Sunrise New Energy Announces $16 Million Order for Integrated Generation, Grid, and Energy Storage Project Signed at the 20th China-ASEAN Expo

ZIBO, China, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced a major milestone as it has been assigned as the supplier of anode materials for the 2.5 GW Integrated Generation, Grid, and Energy Storage project (“IGGES Project”). The IGGES Project's signing ceremony took place on September 16th, with the participation of Shenzhen Zhuhai New Energy Co., Ltd., Guangxi Longyuan Power Group Corporation Limited, China Railway Construction Corporation Limited (CRCC) and the People's Government of Tiandong County, Baise, Guangxi, at the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit attended by Chinese Premier Li Qiang.

The IGGES Project aims to achieve efficient operation of the energy system, enhance the utilization of renewable energy, reduce reliance on conventional fossil fuels, and strengthen the flexibility and reliability of the energy system. As a key component of this strategic initiative, Sunrise (Guizhou) New Energy Materials Co., Ltd has been signed to supply 3,000 tons of anode materials.The 2.5 GW project serves as an initial pilot for the integrated 50 GW IGGES Project over the next five years. It is estimated that a total of 60,000 tons of anode materials will be provided by Sunrise for the IGGES during this period.

“This significant contract signifies a substantial and stable order for Sunrise. The partnership with the Integrated Generation, Grid, and Energy Storage project showcases the company's commitment to providing high-quality anode materials and fostering sustainable energy solutions.” stated Sunrise’s Chairman, Mr. Haiping Hu. “By participating in this groundbreaking project, Sunrise further solidifies its position as a trusted supplier in the energy storage industry. The company is proud to contribute to the advancement of renewable energy integration and the development of a more sustainable and resilient energy infrastructure.”

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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