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EPOW Wins New Contract to Supply $240 Million of Graphite Anode to a Leading Chinese EV Manufacturer
Brings value of backlog of supply agreements to $700 million ZIBO, China, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the
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[{"type":"text","content":"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.sunrise...