Why Are Dragonfly Energy Shares Rising Thursday?

Dragonfly Energy Holdings Corp DFLI shares are rising after the announcement it will be awarded a new U.S. patent based on a notice of allowance from the United States Patent and Trademark Office (USPTO) for U.S. Patent Application No. 29/858,079.

The patent is for the overall look and design of the assembly case of its GC3 12V 270Ah LiFePO4 deep cycle battery.

The company believes the design of the GC3 battery pack provides for more flexible solutions and increased energy density compared to traditional lead acid and lithium battery form factors.

The to-be-granted patent supports Dragonfly Energy's domestic market leadership position in designing and assembling custom battery packs.

The patented design of the GC3 12V 270Ah LiFePO4 deep cycle battery offers a unique case and shape that is expected to change the way batteries can be utilized across many industries, including off-grid properties, auto trailers and Recreation Vehicles.

The patent will add to the company's portfolio of more than 55 issued patents and pending applications focused on battery chemistry, battery cell manufacturing, battery pack design, system components, and storage system networking.

Price Action: DFLI shares are trading higher by 5.5% at $1.69 on the last check Thursday.