Press release

Sunrise New Energy Announces Discussing Collaboration with LG Energy and Abu Dhabi Investment Fund for Lithium Battery Material Manufacturing Overseas

ZIBO, China, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. ("Sunrise", the "Company", "we" or "our") (NASDAQ:EPOW), today announced that it is in discussions with LG Energy and the Abu Dhabi Investment Fund regarding a potential collaboration. The parties are discussing the establishment of a new lithium battery material manufacturing facility in Abu Dhabi, with an anticipated annual production capacity of 50,000 tons of anode materials. At present, the three parties are conducting negotiations on the specific details of the cooperation and will submit it to the board of directors for approval after signing the cooperation memorandum.

Chinese lithium battery and materials companies have recently accelerated their global expansion efforts. As core components of electric vehicles, lithium battery material enterprises are at the forefront of the global industry. The substantial demand for Chinese lithium batteries in overseas markets presents a crucial market opportunity. Establishing local supply and service capabilities that match the industry chain needs of overseas customers enables Sunrise to gain a foothold and pursue long-term development in international markets.

"The global power battery industry is currently dominated by China, Japan, and South Korea. According to a report by SNE Research, the top ten global power battery companies are all from these three countries, accounting for over ...

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