EPOW Secures 25,000 Tons Energy Storage Material Order from HiTHIUM, a Global Leading Energy Storage Battery Manufacturer

ZIBO, China, March 07, 2024 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced the acquisition of a significant order comprising 25,000 tons of energy storage materials from Xiamen HiTHIUM Energy Storage Technology Co., Ltd. (HiTHIUM). This collaboration marks a pivotal moment that Sunrise has ventured into the thriving energy storage battery materials market, increasing new avenues for growth and innovation, and consolidating its existing strength in electric vehicle battery materials.

Specializing in lithium-ion energy storage, HiTHIUM's comprehensive portfolio encompasses core materials, research, development, production, and sales of lithium iron phosphate energy storage batteries and systems. With a steadfast commitment to safety, efficiency, and sustainability, HiTHIUM has established itself as a global leader. In 2023, the global energy storage cell shipments reached 196.7 GWh, with HiTHIUM accounting for over 15 GWh. More information about HiTHIUM can be found at the company’s website at .

HiTHIUM's decision to select Sunrise for a 25,000-ton initial order not only demonstrates confidence in Sunrise's products but also heralds a collaborative trend among upstream and downstream experts in the energy storage industry in 2024. Sunrise's innovative high-energy-density ultra-long-cycle products, capable of achieving 10,000 cycles, have garnered recognition from multiple clients. With two clients already in mass production and nine clients undergoing trials, this initial order is just the beginning, with a series of subsequent orders expected to follow suit.

"This partnership represents a strategic milestone for Sunrise as we embark on a new phase of growth in the energy storage market," commented Haiping Hu, Chairman of Sunrise. "By joining forces with HiTHIUM, we are poised to deliver cutting-edge solutions that meet the evolving needs of our global customers and contribute to a more sustainable future."

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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