CN Energy Establishes its U.S. Headquarters to Expand Its Biochar and Wood-based Activated Carbon Businesses in Global Markets

LISHUI,China,Jan. 23,2023 -- CN Energy Group. Inc. (NASDAQ: CNEY) ("CNEY" or the "Company") today announced that it had established its United States headquarters in Washington D.C. to accelerate its biochar and wood-based activated carbon businesses in North and South America. As a concrete step toward implementing its globalization strategy,CNEY will collaborate with partners in the United States,Canada,Brazil,and Mexico to establish a marketing network to facilitate specific client needs. It will also seek opportunities to localize production processes to minimize long-distance transportation costs and avoid potential impediments in cross-border supply chains. Furthermore,CNEY expects to build partnerships with leading research institutions to reinforce its research and development efforts.

Both biochar and wood-based activated carbon have a wide range of applications in industrial manufacturing,pharmaceutical manufacturing,food and beverage production,and water purification. They can also be blended with organic fertilizers to improve plant yields and soil productivities. The products of CNEY are manufactured mostly by pure physical pyrolysis processes,building on CNEY's proprietary technology to minimize chemical inputs. The 6th-generation gasification reactors of CNEY have demonstrated high efficiency and robust reliability and are expected to be deployed on a larger scale in its production processes in 2023.

Dr. Kangbin Zheng,CNEY's CEO,commented: "Together with our partners,we have commitments,advanced technologies and first-hand experiences in converting forest wastes and agricultural residues into high-quality activated carbon and biochar. These collaborations are anticipated to both generate decent financial returns,as well as deliver tangible environmental benefits,in terms of resource conservation,carbon recycling and waste minimization. We believe this is a timely decision of our company to establish headquarters in the United States,which will likely accelerate our penetration into the global market and bring back more direct opportunities for us to better serve our clients."

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 hazardous wastes into invaluable wealth and delivering significant financial,economic,environmental and ecological 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 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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