Green energy and storage leader to boost research and development, expand technology
SAN FRANCISCO, December 14, 2021 – Insured technology financing pioneer, PIUS announced today the securing of $45 million in funding for Dragonfly Energy, an industry-leading battery storage technology company that produces deep cycle lithium-ion batteries and develops solid-state lithium-ion battery technologies. The private placement bond was underwritten by PIUS, based on its evaluation of Dragonfly Energy’s intellectual property, and will provide the company with working capital.
“It has always been the mission of Dragonfly Energy to see green, renewable energy become not only the best, but most economical decision,” said Denis Phares, Ph.D., co-founder and CEO of Dragonfly Energy. “This $45 million in funding enables Dragonfly Energy to increase its research and development in solid state, expand our technology’s application, and ultimately provide more accessible and effective green energy for consumers and businesses alike.”
Dragonfly Energy’s cutting-edge technology is leading the charge in enabling widespread conversion to green, renewable energy. Their batteries solve today’s lead-acid problem and are creating next-generation solid-state batteries to address tomorrow’s energy storage needs.
“Not only is Dragonfly Energy a frontrunner in the field of renewable energy battery storage technology, but also the company is actively working to provide sustainable solutions to the climate crisis, providing impactful solutions to the effects felt locally and globally,” said Joe Agiato, CEO of PIUS. “Based on PIUS’ evaluation of the company, we see tremendous potential for success. We are honored to help Dragonfly Energy achieve future growth, and we are eager to see how they continue to make green energy more efficient and affordable.”
Stifel served as the investment bank on the deal.
PIUS provides a proprietary insurance product for growth-stage technology companies to secure better, more flexible financing options without dilution by insuring the debt’s value, based on PIUS’ evaluation of the company’s intellectual property. The cost of capital is typically less than 10% overall, including the cost of insurance, with no warrants, extra fees, or prepayment penalties. Through PIUS’ CLip Notes program, PIUS provides the insurance, brings the capital source via institutional investors, and monitors the transaction, providing a complete solution.
PIUS Limited, LLC, offers a proprietary insurance product for growing technology companies, which utilizes a company’s intellectual property (IP) as collateral. By insuring the loan based on its evaluation of a company’s IP, PIUS helps facilitate greater loan amounts at better rates, while transferring the risk from the lender to the insurer. PIUS is a managing general agent (MGA) and provides more complete coverage than other policies through its residual value insurance program. For more information, visit https://piusre.com.
About Dragonfly Energy
Dragonfly Energy is a technology company based in Reno, Nevada that researches, develops, and distributes the most advanced and efficient lithium-ion energy storage products on the market. In addition, Dragonfly Energy develops technology for improved lithium-ion battery manufacturing and assembly methods in order to make green, renewable energy available to everyone. Learn more at https://dragonflyenergy.com.