EPOW Announces Its Partner Company Graphite One Awarded $37.5m From US Government

ZIBO, China, Sept. 15, 2023 (GLOBE NEWSWIRE) --  Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that  Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One"), a partner of Sunrise, was awarded $37.5 million from US government. Sunrise and Graphite One has started cooperation since April 2022, when Graphite One plans to build a supply chain of graphite materials in the U.S., which is proposed to consist of a manufacturing facility producing anode and other graphite-based products using natural graphite from a graphite deposit site near Nome, Alaska, and Sunrise is invited to assist in the design, construction and operation of the proposed manufacturing facility. In April 2022, both parties signed a memorandum of understanding ("MOU") to share expertise and technology for the design, construction, and operation of Graphite One's facility.  In April 2023,  Graphite One announced that it has received the active anode material samples produced by Sunrise.  The sample material and the sample specification data have been provided to the U.S. Department of Energy’s Pacific Northwest National Laboratory (“PNNL”) for additional testing and sample material has been sent to a leading Electric Vehicle (EV)  manufacturer for evaluation.  In August 2023, Sunrise and  Graphite One conducted multiple rounds of communication about the draft Consulting Agreement and Supply Agreement, in which  Graphite One wishes to engage Sunrise to provide consulting services relating to the development of the G1 Facility due to that Sunrise’s principals and technical personnel have knowledge, skill, know-how and expertise in R&D and manufacturing process such that the finished products may be sold as active anode materials into the supply chain for lithium-ion batteries. The two parties have reached a preliminary consensus on these cooperation agreements and are revising on the details. It is expected that these documents will be signed within next month.

“I am extremely proud of the work of our entire team.” said Sunrise’s Chairman, Mr. Haiping Hu.“The cooperation with Graphite One shows the recognition of Sunrise's leading technology in global lithium battery anode materials industry. We are pleased to explore the potential opportunity to participate in the North America’s fast growing graphite materials market. ”

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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