ZIBO, China, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise New Energy”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that it has received a purchase order from a top 5 global EV battery manufacturer for 80,000 metric tons of graphite anode.
The purchase order is for 80,000 tons of graphite anode over 2 years. The approximate value of the purchase order based on current pricing is $464 million. The Company anticipates that it will begin recognizing significant revenue related to this purchase order in February of 2023 as additional production capacity comes online.
As part of the validation process, the customer received shipment of an initial order and was very satisfied with the quality of the graphite anode. The customer also has had a senior scientist on site for the last several weeks at Sunrise New Energy’s manufacturing plant in Guizhou Province. The scientist has investigated the manufacturing methods and quality control as well as tested the finished product of the plant on an ongoing basis and has given the company top marks on his assessment.
“I am extremely proud of the work of our entire team in the relentless pursuit of perfection that led to this large purchase order,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “Our customer is a very well-respected leader in the EV battery market and demands nothing but the highest quality from its suppliers. As such, winning such a large purchase order was a huge accomplishment for us.”
“This contract is a great launching pad to accelerate our growth and help us achieve profitability without diluting our shareholders,” continued Mr. Hu. “The $26 million line of credit that we secured last week along with the high margin from this contract will improve our liquidity and allow us to win and fulfill additional large contracts as we move into 2023.”
We would encourage investors new to the Sunrise New Energy Story to listen to a replay of our November 22, 2022, business update which can be found at http://www.sunrisenewenergy.com/#/mp4 in which we discussed many topics including our deal pipeline.
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.
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.
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