CNEY Wins a Large Activated Carbon Order

LISHUI,China,March 20,2023 -- CN Energy Group. Inc. (NASDAQ: CNEY) ("CNEY",or the "Company") today announced that its wholly-owned subsidiary,Zhejiang CN Energy New Materials Co.,Ltd.,has recently signed a contract to supply its high-quality wood-based activated carbon to a buyer for direct application in the pharmaceutic industry. The order size is RMB5.76 million,equivalent to approximately US$0.84 million. The goods sold will be delivered before March 31,2023.

Wood-based activated carbon is widely used as an effective adsorbent in the pharmaceutical industry,mainly due to its unique properties,which provide a renewable and environmentally-friendly solution for filtering impurities,removing toxins,purifying liquids and decolorizing outputs. CNEY is a high-tech enterprise that utilizes a sophisticated physical pyrolysis process to manufacture activated carbon products from forest wastes and agricultural residues. These products can demonstrate apparent comparative advantages in safety,efficiency and reliability for end users in the pharmaceutic industry,because they are characterized by large porous surfaces,high purities and low ash contents. With reinforced efforts to enhance quality consistency and price competitiveness,CNEY expects to replicate and scale up sales to its clients in the pharmaceutical industries in both the domestic and international markets.

Ms. Xinyang Wang,CNEY's CEO,commented: "Clients in the pharmaceutical industry typically have stringent quality prerequisites and rigorous service requirements for their material suppliers. Gaining a good reputation and accessing the supply chain in this industry is not an easy task to accomplish. Nevertheless,we believe this niche market will be lucrative and strategically attractive. Now that we have moved diligently in this direction,we will continue to strive for better client satisfaction. We are determined to strengthen our capabilities in R&D,quality control and marketing endeavors to differentiate ourselves from competitors in order to steadily gain an increasing market share."

About CN Energy Group. Inc.

CN Energy Group. Inc. is currently listed on NASDAQ under the symbol of CNEY. With patented proprietary bioengineering and physiochemical technologies,CNEY has pioneered and specialized in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues,converting harmful wastes into invaluable wealth and delivering significant financial,economic,environmental and ecologic benefits. CNEY's products and services have been widely used by food and beverage producers,industrial and pharmaceutical manufacturers,as well as environmental protection enterprises. For more information,please visit the Company's website at www.cneny.com.

Forward-Looking Statements

Certain statements,other than statements of historical facts,made in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties,including the further spread of the COVID-19 virus or new variants thereof,or the occurrence of another wave of cases and the impact it may have on the Company's operations and the demand for the Company's products,and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial conditions,results of operations,business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances,or changes in its expectations,except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable,it cannot assure you that such expectations will turn out to be correct,and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to refer to its filings with U.S. Securities and Exchange Commission (the "SEC"),including,without limitation,Company's registration statements and other filings with the SEC that set forth certain risks and uncertainties that may have an impact on future results and directions of the Company.

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