China’s Dynavolt buys 33.33% in US Li-ion startup Dragonfly

China-based lead acid storage batteries firm Dynavolt Renewable Power Technology Co Ltd (SHE:002684) has acquired a third of US lithium-ion (Li-ion) battery startup Dragonfly Energy Corp, the latter said Wednesday.

Dynavolt paid USD 2 million (EUR 1.8m) for 2 million shares of Series A preferred stock in the Reno, Nevada-based firm. The proceeds will help Dragonfly Energy expand its product line and manufacturing capacity, and accelerate its research and development (R&D) programme.

Dragonfly Energy started out as a developer of manufacturing methods for reducing the cost of energy storage and it now produces 12-V deep cycle Li-ion batteries for recreational vehicles (RVs), marine and off-grid solar systems. At present, it sells batteries for consumer and original equipment manufacturer (OEM) applications.

The deal marks Dynavolt’s first investment in the US to date. Getting access to Dragonfly's technology is expected to help the Chinese firm lower its manufacturing costs.

(USD 1.0 = EUR 0.902)

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