Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Sunrise New Energy enters talks with LG and Abu Dhabi Investment Fund for potential collaboration

EditorRachael Rajan
Published 24/10/2023, 19:42
Updated 24/10/2023, 19:42
© Reuters.

Sunrise New Energy Co Ltd (NASDAQ:EPOW) (EPOW) revealed Tuesday that they have entered into discussions with LG Energy (KS:373220) and the Abu Dhabi Investment Fund regarding a potential collaboration.

The three entities are in discussions to potentially establish a new lithium battery material manufacturing facility in Abu Dhabi. The parties involved anticipate that the future facility will have the capacity to produce 50,000 tons of anode materials annually.

Currently, the three parties are in the process of negotiating the precise aspects of the collaboration and intend to present it to the board of directors for endorsement subsequent to the signing of the memorandum of cooperation.

Lately, Chinese companies specializing in lithium batteries and materials have expedited their endeavors to expand internationally. Playing a pivotal role as essential components in electric vehicles, enterprises focused on lithium battery materials are leading the charge in the global industry. The significant overseas demand for Chinese lithium batteries underscores a critical market opportunity.

“Collaborating with LG, one of the leading power battery manufacturers in South Korea, will enhance Sunrise's competitiveness in the market," stated Sunrise’s Chairman, Mr. Haiping Hu.

Shares of EPOW are up 4.25% in afternoon trading on Tuesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.