Business
CNEY Awarded License Renewal to Process and Sell Wood Products; Expects to Enhance Operating Efficiencies
LISHUI, China, May 17, 2023 /PRNewswire/ -- CN Energy Group. Inc. (NASDAQ: CNEY) ("CNEY" or the "Company") today announced that its wholly-owned subsidiary,
About this update from Cn Energy Group Inc.
[{"type":"text","content":"LISHUI, China, May 17, 2023 /PRNewswire/ -- 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.\nThe 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.\nMs. 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.\"\nAbout CN Energy Group. Inc.\nCN 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 we...