Sunrise New Energy Announces Discussing Collaboration with LG Energy and Abu Dhabi Investment Fund for Lithium Battery Material Manufacturing Overseas

ZIBO, China, Oct. 24, 2023 (GLOBE NEWSWIRE) -- 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 . 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.

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