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DOVER - Sunrise New Energy Co., Ltd. (NASDAQ:EPOW), a $36.5 million market cap company whose stock has surged over 24% in the past week, announced Thursday that its subsidiary has secured a one-year supply contract worth approximately $29 million with China Sodium Times (Shenzhen) New Energy Technology Co., Ltd.
Under the agreement, Sunrise’s Guizhou subsidiary will provide 10,000 tons of artificial graphite anode materials to the lithium battery PACK manufacturer over a 12-month period.
"This agreement not only reflects the high quality and competitiveness of Sunrise’s products, but also represents a significant milestone in expanding cooperation with leading battery PACK enterprises," said Haiping Hu, Founder and CEO of Sunrise.
Sunrise New Energy operates through a joint venture with a manufacturing facility in Guizhou Province, China, which has a production capacity of 50,000 tons. The company states that the plant operates using electricity from renewable sources.
The Zibo, Shandong Province-headquartered company specializes in the manufacturing and sale of graphite anode material for lithium-ion batteries. Hu, who founded the company, has been involved in the graphite anode industry since 1999.
This announcement was made in a company press release issued Thursday.
In other recent news, Sunrise New Energy Co., Ltd. has made significant strides in expanding its intellectual property portfolio with multiple patent grants. The company announced that its subsidiary received a U.S. patent for a novel preparation method of anode material for lithium-ion batteries, enhancing the initial Coulombic efficiency and power performance of graphite composites. Additionally, Sunrise New Energy secured a Korean patent for a new preparation method that reportedly improves efficiency and cycle life of graphite-based anode materials. A Japanese patent was also granted for a manufacturing method that boosts efficiency and power performance of battery anodes. Furthermore, the company was awarded a $137,000 grant from the Guizhou Provincial Department of Science and Technology to establish a workstation for new energy battery materials research. These developments highlight Sunrise New Energy’s ongoing efforts to innovate in battery technology and strengthen its market position.
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