Sunrise New Energy Shares Rise 14% After New Graphite Anode Purchase Order

Dow Jones2023-04-26

By Chris Wack

Sunrise New Energy Co. Ltd. shares were up 14% at $2.13 after the company said it signed BYD Company Ltd. as a new customer, beginning with shipments under a 37,600 metric ton graphite anode purchase order.

The company said the deal is valued at $225 million, based on recent pricing for graphite anode.

BYD makes electric vehicles, rechargeable batteries and photovoltaic products.

Sunrise said it has increased its annual production capacity to 20,000 tons at the end of 2022, and expects to achieve further boosts in production capacity this year.

The company expects complete fulfillment of this purchase order by the middle of 2024.

Sunrise stock closed Tuesday's session down 10%, and are up 24% in the past 12 months.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 26, 2023 10:29 ET (14:29 GMT)

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