Sharecast - The AIM-traded firm said the contract was for the design and supply of a mixed signal sensor ASIC for the e-mobility market encompassing electric vehicles (EVs), electric two-wheelers, e-bikes, and e-scooters.
Based on volume commitments by the customer, the contract was set to be worth in excess of $7m over the first five years of supply.
The majority of the non-recurring engineering design element of the contract would be completed in the current financial year, and would be fully funded by the customer.
Production, manufacturing and supply was expected to begin in the middle of 2025, and run for at least five years.
The board said the global e-mobility market was projected to grow at a compound annual growth rate of just over 14% from 2023 to 2030, growing from $130bn to reach about $325bn by 2030.
That rise in demand had prompted significant innovation across the sector to improve range, safety features, and ride experience.
To remain competitive, a number of component manufacturers were choosing to develop ASICs to differentiate their products, representing a significant growth opportunity for custom ASIC design specialists such as EnSilica PLC (LON:ENSI).
“We are pleased to announce this new supply contract in a key growth market undergoing significant innovation and adoption globally,” said chief executive officer Ian Lankshear.
“The technological demands across the e-mobility market are similar to those of the automotive market, and we look forward to capitalising on our proven automotive expertise to further expand our market reach.”
At 1300 BST, shares in EnSilica were up 12.03% at 74.5p.
Reporting by Josh White for Sharecast.com.