E-Power Inc.
E-Power Inc. is a Cayman Islands holding company with operations based in Zibo, Shandong Province, China, through a joint venture that manufactures graphite anode material for lithium-ion batteries. The business is organized around the production and sale of battery anode materials used in energy storage and electric-vehicle supply chains.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueBattery-grade graphite anode material used in lithium-ion cells for mobility and storage applications.
Products
Reported · share of revenue- Graphite Anode Business99.7 %
- Knowledge Sharing and Enterprise Business0.2 %
- Services0.2 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells into the lithium-ion battery supply chain, where customers use graphite anode material as a critical input for cell production. Buyers are typically battery manufacturers and other industrial customers that need consistent material quality, scale, and cost competitiveness. Demand is tied to electric vehicles, consumer electronics, and energy storage systems that rely on lithium-ion batteries.
Buy graphite anode material for use in lithium-ion cell production.
Uses anode material indirectly through battery makers serving EV demand.
Purchase battery inputs for stationary storage and grid applications.
Buy materials for non-automotive lithium-ion applications.
Strategy
The core strategic focus is to scale low-cost graphite anode production for lithium-ion batteries using renewable electricity and a joint-venture manufacturing platform. Capacity build-out and cost position are central to the company’s ability to compete in battery materials markets where scale, consistency, and production economics matter. Maintaining market access and Nasdaq compliance also remains strategically important for capital formation.
Higher throughput is essential in a commodity-like battery materials market.
Energy and manufacturing economics drive competitiveness in graphite anode materials.
Public listing status matters for financing growth and corporate flexibility.
Geography
E-Power is incorporated in the Cayman Islands, with principal executive offices in Zibo, Shandong Province, China, where its joint venture manufacturing operations are located. The business is operationally China-based, while its public-company structure is U.S.-listed through SEC reporting. This makes the company dependent on Chinese manufacturing, utilities, logistics, and industrial infrastructure.
Risks
The business is exposed to customer demand tied to the battery and EV markets, where pricing, technology shifts, and supply-demand cycles can affect volumes. Because manufacturing is concentrated in China, the company also faces operating, regulatory, logistics, and energy-supply risks linked to that geography. Public-market compliance and capital access are additional risks for a small industrial issuer with a single-product focus.
- China operating concentrationImpact: HighLikelihood: High
Manufacturing and management are centered in Zibo, China, creating country-specific exposure.
Exposure - Battery market cyclicalityImpact: HighLikelihood: Medium
Demand for anode material depends on lithium-ion battery production and end markets such as EVs.
Exposure: Battery manufacturers and EV supply chain
- Single-product concentrationImpact: MediumLikelihood: High
Revenue appears dependent on graphite anode material rather than a diversified product mix.
Exposure: Product mix and pricing
- Nasdaq listing complianceImpact: MediumLikelihood: Medium
Minimum bid price deficiency can affect continued exchange listing and investor access.
Exposure: Equity trading and financing
Accounting
Judgemental itemsProduct sales require judgment on transfer of control and cut-off timing.
Impact: Affects reported revenue and receivables
The operating business is conducted through a joint venture, which affects consolidation and disclosures.
Impact: Affects balance sheet presentation and earnings attribution
Manufacturing capacity and plant economics depend on utilization and market demand.
Impact: Could affect asset values and depreciation burden
Chinese operating activities and U.S.-listed reporting create currency translation exposure.
Impact: Affects comprehensive income and balance sheet translation
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Last updated: 28/09/2026