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Sunrise New Energy enters talks with LG and Abu Dhabi Investment Fund for potential collaboration

Published Oct 24, 2023 20:42
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Sunrise New Energy Co Ltd (NASDAQ:EPOW) (EPOW) revealed Tuesday that they have entered into discussions with LG Energy (KS:373220) and the Abu Dhabi Investment Fund regarding a potential collaboration.

The three entities are in discussions to potentially establish a new lithium battery material manufacturing facility in Abu Dhabi. The parties involved anticipate that the future facility will have the capacity to produce 50,000 tons of anode materials annually.

Currently, the three parties are in the process of negotiating the precise aspects of the collaboration and intend to present it to the board of directors for endorsement subsequent to the signing of the memorandum of cooperation.

Lately, Chinese companies specializing in lithium batteries and materials have expedited their endeavors to expand internationally. Playing a pivotal role as essential components in electric vehicles, enterprises focused on lithium battery materials are leading the charge in the global industry. The significant overseas demand for Chinese lithium batteries underscores a critical market opportunity.

“Collaborating with LG, one of the leading power battery manufacturers in South Korea, will enhance Sunrise's competitiveness in the market," stated Sunrise’s Chairman, Mr. Haiping Hu.

Shares of EPOW are up 4.25% in afternoon trading on Tuesday.

Sunrise New Energy enters talks with LG and Abu Dhabi Investment Fund for potential collaboration
 

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