EPOW Announces BYD as New Customer, Commences Fulfillment of 37,600 Metric Ton Graphite Anode Order

Rhea-AI Summary

Sunrise New Energy Co., Ltd. (NASDAQ: EPOW) announced a significant milestone with the commencement of a $225 million graphite anode purchase order from BYD, a leading global electric vehicle manufacturer. This order includes shipments of 37,600 metric tons of graphite anode material, positioning Sunrise as a key supplier in the EV market. The company has ramped up its annual production capacity to 20,000 tons and aims to fulfill the order by mid-2024. This partnership not only strengthens Sunrise's market position but also aligns with its commitment to sustainable energy solutions. The company operates a joint venture focused on low-cost, environmentally friendly production practices, further supporting its growth prospects in the burgeoning EV industry.

Positive

• Secured a $225 million purchase order from BYD for 37,600 metric tons of graphite anodes.
• Increased annual production capacity to 20,000 tons by the end of 2022.
• Plans to fulfill the purchase order by mid-2024, indicating strong future revenue potential.

Negative

• None.

ZIBO, China, April 26, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced BYD as a new customer with the commencement of shipments under a 37,600 metric ton graphite anode purchase order, which is valued at $225 million based on recent pricing for graphite anode.

BYD Company Ltd is a leading global manufacturer of electric vehicles, rechargeable batteries, and photovoltaic products. Founded in 1995 and headquartered in Shenzhen, China, BYD has grown to become one of the largest and most successful electric vehicle companies in the world. The company has a strong commitment to sustainable development and has been at the forefront of the electric vehicle revolution.

Sunrise has increased its annual production capacity to 20,000 tons at the end of 2022. The Company expects to achieve further increases in production capacity this year and to complete fulfillment of this purchase order by the middle of 2024.

"Landing BYD as a customer is a significant milestone for Sunrise New Energy Co., Ltd. and we are thrilled to be working with such an esteemed leader in the electric vehicle industry," said the Chairman of Sunrise New Energy Co., Ltd. "We anticipate a long and fruitful relationship together while contributing to a cleaner and more sustainable future."

About Sunrise New Energy Co., Ltd

Headquartered in Zibo, Shandong Province, China, Sunrise New Energy Co., Ltd., through its joint venture, is engaged in the manufacturing and sale of graphite anode material for lithium-ion batteries. The Company’s joint venture is constructing a 138,000 ㎡ manufacturing plant in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which helps to make Sunrise New Energy a low-cost and low–environmental-impact producer of graphite anode material. Mr. Haiping Hu, the founder and CEO of the Company, is a major pioneer for the graphite anode industry in China starting from 1999. The Company’s management team is also composed of experts with a cumulative decades of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform business. For further information, please visit the Company’s website at www.sunrisenewenergy.com. The Company also maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.

Forward-looking statement

Certain statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any words that refer to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the company's strategic objectives, the company's future plans, market demand and user acceptance of the company's products or services, technological updates, economic trends, the company's reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, the ups and downs of China's macroeconomic conditions, the international market conditions served by the company, and other related risks and assumptions disclosed in the prospectus. In view of the above and other related reasons, we advise investors not to blindly rely on these forward-looking statements, and we urge investors to visit the SEC’s website to consult the company's relevant documents for other factors that may affect the company's future operating results. The company is under no obligation to make public amendments to changes in these forward-looking statements due to specific events or reasons unless required by law.

For more information, please contact:

The Company:
IR Department
Email: IR@sunrisenewenergy.com
Phone: +86 4009919228

FAQ

What is the significance of the purchase order from BYD for EPOW?

The $225 million purchase order from BYD marks a significant milestone for EPOW, enhancing its position as a key supplier in the electric vehicle industry.

How much graphite anode material is EPOW supplying to BYD?

EPOW is supplying 37,600 metric tons of graphite anode material to BYD as part of the purchase order.

When does EPOW expect to fulfill the purchase order for BYD?

EPOW expects to complete fulfillment of the purchase order by mid-2024.

What is EPOW's annual production capacity as of 2023?

As of the end of 2022, EPOW's annual production capacity has increased to 20,000 tons.

What does this partnership with BYD imply for EPOW's future?

The partnership with BYD implies strong future revenue potential and growth opportunities for EPOW in the electric vehicle supply chain.