Proof Energy Inc. announced a private placement of 27,351,353 Series B preferred shares at a price of $0.43874 per share for gross proceeds of $12,000,133 on July 11, 2022. The transaction will include participation from new investor Anhui Zhonghuan Environmental Protection Technology Co.,Ltd. Post closing, the investor will hold a 22.16% stake in the company. The transaction has been approved at the 14th meeting of the 3rd board of directors of investor.

In December, 2022, the company announced that it has obtained “Enterprise Overseas Investment Certificate” issued by the Bureau of Commerce of Anhui Province.