American electric automaker Tesla is reportedly looking to partner with Chinese battery parts company Sunrise New Energy to secure supply for its electric vehicle production rampup.
According to Reuters, Sunrise New Energy disclosed on Wednesday that Tesla’s team had been inquiring about its products, production plans, and overall manufacturing output.
About Sunrise New Energy
The Chinese battery parts maker’s joint venture, Sunrise New Energy Material Co. Ltd., focuses on producing battery-grade graphite anode material.
This battery material is a crucial part of li-ion battery for electric vehicles. The JV is also currently developing a 260,543 sqm factory in Guizhou, China.
Sunrise New Energy applies for two new patents
Sunrise New Energy Material also revealed its application for two new patents for its hard carbon composite materials, including the following:
- 202311166138.4-2023091101651000: A Preparation Method for Metal Sulfide Doped Hard Carbon Composite Materials
- 2023111652084 -2023091101479840: A hard carbon composite material with antimony alloy and its preparation method
It can potentially expand the company’s current 25 patents to a total of 27, Teslarati indicated.
In effect, Sunrise New Energy Co., Ltd. (EPOW) shares surged as much as 20% on Wednesday’s close. Moreover, the patent applications also enabled the company to gain the interest of the world’s most valuable automaker.
According to RTT News, EPOW is currently at $2.00 per share, up 19.76% ($0.33).
Tesla’s efforts in securing battery supply
Apart from Sunrise New Energy Material, Tesla is also currently working on securing multiple supply partnerships with other firms, including Australia’s Liontown Resources and Core Lithium.
Tesla’s lithium supplier Albemarle is also recently reported to acquire Liontown for $4.3 billion by mid-2024, which can significantly widen the company’s access to battery materials.
Tesla also partnered with mineral suppliers, with previous reports suggesting the company will acquire Brazil’s Sigma Lithium. It is among the biggest lithium extractors in South America.
In addition, Tesla is also developing its own lithium refinery factory in Texas. It will process lithium and other crucial minerals for electric vehicle batteries.
See Also:
- Tesla battery suppliers enjoy shares growth amidst IRA tax credits
- Tesla Chair urges Australian Government to support more domestic battery refinery projects
- Tesla researchers claim to have discovered their third-best cell chemistry, a 4M-mile battery
- Tesla to invest “quite big” in an Indonesian battery factory
- Tesla depends on China for 39% of its battery supply chain, analysis finds
Tesla’s potential partnership with Sunrise can undoubtedly aid the automaker in its EV production rampup. It can also prevent Tesla from suffering from battery supply shortages as global automakers race to acquire raw materials.
