• Second half 2022 Sales Increase of 1,299% to $27.5 Million
• Rapid growth to continue in 2023 driven by recently announced $464 million purchase order

ZIBO, China, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Sunrise New Energy Co., Ltd. ("Sunrise New Energy", the "Company", "we" or "our") (NASDAQ:EPOW), today announced unaudited preliminary sales numbers for its year ending December 31, 2022, of $37.8 million (RMB261 million), a 410% increase over 2021 sales of $7.4 million.

Preliminary sales numbers unaudited for the second half of 2022 were $27.5 million, an increase of 1,299% over the second half of 2021 sales of $2.0 million. The rapid growth in sales was driven by:

• Strong graphite anode market fundamentals driven by rapid growth in sales of EVs with each new EV requiring 60 kilograms of graphite anode
• Increasing orders from existing customers
• New customer wins, including CATL, Narada, and Pylon Tech
• Increased production capacity at Sunrise New Energy's manufacturing plant in Guizhou Province, reaching a rate of 20,000 metric tons of annual production of graphite anode in late 2022

"I am so proud of the entire team for this incredible accomplishment," said Sunrise New Energy's Chairman, Mr. Haiping Hu. "2023 promises to be an exciting year with continued rapid growth given our recently announced 2-year purchase order worth approximately $464 million which we will begin fulfilling in the coming months. We are also in the final stages of negotiation with a new customer for a large purchase order which we anticipate we will close by the time we announce our full financial results."