Ensurge Micropower (OSE: ENSU)

Currency in NOK

Last close As at 26/09/2023


0.01 (8.33%)

Market capitalisation


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.

Ensurge did not generate any revenues during FY22. Payroll costs were $1.6m higher year-on-year, at $8.9m, as management increased spending on operations to support sampling and production readiness. This resulted in a widening of EBITDA losses, excluding share-based payments, by $2.1m to $16.7m. Investment in capital expenditure was only $0.5m (net), as most of the work adapting the roll-to-roll facility for manufacturing microbatteries was completed in FY21. Free cash outflow totalled $20.8m, leaving $3.4m cash (gross excluding restricted cash) at end-FY22.

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Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Arvind Kamath

    EVP technology development and manufacturing

  • Lars Eikeland

    Interim CEO, acting CFO

  • Morten Opstad

    Non-executive chairman

  • Terje Rogne


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.9 23.9 (95.6)
Relative 4.0 15.2 (95.9)
52 week high/low NOK2.9/NOK0.1


Ensurge develops solid-state microbatteries that can potentially double
the power density of equivalent lithium-ion designs, provide form-factor
flexibility and can be mass produced in significant volumes. In 2023, the
group achieved breakthrough technological milestones and is working
with a lead customer to deliver pre-production orders in Q124 with a view
to entering commercial production later in the year. While there are still
technological and commercial milestones to achieve, we believe that the
pathway to a long-awaited inflection point is now becoming clearer.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 (14.6) (17.8) (9.19) N/A N/A
2022A 0.0 (16.7) (20.8) (9.67) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A




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