CNEY Entered the Drinkable Water Market with a Large Order

LISHUI,China,Jan. 27,2023 -- CN Energy Group. Inc. (NASDAQ: CNEY) today announced that its wholly owned subsidiary,Zhejiang CN Energy New Materials Co.,Ltd.,had recently obtained a first order to supply high-quality wood-based activated carbon directly to a producer of potable water. The order size is RMB6.486 million,equivalent to approximately US$0.956 million. This is another significant milestone for CNEY after it was awarded in October 2022 the permit to sell to end-users in the vast and fast-growing drinkable water market under its own brand names. This order exemplifies client acceptance and satisfaction on CNEY's customized products and services for water filtering and purification and is expected to serve as a springboard for increasing CNEY's sales in both domestic and global markets.

Dr. Kangbin Zheng,CNEY's CEO,commented,"We are glad to have signed this first contract just about two months after being authorized to sell directly to end-users. This order is the first step for us to enter a new area full of opportunities for delivering higher values to clients and generating additional revenues. Our team stands ready to continue to expand our marketing networks and to strive for replicating this success story. With refined growth strategies and upgraded technologies,we are quite confident that we will become more productive,competitive,and profitable in 2023."

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. CENY'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 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.

Investor Relations

Tel:+86-571-87555823

Email: ir@cneny.com

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