Inside INdiana Business

THOR Industries invests in lithium-ion battery maker

ELKHART, Ind. (Inside INdiana Business) — Elkhart-based Thor Industries (NYSE: THO) is investing in Dragonfly Energy, a Nevada-based lithium-ion battery producer to the RV industry. Thor says Dragonfly, which develops battery packs, energy systems, and cell manufacturing technologies, offers a distinct approach to energy storage.

The recreational vehicle manufacturer did not specify the exact amount of the investment.

Thor Chief Executive Officer Bob Martin calls the alignment with Dragonfly a “natural fit” to the evolution of the company’s product lines.

“Dragonfly has been a valued partner to one of our largest and most successful North American RV companies, Keystone RV,” Martin said in written remarks. “The proven success of the products in the field and synergistic value-add relationship made this investment an important one to us.”

Earlier this year, Dragonfly entered into a merger agreement with Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ), a special purpose acquisition company headquartered in New York. The deal, valued at $500 million, is expected to close in the second half of the year.

“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,” said Todd Woelfer, Thor’s chief operating officer. “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.”

The move is the latest in Thor’s efforts to grow its electrification profile. Earlier this year, the company unveiled its eMobility strategy, as well as its electric motorhome and travel trailer concepts.

In an interview for our quarterly INPower newsletter, Woelfer said it is important for Thor to remain ahead of the curve when it comes to electrification.