EPOW Wins New Contract to Supply $240 Million of Graphite Anode to a Leading Chinese EV Manufacturer

Rhea-AI Summary

Sunrise New Energy Co., Ltd. (NASDAQ: EPOW) announced a new contract to supply 40,000 metric tons of graphite anode to a major Chinese EV manufacturer, valued at $240 million. This contract boosts the company's backlog of supply agreements to $700 million, which includes a $464 million agreement from December 2022. Shipments will commence in March 2023, with completion expected within the year. The company's Chairman, Mr. Haiping Hu, emphasized upcoming efforts to expand manufacturing capacity in Guizhou Province to meet demand while maintaining high-quality standards.

Positive

• New contract for 40,000 metric tons of graphite anode valued at $240 million.
• Backlog of supply agreements increased to $700 million.
• Expansion plans for manufacturing capacity in Guizhou Province.

Negative

• None.

• Brings value of backlog of supply agreements to $700 million

ZIBO, China, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that it has won a new contract to supply 40,000 metric tons of graphite anode to a leading Chinese EV Manufacturer.

The customer is vertically integrated and manufacturers their own EV batteries. The customer wanted to keep its name private at this point for competitive reasons. The value of the 40,000 ton supply agreement is $240 million based on recent pricing for graphite anode. Sunrise will begin shipping graphite anode under this contract to the customer in March with the total 40,000 tons to be supplied in 2023.

With the addition of this new contact to the $464 million supply agreement announced on December 8, 2022, the backlog of supply agreements for delivery over the next 2 years stands at $700 million.

“This is another huge win for Sunrise and puts us on the map as a leading graphite anode manufacturer,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “Our focus in the coming months will be on expanding capacity at our manufacturing plant in Guizhou Province and on operational excellence to fulfill these purchase orders with only the highest quality graphite anode. I have a very high degree of confidence that our team is ready for the busy months ahead.”

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 new contract did Sunrise New Energy announce on January 30, 2023?

Sunrise New Energy announced a contract to supply 40,000 metric tons of graphite anode to a Chinese EV manufacturer, valued at $240 million.

What is the total value of Sunrise New Energy's backlog of supply agreements?

The total value of Sunrise New Energy's backlog of supply agreements is $700 million.

When will Sunrise New Energy start supplying graphite anodes under the new contract?

Sunrise New Energy will begin shipping graphite anodes under the new contract in March 2023.

What was the previous supply agreement value announced by Sunrise New Energy in December 2022?

The previous supply agreement announced by Sunrise New Energy in December 2022 was valued at $464 million.