Ensurge Micropower recently reported that the company had made great progress towards delivering battery samples to its customers and partners. At that time the company described that the remaining requirement to sample customers was to consistently meet the necessary cycling requirements based on production unit cells. The company can now confirm having achieved a key requirement to enable consistent cycling. This is a significant achievement as it is a key element of delivering high-performance solid-state lithium micro batteries. During that development work additional development work was also identified and the company is now in the final stages of completing an engineered solution enabling the shipment of samples. Based on confirmation of these improvements, the company expects the manufacturing of samples to occur during the first half of August 2022.
Our customers continue to validate our strategy and value propositions. Customers with existing agreements remain actively engaged with us as we support the process of integrating the Ensurge microbattery into their products and the transition into production later this year. New customers continue to approach Ensurge with strong interest because many of the products are impossible without the Ensurge microbattery. We will first prioritize customers with our pending samples those who have existing agreements. We will also prioritize sampling those strategic partners looking to validate our technology to further our partnership opportunities. Besides the five customers with formal agreements, we are actively engaged with 11 other customers who have a strong interest in designing the Ensurge microbattery into their products. Additionally, we have well over 10 additional customers who have expressed an interest in engaging with us as soon as we have samples. Based on our customer engagements, the company is still expecting its first customer revenue in Q4 2022, accelerating into 2023.
Based on the huge market opportunity and the consistently positive response from customers, the Company is intensifying its work to establish strategic partnerships. We look to partner with those who we can work with to maximize the market opportunity and leverage the company’s innovative technology and architecture. We are already engaged with more than a handful of potential strategic partners and expect these conversations to intensify as we provide our initial samples. In addition, to bring further focus to the process, we have started talks with investment banks in both Europe and the US that will advise the company on future investment structures, including the possibility of investment directly into the California subsidiary as a standalone company. As part of this process, we expect to be introduced to qualified European and American investors who are interested in advanced battery investments. We expect a final decision on a financial advisor to be made during August 2022.
"Two years back, Ensurge set out to develop and build a solid-state lithium microbattery with mAh capacities in our existing roll-to-roll factory. We continue to push the envelope on the technology on multiple fronts, constantly innovating to solve critical problems and deliver differentiated performance," said Ensurge CEO Kevin Barber. "Our existing customers have kept in step with us on our journey, while a steady stream of new customers has added to our pipeline. We are now engaged with multiple potential strategic partners to strengthen our market opportunity which remains real and strong helping Ensurge lead the microbattery market."
Contact:
Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@ensurge.com
Phone: +47 99 16 76 72
Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@ensurge.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
