Sunrise New Energy reports a 449.8% sales increase in October 2024, driven by partnerships with leading battery manufacturers.
Quiver AI Summary
Sunrise New Energy Co., Ltd. has reported substantial sales growth in the electric vehicle and energy storage sectors, achieving a sales volume of 3,419 tons in October 2024—an impressive increase of 449.8% from October 2023. For the year-to-date, the company’s cumulative sales reached 22,476 tons, reflecting a 131.1% rise compared to the same period last year. This growth has been fueled by partnerships with leading battery manufacturers like CATL, HiTHIUM Energy Storage, and Pylon Technologies. CEO Haiping Hu expressed pride in the order growth and the trust gained from major customers, highlighting the company’s commitment to quality and its leading position in the graphite anode material industry. With a new manufacturing facility in Guizhou Province, Sunrise aims to maintain low production costs and environmental impact through renewable energy sources.
Potential Positives
- Achieved a remarkable 449.8% increase in sales volume in October 2024 compared to October 2023, indicating strong demand and market presence.
- Established partnerships with leading battery manufacturers like CATL, HiTHIUM, and Pylon Technologies, enhancing credibility and market influence.
- Reported a cumulative sales increase of 131.1% year-over-year from January to October 2024, showcasing consistent growth and operational success.
- Manufacturing facility with a production capacity of 50,000 tons powered by renewable energy sources positions the company as a sustainable and cost-effective producer in the graphite anode material market.
Potential Negatives
- The press release contains a caution regarding forward-looking statements, emphasizing that actual results may differ significantly from the optimistic sales growth projected, which could undermine investor confidence.
- While the company claims robust sales growth, the heavy reliance on partnerships with major battery manufacturers may raise concerns about dependency on a few key clients for future revenue.
- Despite highlighting significant growth, the press release does not address any potential market challenges or risks, which could leave investors with an incomplete picture of the company's future prospects.
FAQ
What were Sunrise New Energy's sales figures for October 2024?
In October 2024, Sunrise New Energy achieved a sales volume of 3,419 tons, a 449.8% increase from October 2023.
Who are Sunrise's key partners in the battery industry?
Sunrise partners with industry leaders like CATL, HiTHIUM Energy Storage, and Pylon Technologies for battery manufacturing.
What is the production capacity of Sunrise's manufacturing facility?
The manufacturing facility in Guizhou Province has a production capacity of 50,000 tons of graphite anode material.
How has Sunrise New Energy performed from January to October 2024?
Cumulative sales from January to October 2024 reached 22,476 tons, marking a 131.1% increase compared to the same period in 2023.
What is the focus of Sunrise New Energy's manufacturing process?
Sunrise focuses on producing graphite anode material for lithium-ion batteries using renewable energy to minimize environmental impact.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$EPOW Hedge Fund Activity
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- VIRTU FINANCIAL LLC removed 152,519 shares (-100.0%) from their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 55,234 shares (+inf%) to their portfolio in Q3 2024
- UBS GROUP AG removed 22,826 shares (-100.0%) from their portfolio in Q3 2024
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- RENAISSANCE TECHNOLOGIES LLC added 19,386 shares (+inf%) to their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC removed 11,364 shares (-100.0%) from their portfolio in Q2 2024
- COMMONWEALTH EQUITY SERVICES, LLC removed 134 shares (-0.9%) from their portfolio in Q3 2024
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Full Release
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 449.8% increase compared to October 2023. From January to October 2024, cumulative sales reached 22,476 tons, marking a 131.1% increase compared to the same period in 2023.
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 theglobal marketshare (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
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