Dragonfly Energy (NASDAQ: DFLI) Expands Into Lucrative Oil And Gas Industry With Newly Certified Energy Storage Solutions
Detroit, Michigan
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May 22, 2024 10:05 AM Eastern Daylight Time
By Faith Ashmore, Benzinga
Dragonfly Energy Holdings Corp (NASDAQ: DFLI), a renowned provider of innovative battery technology, is making strides by expanding its presence into the adjacent oil and gas industry. This move represents an important milestone for Dragonfly Energy as it enters a new downstream market that complements its core industrial solar and stationary storage markets. With the recently acquired certifications to deploy its products throughout the oil and gas industry, Dragonfly Energy demonstrates its commitment to expanding and diversifying its capabilities. This expansion comes at a critical moment, coinciding with the urgent need to address methane leakage driven by the EPA's Methane Emissions Reduction Program.
The integration of Dragonfly Energy's renowned Battle Born Batteries™ builds on the company’s recently introduced partnership with Connexa Energy. Through close collaboration with integration partners at Connexa, Dragonfly Energy has developed a unique power system that is fully certified to operate in the vicinity of oil and gas pipelines. These power systems are expected to be deployed in response to the growing demand for methane mitigation equipment. Successful implementation of these systems has the potential to pave the way for numerous additional deployments over the next 18 months, presenting an exciting growth opportunity for Dragonfly Energy in the oil and gas segment.
The adoption of Dragonfly Energy's battery technology is particularly relevant for the natural gas industry, which is actively pursuing solutions to eliminate hydrocarbon emissions. By replacing traditional lead-acid batteries and generators, Dragonfly Energy's innovative technology offers a storage solution that enables real-time capture of methane. This advancement not only improves energy storage system efficiency and performance but also reduces operational costs and minimizes environmental impact.
With a strong focus on research and development, Dragonfly Energy is driving initiatives for its patented non-toxic, deep-cycle Lithium Iron Phosphate (LiFePO4) batteries in the United States. The company has a track record of securing over 90 patents, covering various aspects of battery pack design, cell manufacturing, battery communication technology and more.
A key player in this expansion is Alegacy Equipment, a leading natural gas compressor packager, and its dedicated affiliate, Agnes Systems. As the demand for innovative methane reduction solutions intensifies, Dragonfly Energy seems strategically positioned to provide vital support through sustainable solutions for the oil and gas industry.
Clean energy policies are imperative to the continued success of the oil and gas market, with the EPA and DOE emphasizing the necessity for near-commercial technology solutions that can effectively tackle emissions from difficult-to-mitigate sources on a large scale. Dragonfly Energy's entrance into the oil and gas market aligns with macro objectives and highlights its pivotal role in driving significant change within the industry. By positioning itself as a key player in the global transition towards sustainable energy solutions, Dragonfly Energy is at the forefront of the industry's push to decrease emissions and foster a more sustainable future.
Featured photo by Zbynek Burival on Unsplash.
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