Sunrise New Energy Co., Ltd. announced that it has won a new contract to supply 40,000 metric tons of graphite anode to a leading Chinese EV Manufacturer. The customer is vertically integrated and manufacturers their own EV batteries. The customer wanted to keep its name private at this point for competitive reasons.

The value of the 40,000 ton supply agreement is $240 million based on recent pricing for graphite anode. Sunrise will begin shipping graphite anode under this contract to the customer in March with the total 40,000 tons to be supplied in 2023. With the addition of this new contact to the $464 million supply agreement announced on December 8, 2022, the backlog of supply agreements for delivery over the next 2 years stands at $700 million.