THIN Thin Film Electronics ASA

Ensurge Micropower (ENSU): Superior replacement in billion-unit market

Edison Investment Research Limited
Ensurge Micropower (ENSU): Superior replacement in billion-unit market

14-March-2022 / 07:00 GMT/BST


 

London, UK, 14 March 2022

 

Ensurge Micropower (ENSU): Superior replacement in billion-unit market

Ensurge is using its proven printed technology and roll-to-roll (R2R) production facility to make solid-state lithium microbatteries. It is targeting markets where the high energy density, flexible form factor, enhanced cycling and improved safety features offered by its innovative technology should be able to command a premium compared with conventional batteries. The company is currently preparing for an initial production ramp towards the end of FY22.

 

Ensurge is initially targeting the medical wearables and hearables markets, followed by the connected sensor and sport & fitness wearables markets. Our scenario analysis calculates that a 5-10% share of these markets represents annual revenues of $330-550m and EBITDA of $211-365m. Management has stated that when the R2R factory in San Jose is fully utilised it could potentially generate EBITDA of over $100m, depending on product mix.


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