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Ensurge Micropower has shipped its first packaged battery samples. This marks the start of the customer sampling phase during which prospective partners and customers will evaluate the company’s innovative 1–100 milliampere-hour solid-state lithium technology.
Written by
Ensurge Micropower |
First packaged battery samples shipped |
Progress update |
Tech hardware and equipment |
28 October 2022 |
Share price performance
Business description
Analyst
Ensurge Micropower is a research client of Edison Investment Research Limited |
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Ensurge Micropower has shipped its first packaged battery samples. This marks the start of the customer sampling phase during which prospective partners and customers will evaluate the company’s innovative 1–100 milliampere-hour solid-state lithium technology.
Year end |
Revenue |
EBITDA ($m) |
PBT* |
EPS* |
DPS |
P/E |
12/18** |
3.4 |
(49.3) |
(54.3) |
(0.93) |
0.00 |
N/A |
12/19** |
1.2 |
(30.6) |
(35.9) |
(0.61) |
0.00 |
N/A |
12/20 |
0.5** |
(11.3) |
(14.9) |
(0.04) |
0.00 |
N/A |
12/21 |
0.0 |
(14.6) |
(17.2) |
(0.01) |
0.00 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Discontinued business.
Ensurge has solved the key challenges related to manufacturing packaged rechargeable microbatteries using its solid-state lithium technology. This has enabled the company to ship its first packaged battery samples. These samples are being delivered to a leader in the hearables market.
Ensurge has already shipped unit cells to its lead production customer and three strategic partners with whom it is exploring strategic options, including licensing the Ensurge technology, joint development initiatives and equity investment. Having unit cells enables the lead production customer and partners to assess the performance of the individual cells. In contrast, customers receiving samples of packaged microbatteries, in which unit cells are stacked on top of each other and sealed in a protective package with connectors, will be able to mount the complete microbatteries on printed circuit boards and evaluate how well they perform in prototype products.
During the first shipment phase, samples will be delivered to the companies that have signed contracts with Ensurge and want the batteries for testing, evaluation and adoption. In a subsequent phase, the samples will be offered to more than a dozen customers that have shown strong interest in the Ensurge microbattery’s performance but have not yet signed agreements.
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abrdn Private Equity Opportunities Trust (APEO) has so far successfully navigated the challenging macro environment, reporting an NAV total return (TR) from end-2021 to end-September 2022 (based on NAV estimate) of 7.5%. Distributions from underlying funds remain firm with c £210m in FY22 (ending September), largely covering APEO’s FY22 capital calls (c £250m) and fully covering them in CY22 year to date. However, APEO recently upsized its credit facility to £300m (from £200m previously), which improved its commitment coverage ratio to c 39% and its balance sheet headroom as it sees some softening in private equity (PE) exit activity. The larger credit facility also supports APEO’s new investments after a solid pace was maintained in FY22 at £338m (ie 33% of opening NAV versus 26% on average in FY17–21). APEO continues to pay a quarterly dividend, currently 3.6p (up c 6% y-o-y), which implies an annualised yield of 3.3%.