CN Energy Group. Inc. announced plans to expand into the multi-billion dollar water purification market. The global water purification market is projected to grow from $29.12 billion in 2021 to $47.53 billion in 2028 at a CAGR of 7.2% in the forecast period, 2021 to 2028. As part of the Company's business strategy, it has established a new subsidiary to focus on this new market opportunity in order to participate in this expanding market. The new subsidiary, Zhejiang CN Energy New Material Co. Ltd. ("Zhejiang CN Energy"), is located in the Economic and Technological Development Zone of Lishui City, Zhejiang Province. Construction is underway on facilities for manufacturing, R&D, sales and marketing, and corporate operations. Zhejiang CN Energy's new facilities are expected to feature a state-of-the-art inspection and quality control laboratory, and a high-efficiency charcoal separation processing production line, with a targeted annual output capacity of 36,000 tons of high-precision fine wading activated carbon.