Ensurge Micropower ASA; Announcement on Organizational Changes and Commercial Update

06 Feb 2023 08:00 CET

Oslo, Norway 6 January 2023.

Ensurge Micropower ASA ("Ensurge" or the "Company") today announces the
implementation of certain organizational changes and provides a commercial
update, including plans going forward.

Change of CEO:

Ensurge hereby announces that Mark Newman will assume the role as Interim Chief
Executive Officer of Ensurge and its US subsidiary, commencing on or about 8
February 2023. Mark will be based in San Jose, California. He will replace Kevin
Barber, who has been the CEO since November 2018. Mark is presently a member of
the Board of Directors of the Company. Due to applicable legal requirements, he
will temporarily resign from the Board while serving as Interim CEO. Board
election will be an agenda item at an upcoming extraordinary general meeting to
be called and the nomination committee will be asked to identify and propose
suitable candidate(s) for the Board prior to such general meeting.

Mark, who is a British citizen, has served on the Board of Ensurge since 25 May
2022. He is founder and CEO of Electric Revolution Ventures, and is a renowned
expert, advisor and investor in batteries, semiconductors, and electric
vehicles. Mark was the top ranked analyst and lead author of Bernstein's all
time most read research globally, "Electric Revolution" and "Battery Bible", and
is a frequent speaker and commentator on these topics. He spent over a decade as
Managing Director and Senior Analyst covering technology at Bernstein, where he
spearheaded the Electric Revolution thematic research covering batteries,
semiconductors, and the entire electric vehicle value chain.

Previously, Mark was Director of Strategy at Samsung in Korea, where he led
several strategic initiatives, venture investments and acquisitions. He also
worked at Applied Materials in California, supporting the world's leading
semiconductor manufacturing companies in the United States, Europe, and Asia.
Mark was a seed investor and until recently Chief Commercial Officer and Head of
Strategy at fast-charge battery pioneers, Nyobolt. He has been an active
investor in several other start-ups and advisor to Ivanhoe Capital Acquisition
and SES.ai, that recently combined (now SES.ai) and listed on the New York Stock
Exchange. Mark currently serves on the board of the Faraday Institution (the
UK's flagship battery research program).

Mark holds a Master's in Chemical Engineering from University College London,
and an MBA from Harvard Business School.

The Company is delighted that Mark Newman, with his deep knowledge of the
battery industry and business, proven track-record in executive management, and
good knowledge of Ensurge based on his position on the Board, wishes to take the
position as Interim CEO.

As Mark is a non - EEA or UK resident, his appointment as interim CEO of Ensurge
Micropower ASA requires an exemption from the residence requirements under the
Public Limited Companies Act. Ensurge will immediately file for such an
exemption with the Ministry of Trade, Industries and Fisheries.

The Company also takes this opportunity to express its appreciation to Kevin
Barber for his many years of service to the Company as Chief Executive Offier.
Kevin was instrumental in the Company's change of business strategy in 2020
to design and develop rechargeable solid- state lithium microbatteries and the
subsequent development and growth of the Company.

Commercial Update and Plans

Ensurge has made significant progress since announcing its updated business
strategy in January 2020. The Company received the first production order for
150,000 units of its rechargeable 1-100 milliampere (mAh) solid-state lithium
micro-batteries in December 2022. The Company remains in deep discussions with
strategic partners and customers with a multinational reach, and there is a
strong pipeline of exciting customer leads, within a wide range of industries
and business segments.

Consequently, the Company is now in a position to capture a significant share of
the large global market for micro-batteries. Ensurge makes both core battery
cell technology and fully packaged batteries and will continue to market and
sell both offerings. The market continues to grow and the interest from
potential customers looking for Ensurge's cells and batteries is thus
increasing.

In the short term, and to better position the Company for further
commercialization and growth, measures will be taken to reduce costs and cash
burn. All expenditures will be reviewed with the objective to cut costs
meaningfully. The financial restructuring of the Company will include raising
funds through the US subsidiary, a possible listing of the US subsidiary, and
other measures that will strengthen the long-term positioning of Ensurge.

Work with key customers and strategic partners will be intensified, with the aim
for Ensurge to reach commercial agreements, which, in turn, will enable the
Company to invest in roll-to-roll equipment to be able to serve the existing
strong demand in the market.

There will be a focus on maintaining a stable team and operations. The key
technical team in San Jose, California remains fully dedicated with a firm
belief in the Company's technology and commercial potential.

As the appointment of Mark Newman as CEO is intended as interim in nature, the
Company will seek to find a permanent CEO.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading
Act. This stock exchange release was published by Ståle Bjørnstad, VP, Corporate
Development and IR, on 6 February 2023 at 0800 CET.

For more information about Ensurge's microbattery technology visit the Company's
website, www.ensurge.com.

Contact: Ståle Bjørnstad - Investor Relations Email: stale.bjornstad@ensurge.com
(mailto:stale.bjornstad@ensurge.com) Phone: +47 99 16 76 72

About Ensurge Micropower Ensurge is Energizing Innovation (TM) with the first
ultrathin, flexible, reliable, and fundamentally safe solid-state lithium
microbattery for the 1-100 milliampere-hour (mAh) class of wearable devices,
connected sensors, and beyond. The innovative Ensurge Microbattery enables
energy-dense rechargeable products that are ideal for form-factor-constrained
applications including hearables (hearing aids and wireless headphones), digital
and health wearables, sports and fitness devices, and IoT sensor solutions that
use energy harvesting to power everyday things. The company's state-of-the-art
manufacturing facility, located in the heart of Silicon Valley, combines
patented process technology and materials innovation with the scale of roll-to-
roll production methods to bring the advantages of Ensurge technology to
established and expanding markets.

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