Tesla shows interest in Sunrise New Energy's battery components

Tesla shows interest in Sunrise New Energy’s battery components

September 17, 2023

By Tanay Dhumal

(Reuters) – Battery components maker Sunrise New Energy said on Wednesday that it had received interest for its products from electric vehicle maker Tesla Inc.

Sunrise shares rose as much as 11% to $1.87 in morning trade.

The China-based company, through its joint venture, manufactures and sells graphite anode material for lithium-ion batteries. Tesla uses lithium-ion batteries to power its cars.

Sunrise’s joint venture is also constructing a 260,543 m2 manufacturing plant in China’s Guizhou province.

Sunrise said it had received request from Tesla’s battery raw materials team to provide technology details, manufacture plans and available capacity for its products.

Tesla has been making supply deals with lithium companies including Liontown Resources and Core Lithium to meet raw material demand for its vehicles.

Tesla shows interest in Sunrise New Energy's battery components — A logo of Tesla Motors on an electric car model is seen outside a showroom in New York June 28, 2010. Electric carmaker Tesla Motors raised the number of shares it will sell in its initial public offering by 20 percent, an early sign that investor interest in the startup is strong. REUTERS/Shannon Stapleton /File Photo

Sunrise also said on Wednesday it had applied for two patents for its hard carbon composite materials this month. So far, the company has been granted 25 patents.