CN Energy Group. Inc. (CNEY) ("CNEY") announced that its wholly-owned subsidiary, Zhejiang CN Energy New Materials Co., Ltd., has recently signed a contract to supply its high-quality wood-based activated carbon to a buyer for direct application in the pharmaceutic industry. The order size is RMB5.76 million, equivalent to approximately US$0.84 million. The goods sold will be delivered before March 31, 2023.
Wood-based activated carbon is widely used as an effective adsorbent in the pharmaceutical industry, mainly due to its unique properties, which provide a renewable and environmentally-friendly solution for filtering impurities, removing toxins, purifying liquids and decolorizing outputs. CNEY is a high-tech enterprise that utilizes a sophisticated physical pyrolysis process to manufacture activated carbon products from forest wastes and agricultural residues. These products can demonstrate apparent comparative advantages in safety, efficiency and reliability for end users in the pharmaceutic industry, because they are characterized by large porous surfaces, high purities and low ash contents. With reinforced efforts to enhance quality consistency and price competitiveness, CNEY expects to replicate and scale up sales to its clients in the pharmaceutical industries in both the domestic and international markets.
Ms. Xinyang Wang, CNEY's CEO, commented: "Clients in the pharmaceutical industry typically have stringent quality prerequisites and rigorous service requirements for their material suppliers. Gaining a good reputation and accessing the supply chain in this industry is not an easy task to accomplish. Nevertheless, we believe this niche market will be lucrative and strategically attractive. Now that we have moved diligently in this direction, we will continue to strive for better client satisfaction. We are determined to strengthen our capabilities in R&D, quality control and marketing endeavors to differentiate ourselves from competitors in order to steadily gain an increasing market share."
