Sunrise New Energy Co., Ltd. (“Sunrise New Energy”) (EPOW), announced that its joint venture, Sunrise (Guizhou) New Energy Material Co., Ltd. has received a line of credit of RMB190 million, or approximately $26
million.
The line of credit was extended by a syndicate led by Bank of Guizhou and demonstrates the strong local government support for the Company’s graphite anode manufacturing facility. The line of credit will give the Company the working capital needed to further ramp up production to keep up with growing demand.
“This line of credit came at the opportune time as we are in the final stage of negotiations with several top EV battery companies for very large long-term purchase orders of our graphite anode,” said Sunrise New Energy’s Chairman, Mr. Haiping Hu. “As such, having a line of credit to help fund our rapid growth without dilution to shareholders is a very positive development.”
