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.