At the virtual event AutoRevolution: The Future of Mobility and EVs, hosted by Benzinga and sponsored by Dragonfly Energy, Dr. Denis Phares, CEO of Dragonfly, shared details about the company's latest milestone: a $30-million licensing agreement with Stryten Energy.

The deal, which centers around Dragonfly's Battle Born Batteries brand, marks a major step for the company as it seeks to expand its presence beyond the RV market.

New Licensing Agreement

The agreement with Strident Energy allows it to use Dragonfly's Battle Born brand in new markets, Phares said.

“The brand kind of bubbled to the surface when Stryten Energy was looking to market in the lithium space with a brand,” he said during the event. The partnership provides Dragonfly with increased exposure, while Strident benefits from leveraging Battle Born Batteries’ established reputation.

The deal is more than just branding, the Dragonfly CEO said. It represents the potential for future collaborations between the two companies.

"We came up with an arrangement where they can use our brand in their markets. For us, it's like we're getting paid for increased exposure," he added. The collaboration offers mutual benefits, positioning Dragonfly for future opportunities.

Diversifying Into New Markets

Beyond this licensing deal, Dragonfly Energy is expanding its focus into other industries. Phares highlighted how the company has made significant strides in heavy-duty trucking and oil and gas. The demand for battery solutions in these fields is rising, and Dragonfly is positioning itself to meet that need, he said.

“We've expanded into, for example, the heavy-duty trucking market … and oil and gas, particularly in terms of off-grid methane recovery.”

These new markets offer opportunities for Dragonfly to diversify beyond its well-known role in RV battery production. With regulations like the EPA's methane emissions recovery program, the company sees a growing need for off-grid battery storage in areas like oil and gas.

Battery Demand Set To Surge

As the demand for electric vehicles fluctuates, the overall need for battery storage is expected to continue rising, according to Phares.

“The demand for storage is going to go up because you need it in everything from propulsion to grid stabilization,” he said. Dragonfly's focus on lithium-ion batteries, known for their energy density, positions them to capitalize on this growing demand. Phares emphasized that batteries, especially lithium-ion, will play an essential role in the future of both transportation and energy storage.

What’s Next?

With the licensing deal and expansion into new industries, Dragonfly Energy appears to be on a growth trajectory. As Phares pointed out, the company is working to improve battery technology and make its manufacturing processes more efficient and domestic. “We are working hard to proliferate the usage of lithium-ion batteries in all kinds of applications beyond our core RV applications,” he said.

While Dragonfly Energy’s presence in the RV market has been strong, its forward-looking approach and recent partnerships suggest a future where its batteries power much more than just vehicles.

Disclosure: Dragonfly Energy sponsored the AutoRevolution webinar.

Image: Shutterstock/ asharkyu