Sunrise New Energy Announces Delivery of Over 3,000 Tons to Narada Power by End of September, Driving Significant Revenue Growth

ZIBO, China, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that  Sunrise (Guizhou) New Energy Materials Co., Ltd. has successfully delivered over 3,000 tons of products to Narada Power from January to September 2023. Sunrise has become a strategic supplier for Narada Power since April 2022, following a rigorous selection process. In 2022, we supplied 1,200 tons of products, and we anticipate reaching an annual supply of 5,000 tons in 2023 and a remarkable 8,000 tons in 2024. Becoming a strategic supplier for Narada Power has brought predictable and sustained revenue growth for the Company.

“Being a supplier to the most renowned enterprises in the electric vehicle and energy storage markets, I am proud to announce that Sunrise has made significant strides as a leading player in these two key sectors of lithium battery industry. Our esteemed customers include CATL, BYD, Narada Power, and HiTHIUM. ” said Sunrise’s Chairman, Mr. Haiping Hu. “ We dedicated to advancing battery technologies and contributing to a sustainable and greener future.”

About Narada Power

Narada Power is a globally recognized leader in the energy storage battery industry, with over 15 years of experience. As a public traded company, its market capitalization is approximately $1.65 billion. consistently ranks among the top suppliers in BloombergNEF's "Global Energy Storage Battery Suppliers" list and has established strong partnerships with industry giants worldwide with a signed contract capacity of approximately 10 GWh as of 2023. Narada Power has cooperated with European Power, Electricité de France (EDF), and American Energy Company. Additionally, its customers include Yuneng Holdings, China Energy Engineering Corporation (CEEC), and China Energy Investment Corporation.

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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