EPOW Receives Line of Credit of $26 Million to Fund Rapid Growth
ZIBO, China, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise New Energy”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that its joint venture, Sunrise (Guizhou) New Energy Material Co., Ltd. has received a line of credit of RMB190 million, or approximately $26 million.
The line of credit was extended by a syndicate led by Bank of Guizhou and demonstrates the strong local government support for the Company’s graphite anode manufacturing facility. The line of credit will give the Company the working capital needed to further ramp up production to keep up with growing demand.
“This line of credit came at the opportune time as we are in the final stage of negotiations with several top EV battery companies for very large long-term purchase orders of our graphite anode,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “As such, having a line of credit to help fund our rapid growth without dilution to shareholders is a very positive development.”
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 . 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 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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