Sunrise New Energy in talks to partner with LG Energy, Abu Dhabi fund for battery facility
24/10/2023 17:32
Oct 24 (Reuters) -
China's Sunrise New Energy EPOW.O said on Tuesday that it
was in talks with South Korea's LG Energy Solution 373220.KS
and the Abu Dhabi Investment Fund for a potential partnership
related to lithium battery material manufacturing in Abu Dhabi.
U.S.-listed shares of Sunrise rose nearly 4% in afternoon
trade.
China-based Sunrise, through its joint venture, manufactures
and sells graphite anode material for lithium-ion batteries.
China, the world's top graphite producer and exporter, is
raising the critical minerals stakes by curbing exports of
graphite since Beijing announced restrictions in July in
response to challenges over its global manufacturing dominance.
Sunrise said it expects annual production capacity of 50,000
tons of anode materials at the proposed plant in Abu Dhabi.
The company had said in September that it received interest
for its products from electric vehicle maker Tesla TSLA.O .
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shailesh
Kuber)
((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))