Sunrise New Energy JV Secures $26M Credit Facility

by Shivani Kumaresan, Benzinga Staff Writer

November 29, 2022 1:59 PM | 1 min read

Sunrise New Energy Co Ltd EPOW said its joint venture, Sunrise (Guizhou) New Energy Material Co Ltd, has received a line of credit of RMB190 million ($26 million).
The line of credit was extended by a syndicate led by Bank of Guizhou.
The credit facility signifies strong local government support for the company's graphite anode manufacturing facility.
The line of credit will give Sunrise the working capital needed to ramp up production further to keep up with growing demand.
"This line of credit came at the opportune time as we are in the final stage of negotiations with several top EV battery companies for very large long-term purchase orders of our graphite anode," said chairman Haiping Hu.
Price Action: EPOW shares are trading higher by 13.14% at $3.96 on the last check Tuesday.
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