Erayak Power Solution Group Inc. In Discussions with Potential Strategic Partners to Expand Market Opportunities and Product Offerings

Wenzhou, China, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. ("Erayak" or the "Company") (Nasdaq: RAYA), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, is pleased to announce that the Company is discussing with potential strategic partners to expand its market opportunities and product reach.

One of the potential partners is a diversified energy company that produces and markets fuels, natural gases, and electricity. The company has been established in China for nearly 40 years and is actively involved in the entire Chinese energy industry supply chain, from both upstream to downstream operations. Erayak is looking to share experience, technology, and industry expertise to create mutually beneficial partnerships to develop domestic and international energy solution businesses. Recently, a representative from the aforementioned company visited Erayak to gather a comprehensive understanding about the application and performance of Erayak's product lines, including inverter generator series, inverter series, household energy solutions, and storage systems.

Erayak is also discussing with another potential partner, a large trading company, which serves as an authorized agency and franchisee in the UK for large brands such as Stanley Black and Decker, and IMPAX Tooling Solutions, that produce electric power tools. The company is well known and recognized within the industry for its strong sales and large product shipment abilities. This potential collaboration would allow both companies to produce more electrically powered clean energy products.

Erayak’s Chairman & CEO, Mr. Lingyi Kong, commented, "I am incredibly optimistic with the discussions that we are currently having with potential strategic partners that will enhance our product offerings and enable us to reach a broader customer base in various countries across the globe. Additionally, these conversations regarding our potential partnerships provide Erayak with the opportunity to substantially build our brand’s image as one of the world’s leading producers of electrical power products that are clean and environmentally friendly to help us meet our sustainability goals.”

About Erayak Power Solution Group Inc.

Erayak specializes in the manufacturing, research and development, as well as the wholesale and retail sales of power solution products. Erayak's product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products. Our goal is to be the premier power solutions brand for all of your mobile and outdoor living needs. For more information, visit: https://erayakpower.com/

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Investor Relations Contact:

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Lisa Gray, Senior Account Manager
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Email: [email protected]