Ensurge Micropower

NO: ENSU

Market CapNOK897.8m

Last Close NOK0.71

Ensurge Micropower’s (previously Thin Film Electronics’) 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 hearables and wearable devices.

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Investment summary

Following the tape-out (effectively formal completion) of the first product design in January this year, Thinfilm has been able to progress engagement with potential customers and is now in commercial agreement discussions with five OEMs in the hearables and wearable electronics markets. Thinfilm has manufactured its first prototype cells based on this initial design. These have demonstrated the key performance parameters expected. The company has also demonstrated its ability to stack cells.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 1.2 (30.6) (35.9) (61.23) N/A N/A
2020A 0.5 (11.4) (15.3) (3.90) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

Successful production of the first prototype cells has confirmed which processes are required. This has enabled the company to order the remaining tool conversions required to adapt the R2R line for microbattery production. Importantly, Thinfilm has successfully run the ultra-thin steel tools that are a key enabler of the high-energy densities achievable using its technology.

Last updated on 21/06/2021
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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 (5.9) (9.5) 45.9
Relative* (7.6) (13.7) 12.0
52-week high/low NOK1.2/NOK0.2
*% 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