Sunrise Secures $1.04 Million in Funding for Innovative Silicon-Carbon Anode Project

Rhea-AI Summary

Sunrise New Energy Co., (NASDAQ: EPOW) has secured a $1.04 million special technology fund for its innovative silicon-carbon anode project. The project, titled "Key Technologies and Engineering for New Silicon-Carbon Anode Materials in Lithium-Ion Batteries," received approval from the Guizhou Provincial Department of Science and Technology's expert panel after multiple evaluations.

The project boasts advanced technology with impressive specifications:

• Specific capacity: ≥1900mAh/g
• First coulomb efficiency: ≥91%
• Cycle life: 1000 cycles with ≥80% capacity retention

These features position the project at the forefront of global battery technology and could lead to significant improvements in solid-state battery performance. CEO Haiping Hu emphasized that Sunrise is the only anode materials company in Guizhou Province to receive such funding for this type of project.

Positive

• Secured $1.04 million in special technology funding
• Project features advanced technology with high specific capacity (≥1900mAh/g)
• First coulomb efficiency of ≥91%
• Long cycle life of 1000 cycles with ≥80% capacity retention
• Only anode materials company in Guizhou Province to receive such funding

Negative

• None.

Insights

Battery Technology Expert

The approval of Sunrise's silicon-carbon anode project marks a significant advancement in lithium-ion battery technology. The specific capacity of ≥1900mAh/g is notably high, potentially enabling batteries with much greater energy density. The first coulomb efficiency of ≥91% indicates excellent initial charge retention, while the 1000-cycle life with ≥80% capacity retention suggests exceptional longevity.

These specifications outperform many current commercial alternatives, positioning Sunrise at the forefront of anode material development. The $1.04 million funding not only validates the technology's potential but also provides important resources for further development and potential commercialization. This could lead to substantial improvements in electric vehicle range and consumer electronics battery life, potentially disrupting the energy storage market.

Financial Analyst

The $1.04 million funding secured by Sunrise is a positive development for the company, particularly given its current market cap of about $27.4 million. This grant represents nearly 3.8% of the company's market value, which is substantial for a research project. The funding not only provides additional capital for R&D but also serves as a strong vote of confidence from the Guizhou Provincial Department of Science and Technology.

Investors should note that while this funding is significant, it's important to monitor how Sunrise translates this technological advantage into commercial success and revenue growth. The project's potential to lead to breakthroughs in solid-state batteries could position Sunrise as a key player in the evolving electric vehicle and energy storage markets, potentially driving future valuation growth.

ZIBO, China, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced its "Key Technologies and Engineering for New Silicon-Carbon Anode Materials in Lithium-Ion Batteries" project officially received approval from the expert panel of the Guizhou Provincial Department of Science and Technology. Following multiple rounds of evaluations, the project was granted a special technology fund of USD 1.04 million.

The project stands out for its advanced technology, with a specific capacity of ≥1900mAh/g, a first coulomb efficiency of ≥91%, and a long cycle life of 1000 cycles with a capacity retention rate of ≥80%. These features place the project at the forefront of global battery technology and promise to support a major breakthrough in solid-state battery performance.

“We are proud that this project is the only one of its kind led by an anode materials company in Guizhou Province to receive such funding.” stated Mr. Haiping Hu, CEO of Sunrise. “Sunrise has always been committed to the research and production of cutting-edge anode materials for lithium batteries, striving to create value and deliver strong returns to our shareholders. This achievement is a testament to our dedication and expertise in advancing battery technology.”

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 has completed the construction of a manufacturing facility with a production capacity of 50,000 tons 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.

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 published on the SEC’s website. In view of the above and other related reasons, we urge investors to visit the SEC’s website and consider 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 unless required by law.

For more information, please contact:

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

FAQ

What is the value of the funding Sunrise New Energy (EPOW) received for its silicon-carbon anode project?

Sunrise New Energy (EPOW) received $1.04 million in special technology funding for its silicon-carbon anode project from the Guizhou Provincial Department of Science and Technology.

What are the key performance metrics of Sunrise's (EPOW) silicon-carbon anode project?

The project features a specific capacity of ≥1900mAh/g, a first coulomb efficiency of ≥91%, and a cycle life of 1000 cycles with ≥80% capacity retention.

How does Sunrise's (EPOW) silicon-carbon anode project compare to other projects in Guizhou Province?

Sunrise's project is the only one of its kind led by an anode materials company in Guizhou Province to receive such funding, according to CEO Haiping Hu.

What potential impact could Sunrise's (EPOW) silicon-carbon anode project have on battery technology?

The project's advanced features place it at the forefront of global battery technology and could lead to a major breakthrough in solid-state battery performance.