Sunrise New Energy Announces New Customer Win of HiTHIUM, Which Ranked First in China’s Energy Storage Battery Manufacturers

By: Sunrise New Energy Co., Ltd via GlobeNewswire

September 29, 2023 at 09:25 AM EDT

ZIBO, China, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced a new customer win of Xiamen HiTHIUM Energy Storage Technology Co., Ltd. ( “HiTHIUM”). HiTHIUM is a leading manufacturer of top quality stationary energy storage products for utility-scale, commercial, and industrial applications. HiTHIUM ranked first in China’s energy storage market in terms of the number of projects supplied in 2022, and it also supplied top-shelf stationary energy storage products in Europe and worldwide. HiTHIUM recently achieved a valuation exceeding 4.1 billion USD in its latest funding round in July 2023. More information about HiTHIUM can be found at the company’s website at https://hithium.com/en/about-us.

HiTHIUM sets stringent requirements for product quality from its suppliers. In a highly competitive bidding process, which included the participation of all of China's top five anode material manufacturers, Sunrise emerged as one of the three successful bidders. This order represents an initial small-scale validation order aimed at establishing a solid business relationship. Both Sunrise and HiTHIUM have high expectations for significant future expansion in their collaboration.

Sunrise has made breakthroughs in both electric vehicle power battery and energy storage battery materials. The order from HiTHIUM marks that Sunrise’s recognized by leading energy storage battery manufacturers. Previously, Sunrise had received orders from leading power battery companies such as CATL and BYD.

“We are thrilled to announce this major customer win. HiTHIUM is a very well-respected company in energy storage batteries, and we look forward to a long and prosperous relationship together.” said Sunrise’s Chairman, Mr. Haiping Hu. “ We anticipate to enter a comprehensive era of energy storage in the next three years, encompassing global energy storage, industry-wide energy storage, and residential energy storage. Energy storage will expand on an unprecedented scale, at an accelerated pace, and with broader coverage worldwide. We expect that the rapid growth in orders from energy storage battery manufacturers will drive remarkable financial growth for Sunrise.”

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 www.sunrisenewenergy.com. 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.