13/07/2022

13 July 2022
13 July 2022, Comments Comments Off on THOR industries invests in partnership with lithium-ion battery producer, Dragonfly Energy
THOR industries invests in partnership with lithium-ion battery producer, Dragonfly Energy

THOR Industries has announced a strategic investment in Dragonfly Energy, a leading deep cycle lithium-ion battery producer to the RV industry, to support its commitment to delivering a best-in-class experience for its RV customers.

“Our investment in Dragonfly furthers THOR’s dedication to continuously improving the user experience of THOR RVers by providing them a best-in-class energy storage solution that enables RVers to boondock and camp off the grid. Dragonfly has been a valued partner to one of our largest and most successful North American RV companies, Keystone RV, a THOR operating company. The proven success of the products in the field and synergistic value-add relationship made this investment an important one to us. Our alignment with Dragonfly is a natural fit to the evolution of our product lines that empower the owners of our companies’ RVs to Go Everywhere and Stay Anywhere™,” offered Bob Martin, President and CEO of THOR Industries.

“As we discussed at our recent investor day, THOR is acutely focused on aligning with leading technology companies in the RV space. Dragonfly has demonstrated its leadership in the crucial Lithium-ion battery supply. The leadership team at Dragonfly has demonstrated the success of its operations model that focuses on inventory management and domestic production, thereby reducing supply chain risk. Keystone currently enjoys an exclusive relationship with Dragonfly for certain battery brands that, in time, will expand to an exclusive relationship across the entire family of THOR brands. In addition to a potential strong financial return on our investment, our equity position creates the opportunity for agreed exclusivity and co-development rights in RV industry-specific applications of lithium-ion energy storage solutions. The relationship also furthers our ESG commitment as Dragonfly’s patented all-solid-state cell technology is positioned to enable a more sustainable and reliable smart energy grid. As we forge ahead, our strategic partnership with Dragonfly will allow for meaningful engagement with its leadership to ensure long term alignment of a crucial element of our supply chain with THOR’s strategic vision and to provide one of many building blocks to a comprehensive aftermarket strategy,” added Todd Woelfer, THOR’s Chief Operating Officer.

“Dragonfly is thrilled to take this next step with THOR to solidify our long-term collaboration. Our experience working with THOR brands, particularly Keystone, has convinced us that this is the best downstream strategic partner for us. Not only is THOR’s commitment to the end user second to none, but this investment demonstrates THOR’s commitment to a much larger vision of energy sustainability. Together, we will continue to drive industry-best lithium-ion solutions, designed to improve the user experience of RVs. We look forward to being a key contributor to THOR’s future success,” explained Dr. Denis Phares, Chief Executive Officer of Dragonfly.

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest manufacturer of recreational vehicles: www.thorindustries.com

Dragonfly Energy Corp., headquartered in Reno, Nevada, is a leading manufacturer of deep cycle lithium-ion batteries, which are sold direct-to-consumers under the Battle Born Batteries™ brand and to original equipment manufacturers, such as Keystone RV. Dragonfly’s battery products are designed and assembled in the USA, and the Company’s research and development initiatives are seeking to revolutionize the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly’s non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company’s proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.