Ensurge Micropower (OSE: ENSU, and OTCIQ: ENMPY), a leading provider of solid-state lithium microbatteries for a new generation of wearables, hearables and IoT devices, recently reported that the company had made great progress towards delivering battery samples to its customers and prospective 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.
Ensurge's customers continue to validate the company's strategy and value propositions. Customers with existing agreements remain actively engaged as Ensurge supports the process of integrating its 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. The company will first prioritize delivery of its pending samples to customers who have existing agreements. It will also prioritize sampling to those strategic partners looking to validate Ensurge's technology to further mutually valuable opportunities. Besides the five customers with formal agreements, Ensurge is actively engaged with 11 other customers who have a strong interest in designing the Ensurge microbattery into their products. Additionally, Ensurge has well over 10 additional customers who have expressed an interest in engaging with the company as soon as it has samples. Based on Ensurge's customer engagements, the company is still expecting its first customer revenue in Q4 2022, accelerating into 2023.
Based on the size of its market opportunity and the consistently positive response from customers, Ensurge is intensifying its work to establish strategic partnerships. The company looks to partner with those who it can work with to maximize the market opportunity and leverage the company's innovative technology and architecture. Ensurge is already engaged with multiple potential strategic partners and expects these conversations to intensify as it provides initial samples. In addition, to bring further focus to the process, Ensurge has 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, Ensurge expects to be introduced to qualified European and American investors who are interested in advanced battery investments. Ensurge expects 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 multiampere-hour (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 have been added to our pipeline. We are now engaged with multiple potential strategic partners to strengthen our market opportunity which remains real and strong and is helping Ensurge lead the microbattery market."
About Ensurge Micropower
Ensurge is Energizing Innovation(TM) with ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Ensurge's innovative solid-state lithium battery (SSLB) technology is uniquely positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications. The company's state-of-the-art flexible electronics manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of SSLB technology to established and expanding markets. Ensurge Micropower ASA ("Ensurge") is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.