CF Energy Status Update

TORONTO, April 26, 2024 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group” or “China”), a leading clean energy service provider in the People’s Republic of China (the ”PRC”) wishes to provide an update on the following:

Incorporate Electrochemical Storage technology into Energy Solutions Services

In the first quarter of 2024, CF Energy has successfully incorporated electrochemical storage technology into its battery swap station, which will help reduce the cost of service for the battery swap stations and further lowered the carbon footprint of the operation.

CF Energy entered into a letter of intent to jointly invest in regional electrochemical energy storage and peak sharing stations

CF Energy has engaged in a letter of intent with the Zi Gong, Gongjin District government in Sichuan province to jointly plan the investment in regional electrochemical energy storage and peak sharing stations (virtual power plants) and industrial and commercial energy storage projects, as well as the construction of regional energy storage stations and industrial and commercial energy storage facilities. Based on actual conditions such as urban planning, land use, power grid structure, and market demand, a layout plan for regional energy storage stations and industrial and commercial energy storage facilities will be formulated.

Purchase of bio-gas

In the first quarter of 2024, CF Energy signed a letter of intent to purchase bio-gas to further de-carbonize its overall natural gas distribution business of operations.

RMB36 million Loan Discharge Agreement Dispute

The Company wants to update on the status of its efforts to enforce its rights under the terms of the Loan Discharge Agreement dated May 25, 2017 among the Company, Sanya Changfeng Offshore Natural Gas Supply Co., Ltd. (“CF China”) and Mr. Huajun Lin (“Mr. Lin”) to require the estate of Mr. Lin (the “Estate”) to invest an aggregate amount of RMB 36,000,000 in common shares of the Company (the “Investment”) at a price of C$0.68 (being the 30 day volume weighted average trading price of the common shares of the Company preceding June 28, 2019).