Tantech to Fulfil New Order for Exporting Customized Midibuses to Nigeria

LISHUI,China,Feb. 21,2023 -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that its subsidiary,Shangchi Automobile Co.,Ltd.,has signed a new contract to export 10 high-end midibuses to Nigeria. This is the Company's third export order received from Africa within recent months,reflecting Tantech's competitiveness in the international markets as well as customers' trust and confidence in its products and services.

The midibuses will be carefully customized to meet the specific requirements of the end users,including interior features and exterior appearances. At 5.4 meters in length,this kind of midibuses with 15 air-conditioned comfortable seats is popular for commercial operations in various sectors,such as mid-range transportation,tourism,and education. Being highly energy efficient and environmentally friendly,these midibuses are safe and easy to operate and maintain and can deliver robust performances under different road and weather conditions.

Mr. Wangfeng Yan,Chief Executive Officer of Tantech,commented,"The demand for our midibuses will grow at a fast pace in countries like Nigeria,where population rise,income growth,and urban expansion have all contributed to an increase in the needs for affordable regional transportation. We have optimized our customized midibuses to generate better rider satisfaction and experiences for passengers and to achieve higher profitability for bus operators. With reinforced efforts on accelerating technological improvements,solidifying global marketing networks,and curtailing overall carbon footprints,our team stands ready to provide more reliable,sustainable,and cost-effective products and services to our domestic and international customers. "

About Tantech Holdings Ltd

For the last two decades,Tantech has been a leading high-tech enterprise pioneering and specializing in producing,researching,and developing products based on bamboo charcoal with a well-established domestic and international sales and distribution network. Tantech expanded into the clean vehicle industry in 2017 by acquiring 70% shares of Shangchi Automobile. In November 2020,Tantech established two additional subsidiaries,Lishui Smart New Energy Automobile Co.,Ltd. and Zhejiang Shangchi New Energy Automobile Co.,to produce and market electric vehicles,including automatic high-speed street sweepers and others. The Company's subsidiary,First International Commercial Factoring (Shenzhen) Co.,LTD,is engaged in commercial factoring for businesses in and related to its supply chain. Meanwhile,Tantech has intensified its globalization process by investing in a subsidiary EPakia (headquartered in Washington DC),focusing on consolidating supply chains for biodegradable packaging materials. The Company is fully ISO 90000 and ISO 14000 certified and has received numerous national,provincial,and local honors,awards,and certifications for its products and scientific research efforts. For more information,please visit: http://ir.tantech.cn.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales,plans,objectives,goals,strategies,future events or performance,underlying assumptions,and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including,but not limited to,product and service demand and acceptance,changes in technology,economic conditions,the impact of competition and pricing,government regulations,and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements,whether written or oral,and whether made by or on behalf of the Company,are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition,the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof,except as expressly required by applicable law.

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