Sunrise New Energy Co., Ltd. today announced that it has received a purchase order from a top 5 global EV battery manufacturer for 80,000 metric tons of graphite anode.
The purchase order is for 80,000 tons of graphite anode over 2 years. The approximate value of the purchase order based on current pricing is $464 million. The Company anticipates that it will begin recognizing significant revenue related to this purchase order in February of 2023 as additional production capacity comes online.
As part of the validation process, the customer received shipment of an initial order and was very satisfied with the quality of the graphite anode. The customer also has had a senior scientist on site for the last several weeks at Sunrise New Energy’s manufacturing plant in Guizhou Province. The scientist has investigated the manufacturing methods and quality control as well as tested the finished product of the plant on an ongoing basis and has given the company top marks on his assessment.
“I am extremely proud of the work of our entire team in the relentless pursuit of perfection that led to this large purchase order,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “Our customer is a very well-respected leader in the EV battery market and demands nothing but the highest quality from its suppliers. As such, winning such a large purchase order was a huge accomplishment for us.”
“This contract is a great launching pad to accelerate our growth and help us achieve profitability without diluting our shareholders,” continued Mr. Hu. “The $26 million line of credit that we secured last week along with the high margin from this contract will improve our liquidity and allow us to win and fulfill additional large contracts as we move into 2023.”