Published: May 16, 2023 |

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Ioneer Ltd. and Dragonfly Energy Holdings have entered into a commercial offtake agreement partnership that will strengthen U.S. battery supply chains and invest in the production and manufacturing of Nevada- sourced lithium. The agreement between the two Nevada-based companies is expected to pave the way for continued investment in the state and provide Dragonfly with a domestic supply of lithium carbonate, a critical component in lithium iron phosphate battery cells.

The agreement builds on an effort to produce, utilize, and recycle lithium, closing the lithium loop in Nevada that Gov. Joe Lombardo has prioritized for his administration, detailed in both his recent State of the State address and his Five Year Strategic Plan.

“This agreement between Dragonfly Energy and Ioneer, and hopefully more like it in the future, are vital to our economy as we work to develop this new industry, secure Nevada’s energy independence and close the lithium loop,” said Nevada Governor Lombardo.

“In the future, we hope to see more Nevada companies creating innovative partnerships like this one, which will help strengthen our economy and demonstrate how Nevada is the lithium capital of North America,” added Lombardo.

“Deploying our innovative dry powder coating cell manufacturing process is exciting. But ultimately, cell production is only made possible by access to lithium,” said Dr. Denis Phares, CEO of Dragonfly Energy.

“This agreement gives us the opportunity to bring our entire manufacturing process not only to the U.S. but to Nevada, from mining to manufacturing to recycling,” added Dr. Phares.

“As the world’s demand for lithium in electric vehicle and energy storage increases, the need to secure a reliable and domestic source of lithium is critical. Ioneer is pleased to partner with Dragonfly and deliver these critical materials from Rhyolite Ridge,” said Bernard Rowe, managing director and CEO at Ioneer.

The agreement demonstrates Ioneer’s tremendous value to the American supply chain. The Rhyolite Ridge project is one of the most sophisticated undeveloped U.S. lithium projects, and one of few in the world where lithium will be extracted and refined locally. Once federal permitting and construction is complete, Rhyolite Ridge is expected to quadruple current U.S. lithium output. The agreement also moves Dragonfly Energy closer to achieving the company’s mission of establishing a vertically integrated lithium battery cycle, from mining to cell and pack production to recycling.

Dragonfly Energy has quickly become an industry leader in lithium-ion battery technology due to numerous patents and alignment with some of the industry’s leading consumer brands. The company assembles lithium-ion battery packs in Nevada today through its popular Battle Born Batteries brand. Dragonfly Energy also believes it is leading the way with its research and development team that has developed patented manufacturing processes and technologies that will be deployed as the company looks to launch its pilot line for nonflammable lithium battery cell production later this year.

Ioneer Ltd. is the 100 percent owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, U.S. the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The definitive feasibility study completed in 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future. In September 2021, Ioneer entered a subscription agreement with Sibanye-Stillwater Ltd. to advance the Rhyolite Ridge project on a 50/50 basis, which remains to close. The company has signed lithium offtake agreements with Ford Motor Company, PPES (joint venture between Toyota Motor Corporation and Panasonic Corporation) and EcoPro Innovation. Ioneer will be the operator of the project, which is expected to come onstream in 2026.

Dragonfly Energy Holdings, headquartered in Reno, Nevada, is a leading supplier of deep-cycle lithium-ion batteries. Dragonfly Energy’s research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly Energy’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 Energy is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of its proprietary and patented solid-state cell technology.

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