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Thinfilm Reports Achievements in Solid-State Battery Commercialization and Manufacturing Readiness

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Thin Film Electronics ASA
·4-min read
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Oslo, 20 April 2021

Significant progress in product commercialization, manufacturing readiness, and technology development supports initial product revenue, on schedule, in late 2021

- Engaged in commercial agreement discussions with five leading OEMs across hearables and wearables segments
- Operational readiness validated for all key roll-to-roll manufacturing equipment
- Implemented and validated performance of baseline SSLB cell fabrication process
- Confirmed key cell performance parameters of initial design based on Thinfilm MPP
- New video takes viewers behind the scenes of Thinfilm's SSLB process

Thin Film Electronics ASA ("Thinfilm" or the "Company"), a developer of ultrathin, flexible, and safe energy storage solutions for wearable devices and connected sensors, today announced multiple achievements in key go-to-market, manufacturing readiness, and technology development initiatives supporting the Company's solid-state lithium battery (SSLB) microbattery products.

Leveraging the introduction of the Company's Microbattery Product Platform (MPP), Thinfilm has entered commercial agreement discussions with five leading OEMs within the Company's target markets of hearables and wearable electronics. These agreements will define customer product requirements and align on key technical, operational, and business terms. The geographic and application diversity of these engagements demonstrates a wide range of market interest in the performance advantages and unique form factors that can be enabled by Thinfilm SSLB products based on ultrathin stainless steel substrate technology.

As Thinfilm prepares for scale-up of SSLB technology on its roll-to-roll production line, the Company has successfully validated – ahead of schedule – the operational readiness of the full toolset required to implement the Company's baseline manufacturing process. In addition, the Company has ordered the remaining tool conversions necessary to support transfer of the baseline roll-to-roll process from the sheet-based development line and has confirmed successful runs of ultrathin steel rolls that are critical for enabling unmatched energy densities in solid-state microbatteries.

Thinfilm's core technology development activity remains on schedule, with a primary focus on achieving highly manufacturable cells with high volumetric energy density, extended charge cycling lifetimes, and superior safety characteristics. The Company can now confirm expected key performance parameters of first prototype cells based on the initial design leveraging the Company's Microbattery Product Platform. Furthermore, by successfully confirming the planned baseline roll-to-roll cell manufacturing process on the sheet line, Thinfilm has satisfied a key requirement for on-time technology transfer to the roll-based production line in the third quarter and process qualification in the fourth quarter of 2021.

To extend SSLB cell technology benefits to compact, high-capacity battery products, the Company continues development of innovative stacking and packaging techniques. These packaging innovations are critical to achieving maximum volumetric energy density in form-factor-constrained applications in the Company's target markets. In order to enable manufacturing scale-up later this year, the Company has ordered critical equipment, expected to arrive early in the third quarter, to increase throughput, maximize consistency, and maintain superior volumetric energy densities in stacked microbattery products.

"As we progress toward SSLB commercialization, we are excited to work directly with leading OEMs to define innovative products based on Thinfilm's Microbattery Product Platform," said Kevin Barber, CEO of Thinfilm. "Our manufacturing and technology development teams continue a rapid pace of innovation to enable on-time commercialization of this exciting technology later this year, with initial revenues expected in the fourth quarter."

In addition, to provide a unique behind-the-scenes look at the Company's SSLB technology and roll-based manufacturing facility, Thinfilm has released a video highlighting its technology, product platform architecture, and manufacturing advantages. The video is now available on the Company's website at https://thinfilmsystems.com and on YouTube at https://youtube.com/c/thinfilm

Thinfilm is Energizing Innovation™ with ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Thinfilm's innovative solid-state lithium battery (SSLB) technology is uniquely positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications. The company's state-of-the-art flexible electronics 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 SSLB technology to established and expanding markets. Thin Film Electronics ASA is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.

Contact:
Ståle Bjørnstad – Investor Relations
E-mail: stale.bjornstad@thinfilmsystems.com
Phone: +47 99 16 76 72

Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@thinfilmsystems.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.