Sunrise Announces CEO's Purchase of the Company's Stock

ZIBO, China, March 20, 2024 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced that its CEO, Mr. Haiping Hu, has purchased 309,928 shares of the Company's stock since January 2024 to increased his holding of the Company’s stock to 8,140,461 shares. With a strong belief in the company's long-term potential, Mr. Hu announced plans to further increase his holdings over the next six months.

Mr. Hu firmly believes in the long-term prospects of the Company, and stated, “Over the past year, we have successfully made the transition into the lithium battery materials industry. Despite various challenges, we have completed the construction of our factory in Guizhou Province, China, which has the production capacity of 50,000 tons. We've formed partnerships with the world's largest electric vehicle lithium battery and energy storage battery manufacturers, including CATL, BYD, Narada, Pylon Technologies, and HiTHIUM," Mr. Hu elaborated. " Our products have received high praise for quality, and we continue to see a growing demand reflected in increased orders, so that we expect strong growth in our sales revenue, and profit in fiscal year 2024.” In addition to the existing product line, Sunrise is actively engaged in the development of cutting-edge technological innovations, including hard carbon and silicon-carbon materials.

"It is regrettable to witness the current downturn in our stock prices. However, both myself and the management team firmly believe that the Company's shares are undervalued. The Company's true value is not accurately reflected in the current stock prices. We remain confident in the fundamentals of our business and are committed to taking strategic actions to enhance shareholder value over the long term." Mr. Hu remarked. " I am committed to continuously increasing my holdings in the Company's stock over the next six months."

About Sunrise New Energy Co., Ltd

Headquartered in Zibo, Shandong Province, China, Sunrise New Energy Co., Ltd., through its joint venture, is engaged in the manufacturing and sale of graphite anode material for lithium-ion batteries. The Company's joint venture has completed the construction of a manufacturing facility with a production capacity of 50,000 tons in Guizhou Province, China. The plant runs on inexpensive electricity from renewable sources, which helps to make Sunrise New Energy a low-cost and low–environmental-impact producer of graphite anode material. Mr. Haiping Hu, the founder and CEO of the Company, is a major pioneer for the graphite anode industry in China starting from 1999. The Company’s management team is also composed of experts with years of experiences and strong track-records of success in the graphite anode industry. In addition, the Company also operates a knowledge sharing platform in China. For further information, please visit the Company’s website at www.sunrisenewenergy.com. The Company maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.