Global Internet of the People Announces Name Change to Sunrise New Energy to Reflect the Company’s Transformation

Rhea-AI Summary

Sunrise New Energy Co., Ltd. (NASDAQ: SDH) announced a name change from Global Internet of the People, Inc. to Sunrise New Energy, effective August 10, 2022. This change reflects the Company's shift toward manufacturing graphite anodes for lithium-ion EV batteries, a market expected to grow significantly due to increasing EV production. Sunrise is constructing a 138,000 m² facility in Guizhou, China, utilizing renewable energy to minimize costs and environmental impact. The Company has secured pre-orders worth tens of millions and is led by experienced executives from the successful Shanshan technology.

Positive

• Successful name change to align with the new business focus on graphite anodes.
• Entry into a booming market for lithium-ion EV batteries, with a strong demand for graphite anodes.
• Construction of a large manufacturing facility powered by renewable energy, potentially lowering production costs.
• Pre-orders for products in the tens of millions of dollars, indicating strong market interest.
• Leadership team includes key members from a previously successful graphite anode manufacturer.

Negative

• None.

ZIBO,Shandong, China, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: SDH), today announced that the Company changed its name from Global Internet of the People, Inc. to Sunrise New Energy Co., Ltd. effective as of August 10, 2022. In conjunction with the name change, the Company’s ordinary shares are expected to begin trading on the NASDAQ Capital Market under the new ticker symbol “EPOW” as of the opening of trading on August 15, 2022.

The name was changed to “Sunrise New Energy” to reflect the Company’s business transition into the manufacturing and sales of graphite anode for lithium-ion EV batteries. There is a multi-billion-dollar market for graphite anode, and it is already in critically short supply even though only a small percentage of the global automobile fleet has transitioned to EVs. Each new EV requires an additional 60 kgs of graphite anode, making this a huge growth market for the foreseeable future.

“As a sunrise marks the start of a new day, the name Sunrise New Energy marks an exciting new phase for our Company,” said the Sunrise New Energy’s Chairman Hu. “We are in the process of constructing a world-class manufacturing facility for graphite anode in Guizhou Province, China and have received pre-orders for our products in the tens of millions of dollars.”

“Investors new to our story are likely unfamiliar with my past success in the graphite anode business,” continued Chairman, Mr. Haiping Hu. “I founded the first lithium battery anode manufacturer, Shanshan technology, in 1999 and grew that business from zero to $3 billion in sales. It is important to note that the success was achieved before the big growth driver of EV cars arrived. Key team members that helped me build Shanshan into the world leading graphite anode supplier have rejoined me at Sunrise from their subsequent ventures. I am confident that we will once again build a large and successful graphite anode company and, in the process, make shareholders significant returns on their investments.”

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 EVs and other lithium-ion batteries. The Company is constructing a 138,000 m² manufacturing plant in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which the Company believes will make Sunrise New Energy the low-cost as well as the lowest environmental impact producer of graphite anode material.

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 the 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 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 after the declaration of these documents.

For more information, please contact:

The Company:
IR Department
Email: IR@sdh365.com