ZIBO, China, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that Narada Power, a leading player in the energy storage industry, has placed an incremental order for 10,000 tons of anode materials for the upcoming year, further solidifying their cooperation.
Having successfully undergone a rigorous selection process, Sunrise emerged as one of the core suppliers for Narada Power, outstanding from fierce competition in previous bidding rounds. Sunrise is on track to fulfill the delivery of 3,500 tons of products to Narada Power as of the end of 2023. The latest order from Narada Power, amounting to 10,000 tons for 2024, demonstrates its continued trust and reliance on Sunrise's expertise and products.
"This order marks a significant milestone for our company, as it signifies a substantial increase in sales revenue. The strengthened cooperative relationship with Narada Power solidifies Sunrise's position as a trusted supplier. " Mr. Haiping Hu, the Chairman of Sunrise stated, "We have always been dedicated to providing high-quality materials to top-tier companies in the power battery and energy storage battery sectors. Since 2023, we have made significant strides in supplying our core customers. In the coming year, we are confident in expanding our collaboration with renowned industry leaders like CATL, BYD, and Narada, further bolstering our financial indicators and profitability."
About Narada Power
Narada Power is a globally recognized leader in the energy storage battery industry.Since established in 1994, it has achieved large-scale applications of independent energy storage plants, hybrid energy systems, and integrated management of generation, grid, and load in multiple scenarios. As a public traded company, its market capitalization is approximately $1.54 billion as of December 11, 2023. Narada consistently ranks among the top suppliers in BloombergNEF's "Global Energy Storage Battery Suppliers" list and has established strong partnerships with industry giants worldwide with a signed contract capacity of approximately 10 GWh as of 2023. Narada Power has cooperated with European Power, Electricité de France (EDF), and American Energy Company. Additionally, its customers include Yuneng Holdings, China Energy Engineering Corporation (CEEC), and China Energy Investment Corporation.
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 260,543 ㎡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 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. 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 relevant international market conditions, and other related risks and assumptions disclosed in the Company’s Annual Report on Form 20-F.. 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
