CN Energy's Subsidiary Completes New Manufacturing Facility

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Jan 31, 2022, 08:00 ET

LISHUI, China, Jan. 31, 2022 /PRNewswire/ -- CN Energy Group. Inc. (the "Company") today announced the completion of a new manufacturing facility by its wholly-owned subsidiary, Zhejiang CN Energy New Materials Co., Ltd. The new facility is expected to add 2,600 square meters of production capacity when brought online after receipt of necessary environment and safety permits in April 2022. The completion of the plant marks the Company's formal entry into the water-wading charcoal market, which is expected to significantly increase its product diversity, opportunities for market share, revenue and profit growth.

The new manufacturing facility is equipped with equipment for the processing, production and packaging of activated carbon. The new factory is located in Zhejiang Province, facing the Yangtze River Delta and the Pearl River Delta, and adjacent to Fujian Province. It is a strategically important location for the operations of the Company's sales and warehousing network across the Yangtze River Delta and the Pearl River Delta region.

The porous solid surface of activated carbon is used to efficiently adsorb and remove toxic substances commonly found in water, thereby purifying it. Activated carbon is widely used across the entire water supply chain and in industrial water applications, including chemical, water and power plants, industrial wastewater treatment facilities, and paper and printing mills, among others.

Mr. Kangbin Zheng, Chairman and CEO of CN Energy Group, Inc., said, "We appreciate the full support of the local authority, the Green Industry Development Fund of Lishui Economic Development Zone, in this successful new project. We expect the new facility to take on even greater importance, given its strategic location, with a planned expansion of wading charcoal production, R&D and sales. We will continue to invest in the development of our innovative technologies and processes, as we strive to become a leading wood-based activated carbon service provider, providing a comprehensive solution to global customers in our endeavors in promoting wood-based activated carbon products to the world."

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, industrial manufacturers, pharmaceutical manufacturers, 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.

SOURCE CN Energy Group. Inc.