Oslo, Norway, January 20, 2025 – Ensurge Micropower ASA (“Ensurge”) is making strides in creating solid-state microbatteries. The company has seen strong progress since late 2024, ramping up efforts to enhance production and identify any necessary fixes in their products.
The management team is in touch with various potential customers and partners. There is growing excitement to advance discussions about commercial agreements. Ensurge is focused on crafting batteries that will truly stand out in the market, ensuring they meet every customer’s needs.
Lars Eikeland, the CEO of Ensurge, expresses enthusiasm about collaborating with strategic partners to finalize delivery agreements. He emphasizes their commitment to providing microbatteries that excel in energy density, reliability, and scalability. With recent technological advances, Ensurge is positioning itself as a pioneer in the solid-state battery space.
The company is currently preparing to validate improvements by producing a substantial number of batteries in the coming weeks. This is crucial to confirm that their products consistently meet high-quality standards. After this validation, Ensurge plans to ship both 11-layer and 28-layer batteries to customers as part of previously established evaluation agreements. Work on 43-layer batteries will continue, with shipments slated to follow.
As for financial health, Ensurge reported a cash reserve of USD 3,383,779 as of December 31, 2024. Out of this, USD 1,606,256 is restricted.
Ensurge is also looking to raise funds through a private placement of new shares, aiming for NOK 35-50 million. The subscription price is set at NOK 1.00 per new share. Notably, DNB Asset Management has committed to invest NOK 7 million in this initiative.
As an added incentive for investors, Ensurge plans to offer warrants during this placement. These will allow investors to buy additional shares at the same price as the initial offering. Holders can exercise these warrants between September 26 and October 10, 2025.
The application period for this private placement starts on January 20, 2025, and ends shortly after on January 21. The final number of shares allocated will be determined based on various factors and will be announced soon after the application period closes.
Ensurge is committed to maintaining equality among its shareholders while managing the dilution from this placement. They are considering a subsequent offering for shareholders who do not participate in the private placement, ensuring everyone has a chance to invest as opportunities arise.
About Ensurge Micropower: Ensurge is committed to innovation, focusing on ultrathin, flexible solid-state lithium microbatteries. These batteries are suitable for a range of applications, including wearables and IoT devices. Their state-of-the-art facility in Silicon Valley employs advanced manufacturing techniques to deliver high-performance solutions.
In summary, Ensurge is poised for exciting growth with its innovative battery technology and proactive market strategies. The future seems bright for both the company and its stakeholders.
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