Ensurge Micropower

NO: ENSU

Market CapNOK825m

Last Close NOK2.6

Ensurge Micropower’s solid-state lithium battery technology combines advanced energy cell design with proprietary materials and manufacturing innovation to produce thin, flexible batteries that can power safer and more capable wearable devices and connected sensors.

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Investment summary

EBITDA losses, excluding share-based payments, widened by $3.3m year-on-year to $14.6m in FY21. This reflected higher payroll and premises costs as the company got ready for microbattery production. In February 2022, Ensurge completed a private placement and share allocation, raising approximately NOK100m gross ($11.3m) and issued warrants potentially raising up to NOK100m. Management intends the recent fund-raising programme to provide sufficient funds to give adequate time to demonstrate a series of technology and market development milestones but notes a potential funding gap in Q322.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 0.5 (11.3) (14.9) (3.80) N/A N/A
2021A 0.0 (14.6) (17.2) (1.26) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Ensurge has already signed agreements with five customers that are active in the industrial, digital health, medical hearables and wearables markets. Having demonstrated working microbatteries in H221, the company is preparing to ship samples to these customers ‘in the short term’ and to start deliveries of microbatteries for commercial use by the digital health customer in Q422. In preparation for this volume ramp-up, Ensurge is adding equipment to its existing R2R facility, which was previously used to manufacture millions of anti-theft tags, so it is optimised for microbattery production.

Last updated on 09/05/2022
Content on Ensurge Micropower
Ensurge Micropower – Closer to delivering customer samples
TMT | research Flash note | 10 May 2022
Thinfilm R2R equipment 1
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.8) (28.7) (47)
Relative* (11.3) (33.5) (54.9)
52-week high/low NOK0.9/NOK0.4
*% relative to local index
Key management
Kevin Barber CEO
Arvind Kamath EVP technology development and manufacturing
David Williamson Interim CFO
Morten Opstad Non-executive chairman