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Erayak Power Solution Group Inc. Reports Approximately 500% Increase in Generator Sales in Fiscal Year 2022

Wenzhou, China, March 01, 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 provide the following information concerning the Company's generator sales in 2022.

For the fiscal year 2022, sales of the Company's generators increased by approximately 500% compared to the fiscal year 2021. From July 1, 2022, to February 24, 2023, Erayak received over 40,000 generator orders, including 1KW inverter generators, 2KW inverter generators, 4KW inverter generators, and traditional generators.  The increase in generator sales is due to the continuous impact of the European energy crisis that has significantly increased demand for the Company's generators, with approximately 91.9% of orders destined for European countries, of which 24% are expected to be sent to Ukraine.

For the first quarter of 2023, generator orders, including orders received and in the negotiation process, are estimated to be around 25,935 units, an increase of 163% compared to Q3 2022 and an increase of 53.5% compared to Q4 2022. Since the earthquake in Turkey on February 6, 2023, we have received demand orders for over 4,000 units directly from Turkey in the past two weeks.

Erayak Chairman & CEO Mr. Lingyi Kong stated, "We are proud to have our generators actively deployed and delivering reliable power throughout Europe, including Ukraine. In addition, since the earthquake in Turkey on February 6, 2023, we have received orders for over 4,000 units directly from Turkey in the past two weeks. Improving our production capacity is one of the main goals of our production department, considering the demand brought by disasters and reconstruction demand in the next several years, as well as the overall European market size. Since September 2022, we have installed two additional assembly lines in our generator production plant, which has increased production capacity from 3,684 generators per month to 9,614 generators per month.”

About Erayak Power Solution Group Inc.

Erayak specializes in the manufacturing, research and development, and wholesale and retail 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 and a solution for mobile life and outdoor living. For more information, visit   

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.  We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact:

Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835


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