Sunrise New Energy (NASDAQ: EPOW) stock jumped during intraday trading Monday after the company secured new patent funding.
Sunrise New Energy announced that its subsidiary, Sunrise (Guizhou) New Energy Co., Ltd., has earned a spot on the “2024 Guizhou Provincial Key Projects for Promoting the Utilization of Intellectual Property” funding list.
The Guizhou Provincial Market Supervision Administration gave this recognition on June 17th to the project “Preparation Method of Lithium-Ion Battery Anode Material”. This patented method addresses critical challenges in graphite composite materials, particularly in balancing power performance and initial efficiency. The company states that this innovation promotes the development of high-energy-density fast-charging batteries.
Sunrise New Energy states that the company has leveraged this patented technology to produce and distribute products for the past two years, collaborating with major battery manufacturers such as CATL and BYD. The product’s stable performance and quality have fueled rapid market adoption, contributing to cumulative sales revenue reaching approximately $100 million since 2022.
In another achievement, Sunrise New Energy announced the delivery of 5,800 tons of energy storage materials to Xiamen HiTHIUM Energy Storage Technology, underscoring its operational milestones and commitment to advancing energy storage solutions.
Sunrise New Energy (NASDAQ: EPOW) Stock Price Action
EPOW stock surged 30.29% on Monday, closing at $0.7808, marking a 39.43% increase for the week. The trading volume was 76,986,760 shares, significantly higher than the average daily volume of 1.33 million.
