Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy”
or the “Company”), maker of Battle Born Batteries TM and an
industry leader in energy storage, in collaboration with Aqua
Metals, Inc. (Nasdaq: AQMS) (“Aqua Metals”), a pioneer in
sustainable lithium battery recycling, has successfully used
high-purity lithium hydroxide recovered by Aqua Metals from
recycled lithium-ion batteries to manufacture a lithium-based
battery cell using Dragonfly Energy’s patented dry battery
electrode coating technology. The successful recovery of
battery-grade lithium hydroxide and cycle testing of a sustainably
manufactured lithium battery cell is a significant advancement for
sustainable lithium-ion battery production for the companies.
The process demonstrates a potential path
towards a more circular and sustainable lithium battery
manufacturing industry that addresses the finite and costly nature
of battery materials.
“This is an exciting step forward for the
emerging lithium battery industry, as we have qualified the
high-purity lithium hydroxide Aqua Metals recovers from recycled
lithium batteries to manufacture new battery cells,” said Dr. Vick
Singh, Director of Research and Development for Dragonfly Energy.
“This is yet another way Dragonfly continues to develop energy
storage solutions with widespread applications using sustainable
measures.”
Aqua Metals, a clean battery recycling innovator
also based in Reno, Nevada, recovers high-purity lithium hydroxide
from lithium-ion battery ‘black mass’, which is the industry term
for the metallic mixture of crushed and shredded end-of-life
battery cells that contain valuable minerals, including lithium.
Aqua Metals provided this high-purity lithium hydroxide to
Dragonfly Energy, where it was used in the production of a standard
CR2032 cell using the Company’s patented dry powder coating
process. This strategic initiative confirms that sustainably
recycled materials can meet the high standards for advanced battery
cell production and can be an essential part of building a circular
supply chain for the domestic battery industry.
“This is an exciting milestone for us in
establishing the efficacy of our sustainable recycling process and
affirming that our high-purity recovered material is battery grade
and of equal quality to virgin mined material - with a much lower
carbon and waste footprint,” said Steve Cotton, President and Chief
Executive Officer of Aqua Metals. “Dragonfly Energy is at the
forefront of manufacturing high-performance lithium batteries, and
we believe our continued collaboration is demonstrating why
building a circular supply chain for critical minerals in Nevada is
integral to our clean energy future.”
The process demonstrates the strong potential
for a future closed lithium loop in Nevada in which all stages
of lithium battery production, from exploration to manufacturing
and then recycling, happen within the state. Nevada is
well-positioned as the starting and ending point for lithium
batteries. The state is believed to have the largest source of
lithium in North America and is a growing market for electric
vehicles, consumer electronics, and the many consumer and
industrial end-user applications for energy storage
technologies.
“The use of recycled lithium addresses two major
initiatives for Dragonfly Energy; it helps close the loop by
filling in that all-important recycling component, and it provides
a ready and sustainable supply of lithium for use in upcoming cell
production,” said Dr. Denis Phares, Chief Executive Officer of
Dragonfly Energy. “Dragonfly Energy is committed to securing a
robust supply chain that is compliant with the 2022 Inflation
Reduction Act — relating to both mineral processing and battery
recycling goals — to support our growth and our future expansion
efforts while practicing material circularity and
sustainability.”
To learn more about Dragonfly Energy, visit
DragonflyEnergy.com.
About Dragonfly EnergyDragonfly
Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada,
is a leading supplier of deep cycle lithium-ion batteries.
Dragonfly Energy’s research and development initiatives are
revolutionizing the energy storage industry through innovative
technologies and manufacturing processes. Today, Dragonfly Energy’s
non-toxic deep cycle lithium-ion batteries are displacing lead-acid
batteries across a wide range of end-markets, including RVs, marine
vessels, off-grid installations, and other storage applications.
Dragonfly Energy is also focused on delivering an energy storage
solution to enable a more sustainable and reliable smart grid
through the future deployment of its proprietary and patented
solid-state cell technology. To learn more,
visit www.dragonflyenergy.com/investors.
About Aqua MetalsAqua Metals,
Inc. (NASDAQ: AQMS) is reinventing metals recycling with its
patented AquaRefining™ technology. The company is pioneering a
sustainable recycling solution for materials strategic to energy
storage and electric vehicle manufacturing supply chains.
AquaRefining™ is a low-emissions, closed-loop recycling technology
that replaces polluting furnaces and hazardous chemicals with
electricity-powered electroplating to recover valuable metals and
materials from spent batteries with higher purity, lower emissions,
and minimal waste. Aqua Metals is based in Reno, NV and operates
the first sustainable lithium battery recycling facility at the
company’s Innovation Center in the Tahoe-Reno Industrial Center. To
learn more, please visit www.aquametals.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
are not historical statements of fact and statements regarding the
Company’s intent, belief, or expectations, including, but not
limited to, statements regarding the Company’s collaboration with
Aqua Metals and use of recycled materials, the Company’s future
results of operations and financial position, planned products and
services, business strategy and plans, market size and growth
opportunities, competitive position and technological and market
trends. Some of these forward-looking statements can be identified
by the use of forward-looking words, including “may,” “should,”
“expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,”
“predict,” “plan,” “targets,” “projects,” “could,” “would,”
“continue,” “forecast” or the negatives of these terms or
variations of them or similar expressions.
These forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the Company’s control) which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include those set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022 and in the Company’s
subsequent filings with the SEC available at www.sec.gov. If
any of these risks materialize or any of the Company’s assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that the Company presently does not know or that
it currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. All forward-looking statements contained in this press
release speak only as of the date they were made. Except to the
extent required by law, the Company undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
Investor Relations Dragonfly EnergySioban
Hickie, ICR, Inc.DragonflyIR@icrinc.com
Aqua MetalsBob Meyers, FNK IRaqms@fnkir.com
Media RelationsDragonfly EnergyAmy Demuth, RAD
Strategies Inc.media@radstrategiesinc.com
Aqua MetalsJennifer Johnson Avril, Warner
Communicationsjennifer@warnerpr.com
Source: Dragonfly Energy Holdings Corp.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d6c2f26-cebd-4b03-ae1e-42d14882ac9f
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