CNEY Awarded License Renewal to Process and Sell Wood Products; Expects to Enhance Operating Efficiencies

LISHUI,China,May 17,2023 -- CN Energy Group. Inc. (NASDAQ: CNEY) ("CNEY" or the "Company") today announced that its wholly-owned subsidiary,Greater Khingan Range Forasen Energy Technology Co.,Ltd. Tahe Biopower Plant ("Tahe Biopower Plant"),has recently received a renewed business license with authorization to process and sell timber products. The license will be mostly used by the Tahe Biopower Plant located at the Greater Khingan Range in Northeast China.

The Company regards the renewed license as a milestone,as it enables the Company to collect and process forest residuals and wood wastes more effectively and efficiently,while leveraging its proprietary technologies to create higher value-add in a seamlessly integrated process. For instance,round logs with a diameter greater than 12 centimeters can be used to manufacture wood boards,while tree branches and twigs with a diameter less than 12 centimeters,as well as sawdust,can be processed for the production of activated carbon and biochar products and for gasification to generate clean and renewable electricity. These practices are expected to enhance resource utilization,facilitate environmental protection,and prevent forest fires.

Ms. Xinyang Wang,CNEY's Board Chairperson,commented,"This renewed license will enable us to better integrate and solidify our supply chain,while supporting our dedication toward sustainability. We expect the renewal of this license will alleviate a bottleneck on raw material collection and may expand our revenue sources. We also anticipate benefiting from access to a more secure and reliable supply of products,which we anticipate will lower costs on the input side and improve product quality and permit more competitive prices on the output side. Furthermore,our success in the Greater Khingan Range may be quickly replicated to our Yunnan Forest Base and other locations to strengthen CNEY's overall performance and profitability."

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. 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 the U.S. Securities and Exchange Commission (the "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 Contact:

TraDigitalIR

Kevin McGrath

+1-646-418-7002

kevin@tradigitalir.com