ZIBO, China - Sunrise New Energy Co., Ltd. (NASDAQ:EPOW), a manufacturer of graphite anode material for lithium-ion batteries, has obtained a $14 million loan from China Everbright (OTC:CHFFF) Bank, the company announced today.
This strategic financial move aims to enhance the firm's liquidity and support the continuation of high-capacity production to meet the rising demands of its customers, which include prominent lithium battery producers such as CATL, BYD (SZ:002594), and HiTHIUM.
The CEO of Sunrise, Haiping Hu, noted the loan acquisition reflects the company's strong reputation and allows for an increase in cash flow without diluting shareholder equity. The influx of capital is expected to enable the company to process more orders, potentially leading to higher revenue and profit margins.
Sunrise's joint venture is currently constructing a new manufacturing plant in Guizhou Province, China, which benefits from low-cost electricity from renewable sources, positioning the company as a cost-effective and environmentally conscious graphite anode material producer.
The company was founded by Haiping Hu, who has been a significant figure in China's graphite anode industry since 1999. The management team at Sunrise boasts extensive experience and a proven track record in the sector. In addition to manufacturing, Sunrise also operates a knowledge-sharing platform in China.
The information provided is based on a press release statement.
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