Sunrise Sunrise Reports Strong Sales Growth Driven by Leading EV and Energy Storage Customers
Rhea-AI Summary
Sunrise New Energy (NASDAQ: EPOW) reported significant sales growth in its EV and energy storage business. The company achieved 3,419 tons in sales volume for October 2024, marking a 449.8% increase from October 2023. Cumulative sales from January to October 2024 reached 22,476 tons, up 131.1% compared to the same period in 2023.
The growth was driven by partnerships with major battery manufacturers including CATL (world's largest EV battery maker), HiTHIUM Energy Storage, and Pylon Technologies. The company expects stronger sales for the remaining months of 2024.
Positive
- Sales volume increased 449.8% year-over-year in October 2024
- Cumulative sales grew 131.1% year-over-year for January-October 2024
- Secured partnerships with industry leaders including CATL (40% global market share)
- Strong sales momentum expected to continue through end of 2024
Negative
- None.
News Market Reaction – EPOW
In the trading session that priced this news, EPOW declined 17.97%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ZIBO, China, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced robust sales growth, highlighting its expanding influence in the electric vehicle (EV) and energy storage sectors. In October 2024, the Company achieved a sales volume of 3,419 tons, representing an extraordinary
This surge in orders was driven by partnerships with industry-leading battery manufacturers, including:
- Contemporary Amperex Technology Co., Limited (CATL), the world’s largest EV and energy storage battery manufacturer, holding approximately
40% of the global market share (source: https://en.wikipedia.org/wiki/CATL). - HiTHIUM Energy Storage, a prominent producer of premium stationary energy storage batteries (source: https://hithium.com/en/).
- Pylon Technologies Co., Ltd., a pioneer in energy storage, known as "China's First Energy Storage Stock". (source: https://en.pylontech.com.cn/about/company).
“We are extremely proud of this significant order growth and expect even stronger sales in the final two months of 2024. It’s a testament to the superior quality of our products and our position at the forefront of the anode material industry.” stated Mr. Haiping Hu, CEO of Sunrise. “ Earning the trust of world-class customers like CATL, HiTHIUM, and Pylon Technologies demonstrates the strength of our technologies and our uncompromising commitment to product quality. We remain dedicated to delivering exceptional financial performance and creating long-term value for our shareholders."
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 has completed the construction of a manufacturing facility with a production capacity of 50,000 tons 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.
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 published on the SEC’s website. In view of the above and other related reasons, we urge investors to visit the SEC’s website and consider 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 unless required by law.
For more information, please contact:
The Company:
IR Department
Email: IR@sunrisenewenergy.com
Phone: +86 4009919228
