Ensurge Micropower (ENSU) M&A Announcement summary

Deal rationale and strategic fit

• Collaboration leverages Corning's material science and ceramic expertise with Ensurge's solid-state microbattery technology to deliver ultra-high energy density batteries for AI, wearables, medical, industrial, and defense sectors.

• The partnership aims to accelerate Ensurge's transition from prototype to scalable product, enhancing commercialization confidence and long-term growth.

• Corning's involvement brings new features, form factors, and opportunities without replacing Ensurge's existing technology.

Financial terms and conditions

• Corning will provide up to USD 5 million in resources, convertible into shares at NOK 1.11 per share, with quarterly conversion at a pre-determined NOK price.

• Corning receives warrants to invest up to USD 10 million at NOK 1.50 per share, exercisable for two years after EGM approval, contingent on the agreement's continuation.

• Warrants are granted at no charge and are not tradable on Euronext Oslo Børs.

Synergies and expected cost savings

• Stack-level integration of Corning's cathode and ceramic materials with Ensurge's solid-state platform is expected to boost energy density, safety, and manufacturability.

• Corning's process know-how and precision ceramic forming will help scale production, preserve throughput, and improve manufacturability.