Dragonfly Energy Stock Soars 78% on Nevada Tech Hub Funding
The battery manufacturer secured a key grant to modernize its production facilities and expand workforce development programs.
Shares of Dragonfly Energy (NASDAQ: DFLI) skyrocketed over 78% on Thursday after the company announced it was selected to receive significant funding from the Nevada Tech Hub. The surge positioned the Reno-based company as a top performer on the NASDAQ, reflecting strong investor optimism about its growth prospects.
The rally was triggered by news that to advance its battery manufacturing capabilities. This initial funding is aimed at modernizing production, helping the company pursue ISO 9001 certification, and implementing advanced workforce training initiatives. The company anticipates that these upgrades to its manufacturing lines could generate six-figure annual savings, directly impacting its bottom line.
The capital injection is part of a broader state initiative to bolster Nevada's position as a leader in technology and advanced manufacturing. Dragonfly Energy plans to use the funds to enhance its 400,000-square-foot facility in South Reno and expand its collaborative training programs with local institutions, including the University of Nevada, Reno.
The market's reaction was swift and decisive. DFLI shares closed the trading session up 78.60%, a standout performance on a day when the broader . The significant trading volume underscores investor confidence in the strategic importance of the funding, which is expected to enhance production efficiency and support the company’s long-term competitive edge in the growing energy storage sector. This development marks a pivotal moment for Dragonfly, as it leverages state-level investment to scale its operations and innovate within the critical battery industry.