EPOW Sunrise New Energy Company Ltd

Sunrise New Energy Co., Ltd. (“Sunrise”, the “Company”, “we” or “our”) (NASDAQ: EPOW), today announced Sunrise has been certified as one of the Provincial High-tech Enterprises for the year 2023, as announced on the official website of the Guizhou Science and Technology Department.

The successful designation as a High-tech Enterprise signifies that the Company possesses excellent innovation capabilities, strong market competitiveness, and high management efficiency. Enterprises awarded this title requires not only high-tech patents but also favorable revenues with high growth potential.

Being recognized as a High-tech Enterprise comes with various benefits and support, including the following:

High-tech Enterprises can enjoy a 40% reduction in the corporate income tax rate from the basic rate.

High-tech Enterprises are exempt from business tax on income derived from technology transfer, technology development, and related technology consulting and services.

Financial institutions such as banks and industrial funds have special funds to support the industrialization of High-tech Enterprises, including venture capital investment, patent loans, loan interest subsidies, and loan guarantees.

The government has established funds for the development and protection of intellectual property rights for High-tech Enterprises. The patent application fees and maintenance fees are subsidized, and funding support is provided for production and manufacturing of patent technologies.

"We are honored to be recognized as one of the High-tech Enterprises in Guizhou Province for 2023. This is a recognition of Sunrise's leading position of technological research and development, as well as the transformation of high-tech into tangible products," said Sunrise’s Chairman, Mr. Haiping Hu.  "This not only brings prestige but also provides the company with policy benefits and financial support, including tax reductions, loan interest subsidies, talent rewards, and policy guarantees for the coming years, effectively supplementing the company's cash flow. Additionally, it helps attract more outstanding talents to join Sunrise."

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 is constructing a 260,543 ㎡manufacturing plant 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 also maintains a Twitter account (@sunrisenewener1) to keep investors up to date on the latest development of the Company.

Forward-looking statement

Certain statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements as defined by Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events, expected results, assumptions and any other factual statements that have not occurred. Any words that refer to "may", "will", "want", "should", "believe", "expect", "expect", "estimate", "estimate" or similar non-factual words, shall be regarded as forward-looking statements. Due to various factors, the actual results may differ materially from the historical results or the contents expressed in these forward-looking statements. These factors include, but are not limited to, the company's strategic objectives, the company's future plans, market demand and user acceptance of the company's products or services, technological updates, economic trends, the company's reputation and brand, the impact of industry competition and bidding, relevant policies and regulations, the ups and downs of China's macroeconomic conditions, the relevant international market conditions, and other related risks and assumptions disclosed in the Company’s Annual Report on Form 20-F.. In view of the above and other related reasons, we advise investors not to blindly rely on these forward-looking statements, and we urge investors to visit the SEC’s website to consult the company's relevant documents for other factors that may affect the company's future operating results. The company is under no obligation to make public amendments to changes in these forward-looking statements due to specific events or reasons unless required by law.

For more information, please contact:

The Company: IR Department Email: IR@sunrisenewenergy.com Phone: +86 4009919228