, chief executive officer of Dragonfly Energy. \"The love and trust our customers have placed in our products has been humbling, and the potential to see our lithium batteries on shelves at major retailers, alongside other leading brands’ components, not only is a testament to their enduring quality but makes them more accessible to consumers nationwide. We believe that Stryten Energy's extensive reach and shared commitment to innovation will make this agreement the beginning of a truly mutually be...