Dragonfly Energy, a producer of lithium battery technology and maker of Battle Born Batteries, has raised approximately $28.75 million through a public stock offering to support working capital, new product development and domestic cell production, including a path toward nonflammable solid-state batteries.
The raise follows Dragonfly’s recent Nevada Tech Hub funding award announcement, which supports manufacturing upgrades and workforce development within the state of Nevada, underscoring the company’s growing momentum in advancing American-made energy storage solutions.
Funds will strengthen the company’s balance sheet, fuel operational growth, and accelerate its next-generation battery technologies aimed at improving the safety, efficiency and scalability of U.S. battery production, the company said.
Dragonfly was recently selected by Nevada Tech Hub, a program designed to strengthen Nevada’s lithium battery supply chain, for funding in its first round of awards. The contract is currently being finalized, according to a recent press release.
Nevada Tech Hub is one of 31 Tech Hubs nationwide designated by the federal government as playing a key role in a critical key technology focus area. Its mission is to support the further development of the state’s lithium battery and critical materials ecosystem. With the support of state funding, Nevada Tech Hub awarded Dragonfly Energy for its contribution to lithium battery manufacturing capacity and workforce development.
“This award is more than just an investment in Dragonfly Energy, it is an investment in Nevada’s future,” said Dr. Denis Phares, chief executive officer of Dragonfly Energy. “As a homegrown Nevada company, we are proud to contribute to the state’s vision of becoming the nation’s center for lithium battery innovation. By modernizing our operations and expanding our skilled workforce, we believe we can both drive efficiencies that benefit our shareholders, customers, and employees by creating long-term economic growth and high-value jobs across the state. This nondilutive capital is highly beneficial to our growth strategy.”
The award, expected to total approximately $300,000, will be applied toward high-impact modernization and workforce development initiatives. Key elements of the project include advancing toward ISO 9001 certification, modernizing production systems, and upgrading the company’s battery manufacturing lines. These initiatives have the potential to result in six-figure annual savings, enabling reinvestment into workforce training and development with partners such as Truckee Meadows Community College and the University of Nevada, Reno.
In addition, Dragonfly Energy plans to recruit and upskill production floor personnel, expanding career opportunities in machining, automation, and maintenance. With nearly 400,000 square feet of manufacturing space in South Reno, the company believes it is positioned to scale operations while anchoring high-value clean energy jobs in Nevada, according to a press release.
“Supporting industry leaders like Dragonfly Energy is central to Nevada Tech Hub’s mission,” Dick Bartholet, regional innovation officer for Nevada Tech Hub, said. “By providing funding for projects that advance both manufacturing capacity and workforce development, we are strengthening multiple segments of Nevada’s lithium battery and EV materials loop. Investments like these not only modernize production but also create opportunities for more Nevadans to gain the skills needed to thrive in the critical materials and energy storage economy.”
Dragonfly Energy’s collaboration with Nevada Tech Hub and Nevada’s academic community highlights its role in advancing regional innovation. We believe these upgrades will improve efficiency, support revenue growth, and deepen integration into Nevada’s “Lithium Loop” of domestic extraction, processing, manufacturing, and recycling.
To learn more about Nevada Tech Hub, visit unr.edu/tech-hub.
For more information about Dragonfly Energy, visit dragonflyenergy.com.
