Document:

Exhibit 10.15

 

Loan Guaranty Agreement

 

This contract is entered into
by and between the creditor and the guarantor on an equal and voluntary basis according to law. In order to safeguard the legitimate rights
and interests of the guarantor, the creditor hereby requests the guarantor to pay full attention to all the provisions concerning the
rights and obligations of both parties, especially the contents in bold type.

 

     

     

    

 

Creditor: Industrial
and Commercial Bank of China, Tahe Branch (hereafter referred to Party A)

 

Legal representative: Linqing
Wang

 

Address: No. 49, Jianshe
Avenue, Tahe Town

 

Telephone: [*]                         

 

Guarantor: CN
Energy Industrial Development (hereafter referred to Party B)

 

Legal representative: Guolong
Wang

 

Address: No. 327, Green
Valley Avenue, Shuige Industrial Park, Liandu District, Lishui City, Zhejiang Province

 

Zip code: 323000

 

Telephone: [*]                         

 

Contact person: Jinwu Huang

 

Phone number: [*]                         

 

Party B acts as the guarantor.
After negotiation on an equal basis, both parties make the following contract to abide by according to relevant laws and statutes.

 

Article 1 Guaranteed
Principle Claim

 

The creditor's right guaranteed by Party B is
the creditor's right against the debtor based on the main contract (Name: Small Business Loan Agreement, Number: [*]) signed with Party
A on June 18, 2021.

 

Article 2
Guarantee Method

 

Party B assumes the responsibility of guarantee
by joint and several liability guarantee.

 

Article 3
Guarantee Scope

 

Party B guarantee scope includes: principle, interest,
penalty interest, liquidated damages, etc.

 

     

     

    

 

Article 4 Guarantee Period

 

The guarantee period of this contract: Two years
from the loan maturity date. During the guarantee period, the creditor has right to request debtor to undertake guarantee liability based
on the whole or part of principle claim.

 

Article 5 Party B Promise and Statements

 

The statements and promises will be as follows:

 

5.1 The guarantor is legally qualified to be a
guarantor, providing Party A with guaranty in accordance with the articles of the company by obtaining all the mandatory authorizations
or entrustment, without violating any law, regulations or other relevant stipulations.

 

5.2 If the company is a public company or its
subsidiary, the guarantor shall disclose the relevant information in accordance with the capital market law and exchange listing regulations.

 

5.3. The guarantor has the full capacity to take
the responsibility of the guaranty, and will not be affected by any instructions, changes in financial circumstances, or any contract
signed with a third party that reduces or exempts the guarantor’s responsibilities.

 

5.4 The guarantor fully understands the loan use
under the agreement, provides guaranty to the creditor voluntarily, and finds the content of the agreement true. With regard to domestic
and international trade financing, the guarantor confirms that the basis of the financing is true and no fraud exists.

 

5.5 All the documents provided by guarantor must
be real, accurate, complete and effective;

 

5.6 If the principal creditor’s right guaranteed
by this agreement is to provide Party A with international trade financing, the guarantor accepts and approves the relevant international
conventions of the business.

 

5.7 Guarantor conceals no major liabilities before
the cut-off date of the contract from creditor.

 

     

     

    

 

Article 6 Party B Commitment

 

Party B makes the following commitment to Party
A:

 

6.1 If any one of the following situations occurs,
under Party A’s requests, the Party B shall unconditionally perform the guaranty duty under this agreement:

 

		A.	Debtor fails to make full repayment on or before the principal creditor’s right matures;

 

		B.	Party B or the debtor files for bankruptcy, or closes, dissolves, liquidates, suspends its business, or
gets its business license revoked or canceled.

 

6.2 If Party A’s creditor rights are guaranteed
by property, regardless of whether the guaranty is provided by the debtor or third party, Party A has the right to request Party B take
the guaranty responsibility first in the order, and Party B shall not dispute this request. If Party A waive, change, or lose other guaranty
rights, Party B’s guaranty responsibility shall still be effective and shall not be thereby ineffective or reduced.

 

6.3 Party B shall provide relevant documents requested
by Party A, including financial documents, tax return, or other documents that reflect Party B’s financial status.

 

6.4 If any one of the following situations occurs,
Party B shall continue to exercise its duty of guarantor pursuant to this agreement and there is no need to obtain Party B’s consent:

 

		A.	The main loan agreement between Party A and the debtor is changed pursuant to their negotiations, which
does not increase or extend the debtor’s obligation;

 

		B.	In the process of domestic or international financing, Party A and the debtor change the credit proof
of the main loan agreement, which does not increase or extend the debtor’s obligation;

 

		C.	The amount of debt changes due to fluctuations in the floating exchange rate or LPR adopted by the main
loan agreement;

 

		D.	Party A transfers the creditor’s right to a third party.

 

6.5 Party B shall not provide guaranty to a third
party that will harm the interest of Party A.

 

6.6 In case of any merger, spin-off, capital reduction,
stock transfer, stock pledge, major transfer of capital and debtor, major foreign investment, material increase in debt financing or other
activity that could cause negative impact on Party A’s rights, Party B shall obtain Party A’s written consent or make satisfying
arrangements under the guaranty agreement, otherwise it shall not engaged in the above activities.

 

6.7 If any of the following situation occurs,
Party B shall notify Party A in a timely manner:

 

		A.	Any change in articles of the corporation, operating scope, registered capital, legal representative,
or stock rights;

 

     

     

    

 

		B.	Shutdown, dissolution, liquidation, suspension, being suspended business license, being revoked or filing
for bankruptcy;

 

		C.	Involvement with any potential major business disputes, litigation, arbitration or seizure of the property;

 

		D.	If Party B is a natural person, any change in residence, employment, contact or others;

 

6.8 Party B shall make timely receipt of Party
A’s written notice.

 

6.9 Party B shall exercise its duty regarding
letter of credit in a responsible way.

 

6.10 Under clauses of shipping guarantee, endorsement
of lading bill, or authorizing shipping business, Party B shall not dispute or reject the debtor’s nonpayment of letter of credit.

 

Article 7 Party A Commitment

 

Without the written consent of Party C, Party
B cannot transfer the authorities and liabilities of the contract to a third party. With the written consent of Party C, Party B can transfer
the authorities and liabilities of the contract to a third party, which should abide by the clauses of the contract unconditionally.

 

Article 8 Event of Default

 

Event of default is as follows:

 

8.1 Does not perform the guarantee liabilities
of contract on schedule;

 

8.2 The statements in contract are not real, or
do not fulfill the commitments in contract;

 

8.3 Violate other agreements about rights and
obligations of the parties;

 

Article 9
Alteration of the Contract

 

After the effectiveness of the contract, no party
can alter or cancel the contract without other's consent. In case of alteration or cancellation, the party should notice others in written
form a month in advance, and sign the alteration agreement legally.

 

     

     

    

 

Article 10
Resolutions of Disputes

 

10.1 The items excluding the contract should be
handled according to the laws, statutes and financial regulations.

 

10.2 All the disputes should be negotiated first.
If the Parties fail to reach resolutions, then the 1st measure would be taken:

 

i. Sue to the People's Court of Party
B's Location.

 

ii. Submit to                  arbitration
committee.

 

Article 11 Confirmation of Addresses for

 

Sending Documents of Litigation or Arbitration

 

11.1 Party B confirms that the address recorded
on the first page of this agreement is the delivery address for litigation or arbitration document. Litigation or arbitration document
includes but is not limited to notice, announcement of court session, judgment, arbitration, resolution, notice of time limit, etc.

 

11.2 Party B agrees that the arbitration institution
or the court may use the fax, email recorded on first page of this agreement for the purpose of sending arbitration or litigation
documents, excluding judgment, arbitration, and resolution.

 

11.3 The above delivery also applies to the first
trial, second trial, appeal and execution of the arbitration and litigation procedures during each phase. Regarding the above delivery
address, the arbitration institution or the court may deliver by mail.

 

11.4 Party B shall ensure that the address, contact,
fax, email address and other information on this agreement are true and valid. If any relevant information changes, Party B shall notify
Party A by written notice, otherwise the original information shall be deemed as effective and Party B shall voluntarily take responsibility
for the legal consequence.

 

Article 12
Other

 

This Loan Contract has two originals, which are
identical to each other, with each of the parties holding one copy. There are several duplicates for future reference.

 

Party A : /s/ Industrial and Commercial Bank of China Limited
- Tahe Branch

 

Signing date: June 18, 2021

 

     

     

    

 

Party B: /s/ CN Energy Industrial Development

 

Signing date: June 18, 2021Exhibit 10.16

 

Contract No. *

 

Account Supervision Agreement

 

Party A: Industrial and Commercial Bank of China - Tahe Branch

 

Party B: Greater Khingan Range Forasen Energy Technology Co., Ltd.

 

In order to secure the obligation under small business loan agreement
No.*, Party B agrees to provide repayment guarantee to Party A with income listed in the agreement. In the principle of equality and good
faith, Party A and Party B enter into the following agreement upon consensus.

 

Article 1 Scope & Account

 

1.1. Party B has chosen the following source of income to guarantee
the contract obligation: 7 and agrees that all the income shall be supervised by Party A,

 

1) Revenue from Mobile Communication Service

 

2) Revenue from Water/Utility/Steam

 

3) Revenue form Cable

 

4) Revenue from Heat

 

5) Revenue from Housing Payment

 

6) Fiscal Revenue

 

7) Other Source of Revenue: Sales & Other Income

 

1.2. Party B agrees to open the following account as supervision account,

 

Account Name: Greater Khingan Range Forasen Energy Technology Co., Ltd.

 

Account No:*

 

Bank Branch: Industrial and Commercial Bank of China - Tahe Branch

 

     

     

    

 

Article 2: Term

 

The supervision period shall start from June 18, 2021 to the date
when all debts under the main contract are fully paid off.

 

Article 3: Method of Supervision

 

Party B agrees to accept account supervision on the income in the following
way:

 

1) All the income supervised by Party A mentioned in Article 1.1
shall be deposited into the supervision account, and Party B shall make it clear in the contract or bill of charge with third parties
that all the money shall be directly remitted into the account. If Party A considers it is necessary, Party B shall provide a written
commitment from the relevant third party to guarantee that the amount payable will be remitted to the supervision account.

 

2) Deposit 80% of the income mentioned in Article 1.1 into the
supervision account, and provide written consent of the relevant third party to guarantee that the payable amount will be remitted into
the supervision account according to the requirements of Party A.

 

Article 4 Daily supervision of Accounts

 

4.1 From the date when Party B begins to collect the income mentioned
in Article 1.1, Party B shall authorize Party A to carry out daily supervision on the account, including but not limited to the understanding
and recording of income and expenditure, and limiting the use of the account balance in accordance with this agreement.

 

     

     

    

 

4.2 Party B shall ensure that the monthly (monthly / quarterly)
inflow of funds in the account will be not less than 500,000 yuan.

 

4.3 Party B shall obtain the written consent from Party A for withdraw
more than 1 million yuan from the supervision account.

 

4.4 Party B shall ensure that the average balance of the supervision
account shall not be less than 50,000 yuan. If the income is in foreign currency, it shall be covert into RMB according to the current
exchange rate. If the balance is lower than the requirement, Party B will take necessary measures to make up the difference in time. Party
A shall have the right to refuse Party B to withdraw any money from the account until the balance requirement has been satisfied.

 

4.5 If the inflow of funds is less than the amount specified in Article 4.2,
Party A has the right to decide to take one or more of the following measures:

 

(1) Begin with the next month (month / quarter), reduce
the single withdrawal amount specified in article 4.3 to 800,000 yuan until the inflow returns to the amount specified in Article 4.2

 

(2) Begin with the next month (month / quarter), increase
the average balance of funds specified in article 4.4 to 10,000 yuan until the inflow returns to the amount specified in Article 4.2.

 

(3) Stop issuing the loan that has not been drawn by Party B or
require Party B to return all or part of the drawn loan in advance.

 

Article 5 Special supervision of accounts

 

5.1 Party B authorizes Party A to carry out special supervision on
the account, Party A shall have the right to freeze or deduct the funds of the supervision account after the occurrence of certain circumstances
specified in this agreement.

 

     

     

    

 

5.2 In case of Party B violates the requirement of income collection
and daily account supervision, or the breach of contract under the main contract, Party A shall have the right to freeze the funds in
the supervision account, and Party B shall not withdraw any funds from the supervision account until the breach has been corrected and
ratified by Party A.

 

5.3 If Party B fails to deposit the principal and interest of the loan
and other accounts payable under the contract into the designated account before the repayment date or the interest settlement date as
agreed in the main contract, Party A shall have the right to freeze the funds in the supervision account and deduct the principal and
interest of the loan and other accounts payable by the debtor from the supervision account when the debtor fails to perform or fully perform
the relevant obligations.

 

5.4 The scope of Party A's direct deduction of relevant funds from
the supervision account in accordance with Article 5.3 included but is not limited to: principal, interest, penalty interest, compound
interest, liquidated damages, compensation, expenses for realizing the creditor's rights and all other expenses payable by the debtor
under the main contract, until all the above funds are paid off.

 

5.5 The average balance of funds in the supervision account listed
in article 4.4 shall not limit or prevent Party A's deduction for loan principal, interest and other charges.

 

Article 6 Rights and Obligations

 

6.1 Party B shall not enter into any account supervision agreement
with third party for the collection of income as agreed in Article 1.1 without the written consent of Party A, except that the agreement
adopts the account supervision mode (2) in Article 3.

 

6.2 Party A has the right to ask Party B to avoid the infringement
of funds in the account from any third party, and Party B has the obligation to inform and assist Party A to avoid the infringement.

 

     

     

    

 

6.3 Party A's failure to exercise or partial exercise or delay in exercise
any right under this Agreement shall not constitute a waiver or change of such right, and shall not affect Party A's further exercise
of such right.

 

6.4 If Party B's obligation under main contract has been fully paid
off, Party A shall terminate daily supervision and special supervision on the account.

 

6.5 Party B shall promptly notify Party A in writing in case any of
the following circumstances happen:

 

1) change of authority, price and term;

 

2) change of operating mechanism, which included but not limited to
merger, division, joint stock reform, joint venture with foreign investors;

 

3) change of business scope, register capital and shareholder structure;

 

4) Involvement of major economic disputes, lawsuits and arbitrations,
and regulatory enforcement or frozen of funds in supervision account;

 

5) bankruptcy, suspension of business, dissolution, revocation of business
license and cancellation of industrial and commercial registration;

 

6) change of name, articles of association, business address, telephone
number, legal representative or person;

 

In case of (2) and (3) above, Party B shall notify Party
A in writing within 10 days after the relevant resolution is made; In case of (1), (4), (5) and (6) above, Party B shall immediately
notify Party A in writing.

 

6.6 If Party A and Party B agree to change or modify terms in the main
contract, Party B shall still be abided by the provisions of the Agreement except for the extending of the loan period and increasing
of loan amount. Any change in the main contract shall not affect the performance of Party B's obligations under this agreement.

 

     

     

    

 

Article 7 Breach of contract

 

7.1 Any party who fails to perform or not fully perform any of its
obligations under this agreement, or violates any of its representations, guarantees and commitments under this agreement shall be constituted
as a breach of contract. If losses are caused to other party as a result, compensation shall be made.

 

7.2 in case any of the following circumstances happen, either party
shall bear the additional expenses and losses:

 

(1) failure to send out relevant notice in accordance with this
agreement or send out notice that is inconsistent with the facts;

 

(2) refuse to receive notice from the other party in accordance
with this agreement during normal working hours

 

7.3 If the agreement is invalid due to Party B's reasons, Party B shall
compensate Party A for all losses within the scope of article 5.4.

 

7.4 in case of any breach of this agreement, the other party shall
have the right to take other measures as required by relevant laws and regulations.

 

Article 8 Effectiveness, Change or Termination of Agreement

 

8.1 The contract shall come into force after being
signed and chopped by all parties and be terminated when all obligations under this agreement have been fully performed.

 

     

     

    

 

8.2 Any change of the Agreement shall be made in writing and such change
shall constitute as a part of the Agreement. The rest part of the contract shall remain valid expected for the change, and the original
terms shall remain valid before the change takes effect.

 

8.3 The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity and enforceability of other provisions, nor the validity of the entire agreement.

 

8.4 The modification and termination of this Agreement shall not affect
the rights of the contracting parties to claim damages. The rescission of this Agreement shall not affect the validity of the dispute
settlement provisions in this agreement.

 

Article 9 Dispute settlement

 

9.1 The contract shall be governed by the laws of the People’s
Republic of China. Any dispute arising from the contract shall be settled by both parties through negotiation. If negotiation fails, the
following (1 / 2) ways shall be adopted:

 

1) both parties agree to refer the dispute to Arbitration Commission.
The arbitration award is final and binding on both parties.

 

2) Settled by litigation in the court where Party A is located.

 

Article 10 Others Terms

 

Article 11 Annex

 

11.1 This Agreement has two originals, which are identical to each
other, with each of the parties holding one copy and shall have the same legal effect.

 

11.2 The attachment to this agreement is an integral part of this Agreement
and shall have the same legal effect as this agreement.

 

     

     

    

 

Party A: /s/ Industrial and Commercial Bank of China Limited - Tahe
Branch

 

Date: June 18, 2021

 

Party B: /s/ Greater Khingan Range Forasen Energy Technology Co., Ltd.
Tahe Power Plant

 

Date: June 18, 2021

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