Ensurge Micropower ASA - Financial Report – 3Q 2022
Ensurge Micropower ASA (OTCIQ: ENMPY) reported its 3Q 2022 results, highlighting a private placement funding of approximately NOK 55 million and the shipment of high-performing battery cells to three strategic partners, including a major consumer device company. The company's strategic partners are projected to represent over USD 1 billion in revenue potential. Production rates of battery cells have significantly increased, with expectations for continued growth into 2023. A web conference discussing these developments is scheduled for November 16, 2022.
- Raised approximately NOK 55 million through private placement.
- Shipped high-performing unit cell samples to three strategic partners.
- Strategic partners represent over USD 1 billion in revenue potential.
- Increased production rates of battery cells expected to rise further.
- None.
Ensurge Micropower ASA (OSE: ENSU,and OTCIQ: ENMPY), today released its interim report for the 3Q 2022 and the condensed consolidated financial statements as of 30 September 2022 for the Ensurge Micropower ASA group.
Report highlights include:
- Ensurge announced funding of approximately NOK 55 million in a private placement, split into 2 tranches
- Shipped high performing unit cells samples to three strategic partners, one of which is a multinational consumer devices company and two are in battery product and component businesses
- Current strategic partners represent more than USD 1bn in revenue potential
- Shipped first Ensurge packaged battery to one of our hearing aid customers
- Shipped packaged battery to innovative digital health device company with Q1 2023 forecasted demand
- Engaged in contract negotiations with a global leader in the information technology market
- Anticipate strategic partners to start funding co-development efforts during Q1 2023
- Strong increase in the production rate of battery cells during Q3 2022 andexpected to increase further during Q4 2022 and 2023
- Actively engaging multiple US investment banks to raise equity into the California subsidiary to fund capital investment and increasing the San Jose facility’s manufacturing capacity to meet customer demand in 2024
CEO Kevin Barber will discuss the Company's progress via web conference on Wednesday 16 November 2022 at 8:00am Central European Time. At the time of the event, the conference can be accessed at https://channel.royalcast.com/landingpage/hegnarmedia/20221115_3/.
Following the event, a recording will be available on the Company's investor relations website at https://ensurge.com/investor-relations/presentations- webcasts/ (https://ensurge.com/investor-relations/presentations-%20webcasts/).
The 3Q 2022 financial report and the presentation used for the webcast are attached.
About Ensurge Micropower
Ensurge is Energizing Innovation(TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1-100 milliampere-hour (mAh) class of wearable devices, connected sensors, and beyond. The innovative Ensurge Microbattery enables energy-dense rechargeable products that are ideal for form-factor-constrained applications including hearables (hearing aids and wireless headphones), digital and health wearables, sports and fitness devices, and IoT sensor solutions that use energy harvesting to power everyday things. The company's state-of-the-art 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 Ensurge 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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