CN Energy Group Inc. Announces Entry into Framework Agreement for Proposed Acquisition of Blessing Logistics Ltd.

LISHUI, China, Jan. 29, 2026 /PRNewswire/ -- CN Energy Group Inc. (NASDAQ: CNEY) ("CNEY" or the "Company") today announced that, on January 25, 2026, it entered into a framework agreement (the "Framework Agreement") with the shareholders of Blessing Logistics Ltd. ("Blessing Logistics"), an oil trading company incorporated in Alberta, Canada, regarding a potential acquisition transaction.

Pursuant to the Framework Agreement, the parties have agreed to negotiate in good faith toward a definitive share purchase agreement to which CNEY would acquire approximately 82% of the equity interests in Blessing Logistics, representing equity with voting rights, in consideration for the issuance of the Company's Class A ordinary shares. The aggregate value of consideration is currently expected to be approximately US$2.0 million, based on assumptions to be agreed by the parties, and is subject to change based on, among other things, due diligence results, final valuation, market conditions, and the terms of the definitive agreement. If the parties do not enter into a definitive share purchase agreement within 60 days following the execution date of the Framework Agreement, either party may terminate the Framework Agreement upon written notice.

Founded in 2015, Blessing Logistics is an oil trading company registered with the Alberta Energy Regulator (AER). According to information provided by Blessing Logistics, it holds a Canadian crude oil export license and is a qualified trader within the China National Petroleum Corporation (CNPC) system. Blessing Logistics is primarily engaged in oil trading and the export of crude oil and bitumen in Canada.

The Company believes that if completed, this proposed transaction could represent an important step in CNEY's expansion into the energy sector, and its business development in the North American market. In recent years, the Company has promoted its activated carbon products for use in oilfield-related applications, and through these commercial activities, the Company identified the value and potential underlying oilfield and related energy trading opportunities. If the proposed transaction is consummated, CNEY currently plans to use Blessing Logistics as a platform to pursue oil trading and related upstream investment opportunities. The completion of the proposed transaction is subject to, among other things, the negotiation and execution of a definitive acquisition agreement, the satisfactions of customary closing conditions, and applicable regulatory and corporate approvals. There can be no assurance that these conditions will be satisfied or that the proposed transaction will be completed.

Wenhua Liu, the interim CEO of CNEY, commented: "If the proposed transaction is completed, we believe it could represent an important step in CNEY's global strategic expansion. Blessing Logistics' comprehensive compliance structure, export licenses, and trading qualifications could provide a foundation for our entry into the energy market. If the transaction closes, we plan to leverage this platform to pursue opportunities in energy trading and upstream investment, with the objective of building long-term value for our shareholders."

About CN Energy Group. Inc.

CN Energy Group. Inc. is currently listed on NASDAQ under the symbol "CNEY." CNEY has pioneered and specialized in producing high-quality recyclable activated carbon from raw carbon materials, 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. CNEY also develops and provides customizable robotics products, automation tools, and related software solutions for small and medium-sized industrial, logistics, and service businesses in North America. For more information, please visit the Company's website at www.cneny.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally be identified by words such as "anticipate," "believe," "expect," "intend," "may," "plan," "will," "would," and similar expressions. Forward-looking statements are based on current beliefs, expectations, and assumptions and are not guarantees of future performance.

Forward-looking statements in this press release include, among other things, statements regarding the proposed acquisition of Blessing Logistics Ltd., the ability of the parties to enter into a definitive agreement, the timing and likelihood of completing the proposed transaction, the issuance and value of any shares to be issued as consideration, and the Company's expectations regarding its future business development. These statements are subject to risks and uncertainties, including those described under "Risk Factors" in the Company's filings with the Securities and Exchange Commission, and actual results may differ materially, including if the parties do not enter into definitive agreements, required approvals are not obtained, or the Company is unable to integrate the business or realize the anticipated benefits of the transaction.

Forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to update them, except as required by law. Information on the Company's website or social media is not incorporated by reference into this press release.

SOURCE CN Energy Group. Inc.