The Energy Storage Report 2024

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Dragonfly completes SPAC listing to commercialise solid state battery


Dragonfly Energy Corp, a battery tech company with a patented solid state battery technology, has completed a listing through a merger with a SPAC.

The company has completed a merger with Chardan NexTech Acquisition 2 Corp, a special purpose acquisition company (SPAC), and has started trading on the Nasdaq under the DFLI ticker symbol. At the time of writing, the share price sits at US$17.38.

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The transaction generated a committed capital of US$250 million in gross proceeds consisting of US$25 million in equity, a US$75 million senior secured term loan facility from Energy Impact Partners, and the post-closing availability of a $150 million Chardan Equity Facility.

Dragonfly said the transaction will accelerate the company’s mission to “…create a more sustainable, reliable smart grid through the future deployment of the Company’s proprietary and patented All-Solid-State-Battery technology and increase market penetration of its existing business”.

As previously wrote, Dragonfly has to-date focused on selling batteries to the recreational vehicle (RV), marine and off-grid solar sectors but has long-term plans to expand in the grid-connected battery energy storage space.

It went through this strategy, how the solid state battery fit into it and the risks associated with it – including significant engineering challenges of the solid state battery technology – in a pre-listing prospectus.

Dragonfly Energy expects US$115 million in revenue in 2022, up 47%, with negative EBITDA of US$18.1 million and adjusted EBITDA of US$12.2 million. For 2023, it expects revenues to more than double to US$255.1 million and unadjusted EBITDA to become positive at US$39.1 million.

Dr. Denis Phares, Chief Executive Officer of Dragonfly said: “Becoming a public company is an important and exciting step forward for us. The proceeds from this transaction and our relationships with key partners, bring us closer to making safe, affordable energy storage a reality by facilitating the development and large-scale deployment of our All-Solid-State-Battery technology, while also helping us grow our existing core business.”

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