Sunrise New Energy in talks to partner with LG Energy, Abu Dhabi fund for battery facility
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China’s Sunrise New Energy said on Tuesday that it was in talks with South Korea’s LG Energy Solution and the Abu Dhabi Investment Fund for a potential partnership related to lithium battery material manufacturing in Abu Dhabi.
US-listed shares of Sunrise rose nearly 4 per cent 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.
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