CN Energy and Xujin Environmental Protection Enter Strategic Cooperation

LISHUI,China,Jan. 24,2022 -- CN Energy Group. Inc. (the "Company") today announced a strategic cooperation between its subsidiary CN Energy Industrial Development Co.,Ltd. ("CN Energy") and Xujin Environmental Protection Carbon Industry Co.,Ltd. ("Xujin Environmental Protection"). The two companies will cooperate in sharing technology,resources and expertise for their mutual benefits,as they create an integrated and optimized activated carbon sales business focused on revenue and profit growth opportunities in the hazardous waste and solid waste disposal businesses.

CN Energy Group. Inc. (NASDAQ: CNEY) is a manufacturer and supplier of high-quality wood-based activated carbon and biomass electricity. The Company also provides activated carbon-related technical services used by food and beverage producers,industrial manufacturers,pharmaceutical manufacturers,and environmental protection enterprises.

Founded in 2016,Xujin Environmental Protection has been focused on growing its business in the hazardous waste treatment industry. The company has established expertise in the regeneration of saturated activated carbon and the sales of recycled activated carbon.

Mr. Kangbin Zheng,Chairman and CEO of CN Energy Group,Inc,said,"We continue to focus on accelerating our revenue growth and profitability as we execute on our core business and invest in new areas. We have been developing multi-year expansion opportunities as we have grown our footprint to include numerous new industries,including providing waste treatment solutions for pharmaceutical manufacturers,food services companies and environmental protection enterprises,among others."

"Through our latest cooperation,CN Energy Group will formally enter the saturated activated carbon recycling market. We believe our latest strategic cooperation with Xujin Environmental Protection will add another new stream of revenue to our business while providing much needed solutions to the hazardous waste treatment industry. We plan to work closely together through our strategic cooperation with Xujin to leverage our complementary advantages and provide customers with more comprehensive and convenient services using a fully integrated business model across the activated carbon industry. We expect to mutually benefit as strategic partners and also expect our customers to benefit from our technology sharing and innovation. We anticipate that this partnership will help us further expand our market share and create greater value for our shareholders."

About CN Energy Group. Inc.

CN Energy Group. Inc. (NASDAQ: CNEY) is a manufacturer and supplier of high-quality wood-based activated carbon and biomass electricity. The Company also provides activated carbon-related technical services used by food and beverage producers,and environmental protection enterprises. The Company's current facility is located in Tahe County,Heilongjiang Province,near the Greater Khingan Range,in close proximity to its suppliers. For more information,please visit the Company's website at www.cneny.com.

Forward-Looking Statements

Certain statements,other than statements of historical fact,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 condition,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 direction of the Company.

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