CN Energy Group. Inc. (the "Company") today announced it was named an official High-Technology Enterprise by China's Ministry of Science and Technology. The prestigious government designation recognizes the Company's record of successful innovation leadership, and its alignment with the Chinese government's R&D, investment and growth policies. As a High-Technology Enterprise, CN Energy will receive certain tax concessions and is entitled to apply to receive preferential treatment and financial incentives and other economic benefits.

The Chinese government has formulated a series of preferential measures to encourage enterprises to further promote economic transformation. The term "High-Technology Enterprises" refers to resident enterprises registered in China (excluding Hong Kong, Macao, and Taiwan) that own the proprietary intellectual property right of core technology in connection with the main products (services) of the enterprise and whose products or services are within the scope of the Catalogue of High- and New-Technology Areas Specifically Supported by the government.

Companies designated as High-Technology Enterprises will benefit from China's government policy, which encourages R&D activities in China to promote the technological transformation of these enterprises, enhances their brand image, and provides for certain preferential tax reductions and exemption policies.

Mr. Kangbin Zheng, Chairman and CEO of CN Energy Group, Inc., said, "We are proud to receive the government's prestigious High-Technology Enterprise designation and join such a prominent group of innovative leaders in economic growth and development. Aligning our long-term R&D and growth strategies with the government's promulgated policies is mutually beneficial for both parties. We believe the important designation, preferential tax rate concessions and other financial subsidies will further strengthen our advantaged competitive position, brand influence and help us in our efforts to accelerate growth and shareholder value creation."

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 the U.S. Securities and Exchange Commission, including without limitation, the Company's registration statements, annual reports 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.