Ensurge Micropower ASA – Private Placement successfully placed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. 

Oslo, Norway, 9 November 2025

Reference is made to the stock exchange announcements published on 6 November 2025 and 7 November 2025 (the “Announcements”) by Ensurge Micropower ASA ("Ensurge" or the "Company") regarding a contemplated private placement (the "Private Placement") of new shares in the Company (the "Offer Shares”).

The Private Placement has been successfully placed, raising gross proceeds to the Company of NOK 100 million, through the allocation of 83,678,032 Offer Shares in Tranche 1 (as defined below) and conditional allocation of 27,433,079 Offer Shares in Tranche 2 (as defined below) each at a subscription price of NOK 0.90 per Offer Share (the "Subscription Price").

The net proceeds to the Company from the Private Placement will be used (i) to expand the team in order to develop the product in partnership with paying customers, drive manufacturing and operational robustness for high-quality product launch into high-volume applications, and build external relationships with paying customers and other third parties, (ii) to upgrade certain capital equipment, including material handling and manufacturing processes, for high-quality repeatable manufacturing, and (iii) for general corporate purpose to attract higher volume external suppliers and maintain negotiating leverage vis-à-vis external third parties.

The following primary insiders (and closely associated companies) were allocated a total of 5,858,184 Offer Shares in the private placement for a total amount of NOK 5,272,365.60:

• Shauna McIntyre, the Company's CEO, currently owning no shares and votes, has been allocated 113,666 Offer Shares, for a total subscription amount of approx. USD 10,000.
• Lars Eikeland, the Company's CFO, currently owning approximately 0.56% of the Company's shares and votes, has been allocated 1,311,185 Offer Shares, for a total subscription amount of approx. EUR 100,000.
• AS Mascot Holding (closely associated company to Alexander Munch-Thore, the Chairperson of the Board, currently owning no shares and votes) has been allocated 1,000,000 Offer Shares, for a total subscription amount of NOK 900,000.
• Nina Riibe, Board member, currently owning no shares and votes, has been allocated 100,000 Offer Shares, for a total subscription amount of NOK 90,000.
• Coretech AS (closely associated company to Thomas Ramm, Board member, currently owning approximately 0.40% of the Company's shares and votes) has been allocated 3,333,333 Offer Shares, for a total subscription amount of NOK 3 million.

The Private Placement consists of two tranches, whereof the 83,678,032 Offer Shares in Tranche 1 have been issued pursuant to the 10% authorization to issue new shares (the "Board Authorization") granted to the Company’s board of directors (the “Board”) by the extraordinary general meeting on 8 August 2025 ("Tranche 1"). The second tranche consists of 27,433,079 Offer Shares and is conditional on approval by an extraordinary general meeting expected to be held on or about 2 December 2025 (“EGM”) of the Company ("Tranche 2").