Sunrise New Energy Announces Discussing Collaboration with LG Energy and Abu Dhabi Investment Fund for Lithium Battery Material Manufacturing Overseas
October 24 2023 - 10:23AM
Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or
“our”) (NASDAQ: EPOW), today announced that it is in discussions
with LG Energy and the Abu Dhabi Investment Fund regarding a
potential collaboration. The parties are discussing the
establishment of a new lithium battery material manufacturing
facility in Abu Dhabi, with an anticipated annual production
capacity of 50,000 tons of anode materials. At present, the three
parties are conducting negotiations on the specific details of the
cooperation and will submit it to the board of directors for
approval after signing the cooperation memorandum.
Chinese lithium battery and materials companies have recently
accelerated their global expansion efforts. As core components of
electric vehicles, lithium battery material enterprises are at the
forefront of the global industry. The substantial demand for
Chinese lithium batteries in overseas markets presents a crucial
market opportunity. Establishing local supply and service
capabilities that match the industry chain needs of overseas
customers enables Sunrise to gain a foothold and pursue long-term
development in international markets.
"The global power battery industry is currently dominated by
China, Japan, and South Korea. According to a report by SNE
Research, the top ten global power battery companies are all from
these three countries, accounting for over 90% of the global power
battery installations. Collaborating with LG, one of the leading
power battery manufacturers in South Korea, will enhance Sunrise's
competitiveness in the market," stated Sunrise’s Chairman, Mr.
Haiping Hu. "Given the global push for carbon neutrality, China has
gained a competitive advantage in terms of production capacity,
supply chain, talent, scale, and technological iteration speed in
the power battery industry. By leveraging these advantages, Sunrise
aims to seize the opportunity for overseas expansion and make
significant strides. The collaboration is currently in early
negotiation stage."
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
Sunrise New Energy (NASDAQ:EPOW)
Historical Stock Chart
From Apr 2024 to May 2024
Sunrise New Energy (NASDAQ:EPOW)
Historical Stock Chart
From May 2023 to May 2024