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Tesla (TSLA) interested in Sunrise New Energy (EPOW) battery components

September 13, 2023 2:11 PM

Shares of battery components company, Sunrise New Energy (NASDAQ: (EPOW) rose as much as 20% on Wednesday after the company revealed that they have received interest from electric vehicle maker Tesla Inc. (NASDAQ: TSLA) for its products.

Sunrise, through its joint venture, engages in the production and sale of graphite anode materials used in lithium-ion batteries. Tesla utilizes lithium-ion batteries to power its electric cars.

The Chinese-based company has disclosed that it has been approached by Tesla's battery raw materials team, who have requested detailed technological information, manufacturing plans, and information regarding available production capacity for their products.

In order to meet the raw material requirements for its vehicles, Tesla has been securing supply agreements with lithium companies, including Liontown Resources and Core Lithium.

Additionally, Sunrise has recently applied for two patents related to its hard carbon composite materials this month, adding to the 25 patents the company has already been granted.

Shares of EPOW are up 19.31% in afternoon trading on Wednesday.

By Michael Elkins | [email protected]

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