Customer Agreement with a Fortune 500 Industrial Company

Rhea-AI Summary

On February 2, 2022, Ensurge Micropower ASA (OTCQB: ENMPY) announced a significant customer agreement with a Fortune 500 industrial firm for the delivery of customized solid-state microbatteries. This deal marks Ensurge's entry into the IoT and industrial sectors, with expected initial payments forthcoming. CEO Kevin Barber highlighted the microbattery’s unique features, including safety and faster charging. Ensurge aims to expand its customer base beyond hearing aids to include diverse applications. With a focus on energy harvesting, Ensurge sees substantial growth opportunities in the evolving market landscape.

Positive

• Signed a customer agreement with a Fortune 500 company to deliver tailored solid-state microbatteries.
• Entry into the IoT and industrial applications sector strengthens market position.
• CEO highlighted unique battery features enhancing competitive advantage.
• Expansion of customer engagement into new markets like medical devices and industrial IoT.
• Partnerships with energy harvesting companies aimed at innovative and eco-friendly solutions.

Negative

• None.

Oslo, 2 February 2022

Ensurge Micropower ASA (OSE: ENSU, OTCQB: ENMPY) today announced the signing of a customer agreement with a Fortune 500 industrial company active in manufacturing capital equipment. Under the terms of the agreement, Ensurge will deliver Ensurge solid-state microbatteries optimized for the customer’s specific application. Ensurge expects the initial payment under the agreement in the near future.

"This agreement earmarks Ensurge’s entry into the IoT and industrial applications," said Ensurge CEO Kevin Barber. "The customer will validate and benefit from several unique attributes only available with the Ensurge microbattery such as wider temperature range, long shelf life, faster charging, and high current draw besides higher density, charge cycles and safety."

IoT and industrial applications represent a significant opportunity for Ensurge with the proliferation of connected sensors and a strong movement towards rechargeable batteries in combination with energy harvesting. Besides IoT and industrial companies, Ensurge is actively partnering with energy harvesting companies to enable unique solutions that are more practical and environment-friendly and support the vision of a trillion connected devices.

Ensurge customer engagement continues to expand beyond hearing aids and wearables to include industrial IoT, medical devices and earbuds. Ensurge sees strong customer interest enabling new applications that are possible only with a combination of solid-state microbattery technology and form factor flexibility offered by Ensurge. These new applications have the potential to drive the total market opportunity well beyond existing markets.

About Ensurge

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.

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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

FAQ

What is the recent agreement announced by Ensurge Micropower (ENMPY)?

Ensurge Micropower announced a customer agreement on February 2, 2022, with a Fortune 500 company to deliver customized solid-state microbatteries.

How does Ensurge's agreement impact its entry into new markets?

The agreement signifies Ensurge's entry into IoT and industrial applications, broadening its market reach beyond traditional sectors.

What are the unique features of Ensurge's solid-state microbatteries?

Ensurge's microbatteries offer benefits like a wide temperature range, long shelf life, faster charging, high current draw, and enhanced safety.

What potential does Ensurge see in the market for solid-state microbatteries?

Ensurge believes there is significant growth potential in IoT and industrial markets driven by the demand for connected devices and rechargeable batteries.

What is the stock symbol for Ensurge Micropower?

The stock symbol for Ensurge Micropower is ENMPY, listed on the OTCQB.