Dragonfly Energy Expands Market Share with RV Giant Forest River

Rhea-AI Summary

Dragonfly Energy partners with OGV Luxury Coach to include Battle Born Batteries as standard equipment, marking a significant milestone in the RV industry. Forest River's new premium brand aims to provide customers with reliable, high-quality power solutions for their luxury coaches.

Insights

Market Research Analyst

Integrating Dragonfly Energy's lithium batteries into OGV Luxury Coach units represents a strategic move to capitalize on the growing demand for eco-friendly and efficient energy solutions in the RV market. The partnership is likely to bolster Dragonfly Energy's market position and could potentially increase its share price as investors may view this as an indicator of the company's growth trajectory and its ability to secure high-value contracts.

Moreover, the RV industry is experiencing a surge in popularity, particularly in high-end, environmentally conscious consumer segments. By including these batteries as standard equipment, Forest River is differentiating its OGV Luxury Coach brand and potentially expanding its market share. This could lead to increased revenue for both Dragonfly Energy and Forest River, positively impacting Berkshire Hathaway's subsidiary performance and, indirectly, its stock valuation.

Financial Analyst

From a financial perspective, the deal between Dragonfly Energy and OGV Luxury Coach may lead to an increase in Dragonfly Energy's revenue streams due to the scale of Forest River's operations and its significant market share. The exclusivity of the partnership ensures a steady demand for Battle Born Batteries, which could improve Dragonfly Energy's financial stability and provide a competitive edge.

Investors should monitor the financial metrics in subsequent quarters to assess the impact of this partnership on Dragonfly Energy's profitability. It is also essential to consider the capital expenditure and operational costs associated with scaling up production to meet Forest River's demand and how that might affect Dragonfly Energy's margins.

Sustainability Expert

The shift towards lithium batteries in the RV segment underscores a broader industry trend towards sustainable and renewable energy sources. Lithium batteries offer a cleaner alternative to traditional generators, which aligns with global sustainability goals and increasing consumer preference for green technology.

This partnership could enhance Dragonfly Energy's reputation as a leader in sustainable energy storage solutions, potentially attracting environmentally conscious investors. However, it's important to consider the lifecycle environmental impact of lithium batteries, including sourcing of raw materials and end-of-life disposal, as these factors could influence public perception and regulatory scrutiny in the future.

The RV Manufacturer’s New OGV Luxury Coach Division to Include Dragonfly Energy Lithium Batteries Standard on All Units

• Dragonfly Energy Battle Born Batteries now come as factory installed standard equipment on all new OGV Luxury Coach units.
  
• OGV Luxury Coach is the third Forest River, Inc. brand to include Battle Born Batteries as standard or optional equipment for customers.
• This is the latest partnership in an ever-growing list of RV brands to implement Dragonfly Energy lithium batteries as standard equipment.
  

RENO, Nev., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), maker of Battle Born Batteries^® and an industry leader in energy storage, announces a new partnership with OGV Luxury Coach, a new division of Forest River Inc., a subsidiary of Berkshire Hathaway Company (NYSE: BRK.B), to provide Battle Born lithium batteries as standard equipment on all OGV units. Dragonfly Energy is the exclusive lithium provider for OGV Luxury Coach, marking the latest in a growing list of recreational vehicle partnerships for which the Company is providing power solutions.

Managed by well-known RV pioneer Tim Gray, the OGV Luxury Coach brand includes custom built Mercedes Sprinter Class B vans, as well as custom Prevost Bus conversions. The high-end brand aims to build premium quality, custom luxury coaches by leaning on Gray’s expertise and Forest River’s industry leadership.

“Dragonfly Energy isn't just a battery manufacturer to us, they're a partner in our commitment to our customers' safety and peace of mind,” Tim Gray, GM at Forest River Inc., said. “For Forest River's newest premium line of coaches, reliability is non-negotiable, and the Battle Born Batteries product consistently delivers – giving our customers the trusted, high quality, and reliable power they need for their increasing energy demands on the road.”

Introduced to the retail public at the 2024 Florida RV Super Show, the new OGV Luxury Coaches use Battle Born Batteries to replace the need for generators, providing customers a quieter, more environmentally friendly and cost-effective power solution. Dragonfly Energy provides a complete power system, highlighted by a large 1080AH (13 kWh) system that includes four heated Battle Born GameChanger 3.0 batteries. Customers can experience extensive off grid power while taking no additional space from the interior of the van thanks to an innovative mounting design that places the power beneath the van itself. In addition, the Battle Born Batteries system integrates seamlessly with the Garmin display, giving customers the ability to monitor and control the power system from inside the cab.

One of the world’s largest RV manufacturers, Forest River, Inc. produces market share leaders in virtually every type of motorized and towable recreational vehicle. With an estimated 40-50% of the RV industry market share, the company has more than 100 plants and over 12,000 employees.

Already, Dragonfly Energy’s Battle Born Batteries are included in other Forest River brands, including as standard equipment on Forest River’s FR3 motor coaches, Palomino Pause and as optional equipment on the Coachmen RV Entourage Class C Motorhome. The inclusion of the OGV Luxury Coach brand is the latest addition on a growing list of major recreational vehicle brands and manufacturers who now include Dragonfly Energy's products as standard equipment in various models.

For more information about Battle Born Batteries, visit online. For more information about Dragonfly Energy, visit DragonflyEnergy.com.

About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) 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. To learn more, visit www.dragonflyenergy.com/investors.

About OGV Luxury Coach
OGV Luxury Coach, managed by Tim Gray – the pioneer of today’s popular custom Class B van category – builds custom Mercedes Sprinter Class B vans, and custom Prevost Bus conversions as part of Forest River, Inc.

Founded in 1996 by Pete Liegl to help more people experience the joy of the outdoors, Forest River, Inc. evolved into the largest manufacturer of recreational vehicles, cargo trailers, pontoon boats, buses, vans, and commercial vehicles in North America. Its recreational portfolio includes market share leaders in towable and motorized RVs, cargo trailers, and pontoon boats. It is the country’s leading supplier of commercial vehicles, and the country’s leading manufacturer of buses and vans for both the private and public sectors. Headquartered in Elkhart, Indiana, Forest River employs 12,000+ employees in 100+ facilities in more than a half dozen states. With a commitment to excellence and a focus on customer satisfaction, Forest River is proud to be a Berkshire Hathaway company.

For more information:
https://www.forestriverinc.com/ 
http://www.ogvluxurycoach.com/

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding OGV Luxury Coach, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include those set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent filings with the SEC available at www.sec.gov. If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations
Sioban Hickie, ICR, Inc.
DragonflyIR@icrinc.com

Media Relations
Amy Demuth, RAD Strategies Inc.
dragonfly@radstrategiesinc.com

Source: Dragonfly Energy Holdings Corp.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a30233a-7ede-4201-a309-1f60dfec8129

 

FAQ

What is the latest partnership announced by Dragonfly Energy?

Dragonfly Energy has partnered with OGV Luxury Coach, a division of Forest River Inc., to include Battle Born Batteries as standard equipment on all OGV units.

Which Forest River brand now includes Battle Born Batteries as standard or optional equipment?

Forest River's FR3 motor coaches, Palomino Pause, and Coachmen RV Entourage Class C Motorhome include Battle Born Batteries as standard or optional equipment.

What is the main goal of OGV Luxury Coach?

OGV Luxury Coach aims to build premium quality, custom luxury coaches by providing customers with reliable and high-quality power solutions.

What is the estimated market share of Forest River, Inc. in the RV industry?

Forest River, Inc. holds an estimated 40-50% of the RV industry market share.

How does Dragonfly Energy's power system benefit customers of OGV Luxury Coaches?

Dragonfly Energy's power system, including Battle Born Batteries, provides customers with extensive off-grid power, replacing the need for generators and offering a quieter, more environmentally friendly, and cost-effective power solution.