CN Energy Group. Inc. Has Obtained the Permit to Directly Sell to Drinkable Water Markets

LISHUI,China,Nov. 14,2022 -- CN Energy Group. Inc. (NASDAQ: CNEY) today announced that its wholly-owned subsidiary,Zhejiang CN Energy New Material Co.,Ltd. has recently been awarded an official permit to sell its wood-based activated carbon products directly to domestic drinking water markets,after satisfying all increasingly more stringent requirements on safety and environmental protection. This is a significant milestone for CNEY to expand its business networks,reinforce its competitive strength and enhance its revenue sources. With such a permit,CNEY can now provide high-quality customized products and services under its own brand names to the vast majority of end-users,with remarkable improvements in reliability,sustainability and responsiveness,while avoiding "deadweight losses" caused by multilevel intermediaries. This supply-chain streamlining will not only generate tangible economic and ecologic benefits for general societies but will also deliver more decent returns to its shareholders.

According to the World Bank,accessing to sufficient and safe drinking water is a fundamental social infrastructure and thus requires large-scale investments over decades to secure basic public health and sanitation conditions,especially in populous countries like China and during challenging times of fighting against pandemics and climate change. With rapid urbanization and income growth,the demand for treated drinking water in China has already been gigantic (valued at around US$70 billion currently per year) and will continue to grow at a fast pace in the foreseeable future. CNEY's activated carbon products,completely made from forest wastes and agricultural residues,can be effectively utilized in a wide spectrum of industrial and residential applications,ranging from soil improvement,sewage treatment,water purification,odor absorption to impurity removal. They are indispensable in food,beverage,pharmaceutical and chemical industries. It is evident that,with its outstanding R&D capabilities and newly renovated manufacturing facilities,CNEY stands strategically ready to capture these enormous market opportunities in both urban and rural areas and to launch global sales campaigns.

With deep gratitude to all relevant stakeholders,Dr. Kangbin Zheng,CNEY's CEO,pointed out: "Being authorized to sell our products without unnecessary middlemen will surely bring us closer to our clients and enable us to respond to market dynamics more promptly and flexibly. Practical fruits to be harvested immediately include swift expansion of our clientele,apparent solidification of custom satisfaction,sizable reduction of marketing expenses and substantial acceleration of cash flows. These factors will ultimately contribute to raising our bottom-lines in productivity and profitability and to further fostering our leadership position in the industry as one of reputable high-tech enterprises."

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 https://ir.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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