• Second half 2022 Sales Increase of 1,299% to $27.5 Million
• Rapid growth to continue in 2023 driven by recently announced $464 million purchase order

ZIBO, China, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise New Energy”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced unaudited preliminary sales numbers for its year ending December 31, 2022, of $37.8 million (RMB261 million), a 410% increase over 2021 sales of $7.4 million.

Preliminary sales numbers unaudited for the second half of 2022 were $27.5 million, an increase of 1,299% over the second half of 2021 sales of $2.0 million. The rapid growth in sales was driven by:

• Strong graphite anode market fundamentals driven by rapid growth in sales of EVs with each new EV requiring 60 kilograms of graphite anode
• Increasing orders from existing customers
• New customer wins, including CATL, Narada, and Pylon Tech
• Increased production capacity at Sunrise New Energy’s manufacturing plant in Guizhou Province, reaching a rate of 20,000 metric tons of annual production of graphite anode in late 2022

“I am so proud of the entire team for this incredible accomplishment,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “2023 promises to be an exciting year with continued rapid growth given our recently announced 2-year purchase order worth approximately $464 million which we will begin fulfilling in the coming months. We are also in the final stages of negotiation with a new customer for a large purchase order which we anticipate we will close by the time we announce our full financial results.”

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 138,000 ㎡ 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 a cumulative decades of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform business. 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 international market conditions served by the company, and other related risks and assumptions disclosed in the prospectus. 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.

For more information, please contact:

The Company:
IR Department
Email: IR@sunrisenewenergy.com
Phone: +86 4009919228