EPOW Receives $16 Million Patent Loan to Fund Rapid Growth

Rhea-AI Summary

Sunrise New Energy receives credit of RMB 50 million ($6.85 million) based on appraisal value of 7 patents, positioning the Company as a leader in the lithium battery industry. The loan will help fund rapid growth without dilution to shareholders.

Positive

• Recognition of patent value from market and financial institutions
• Competitive edge in lithium battery industry
• Opportune timing with rapid order growth

Negative

• None.

ZIBO, China, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise  New Energy”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that Sunrise (Guizhou) New Energy Material Co., Ltd. has received credit of RMB 50 million, or approximately $6.85 million based on the appraisal value of its 7 patents.

The loan was issued by Shanghai Pudong Development Bank Co., Ltd. Guiyang Branch. According to the asset appraisal report issued by the appraisal agency assigned by the bank, the appraisal value of the 7 patents in the appendix is RMB 117 million, or approximately $16 million.

Mr. Haiping Hu, Chairman of Sunrise New Energy was invited to attend the Forum "Green Innovation and Financial Support to High Quality Economic Development in Guizhou Province" as a reputable representative of green energy enterprises and signed contract with the bank on September 14. “This patent loan shows the recognition of the value of our patents from the market and the financial institutions. These patents are valuable as they provide competitive edge and position the Company as a leader in lithium battery industry. As our patent line continues to expand, more patents can be used for financing. This will continue to inject cash into the Company.” said Mr. Haiping Hu. “This loan came at the opportune time as our orders have grown rapidly. As such, having the credit to help fund our rapid growth without dilution to shareholders is a very positive development.”

Patent Appendix:
2017215525393-A system for intermittent coking to produce anode coke
2018216838031-A production device for multi-stage series continuous heating, coating and granulation of anode materials
2022104007964-A high energy density fast charging graphite composite material and its preparation method
202210400788X-A long-life fast-charging lithium-ion battery anode material and its preparation method
2022104007748-A sulfur-containing fast-ion conductor-coated graphite composite material and its preparation method
2022104007752-A method for preparing anode materials for lithium-ion batteries
2022108796377-A method for preparing high energy density fast charging graphite anode material

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 260,543 ㎡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 years of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform in China. 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 relevant international market conditions, and other related risks and assumptions disclosed in the Company’s Annual Report on Form 20-F.. 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