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strategy focused on the design, development, and production of innovative
battery solutions targeting existing market demand with differentiated solutions
to power wearable devices and connected sensors. This decision follows extensive
evaluation of multiple markets to determine the most commercially compelling use
of the Companyâs patented process technology innovations and state-of-the-art,
production-scale roll-to-roll flexible electronics factory located in San Jose,
California.
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 (âSSLBâ) products that are ultrathin, flexible, reliable,
safe, and cost effective. Thinfilmâs facility, located in the heart of Silicon
Valley, is ideally positioned to spark rapid development of differentiated
products that will offer the wearable market, estimated by IDTechEx to reach $64
billion in 2020 and growing at a 9.5% CAGR through 2024, a superior alternative
to todayâs pouch and coin cell batteries. Thinfilmâs distinct value proposition
will enable technology innovation by unleashing designersâ creativity,
previously limited by the lack of flexibility inherent in existing battery
technology.
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.
âThinfilmâs 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,â said
Kevin Barber, CEO of Thinfilm.
Initially pioneered by Oak Ridge National Laboratory in the 1990s, SSLB
technology is primarily used in embedded electronics applications including
real-time clock and SRAM backup. However, the technologyâs deployment has been
limited by dependencies on rigid substrates, fragile materials, and small-scale
manufacturing methods. In contrast, Thinfilm is well positioned to bring the
advantages of SSLB technology to a broader market due to the Companyâs unique
combination of existing capabilities, including roll-based production, robust
metal foil substrate handling, materials expertise, and manufacturing process
knowhow.
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 San Jose
factory, Thinfilm has entered into a partnership with a leading process
technology development company.
Based on the Companyâs 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 October 23, 2019
Extraordinary General Meeting.
Additionally, the Company is actively working to monetize the CNECTÂŽ 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 Companyâs updated strategy, Thinfilm has launched its new
corporate website at www.thinfilmsystems.com (http://www.thinfilmsystems.com).
The site outlines Thinfilmâs unique approach to battery solutions and is the new
home for the Companyâs 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
20 February 2020. In addition, Thinfilm CEO Kevin Barber will present the
companyâs updated strategy to investors and analysts in a briefing to be held in
Oslo, Norway in late February 2020. The Company will provide schedule and
location details in the coming weeks.
###
Investor Relations contacts:
Kevin Barber - Chief Executive Officer
Email: kevin.barber@thinfilmsystems.com
(mailto:kevin.barber@thinfilmsystems.com)
Mallorie Burak - Chief Financial Officer
Email: mallorie.burak@thinfilmsystems.com
(mailto: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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