To address the sizeable existing and expanding applications for wearable devices and connected sensors, the Company is developing a family of rechargeable solid-state lithium battery (“SSLB”) products that are ultrathin, flexible, reliable, safe, and cost effective. Thinfilm’s facility, located in the heart of
Thinfilm battery solutions incorporate an innovative solid electrolyte material that enables thinner, stackable cells that can endure more charging cycles and deliver more power at sub-freezing temperatures, compared to commonly used battery technologies. Because the solid electrolyte cannot catch fire or explode, Thinfilm SSLBs can also improve the safety profile for wearable and medical applications.
“Thinfilm’s shift to the development and production of value-added battery solutions represents a more compelling application of its large-area, roll-to-roll flexible electronics manufacturing capabilities and patented process innovation. Our thin, light, flexible, safe, and cost-effective battery solutions can enable innovative and highly sought-after products in important existing markets. We forecast significantly improved margins, at significantly lower factory utilization, compared to our previous NFC business model,” said
Initially pioneered by
By leveraging its core capabilities in materials and manufacturing innovation, the Company believes it can produce compelling energy storage products that provide greater battery life and improved reliability, with the form-factor flexibility to create unique battery shapes enabling sleek, comfortable end products. The Company will initially focus on key portions of the wearables and sensor markets, particularly the rapidly growing connected and wearable medical sensing market, in which continuous glucose monitoring alone is forecasted to double in volume to over 100 million units by 2023, according to IDTechEx. Beyond wearable medical sensing, Thinfilm has identified a number of additional growing applications in existing markets that are expected to provide meaningful opportunities for additional growth.
To accelerate the development of ultrathin battery technology in the
Based on the Company’s decision to leverage existing intellectual property and manufacturing assets in the execution of its revised strategy, Thinfilm does not currently expect to issue warrants authorized in the
Additionally, the Company is actively working to monetize the CNECT® platform and related NFC assets and is currently evaluating offers from potential acquirers who are interested in deploying NFC solutions supported by a robust data analytics software platform.
To reflect the Company’s updated strategy, Thinfilm has launched its new corporate website at www.thinfilmsystems.com. The site outlines Thinfilm’s unique approach to battery solutions and is the new home for the Company’s corporate and investor relations information. An updated strategy presentation is available in the Investor Relations section on the Presentation & Webcasts page.
The Company has scheduled its fourth quarter financial report to be released on
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Investor Relations contacts:
Email: kevin.barber@thinfilmsystems.com
Email: mallorie.burak@thinfilmsystems.com
Investor Relations telephone: +1 408 503 7380
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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