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

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 www.erayakpower.com.   

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