Q2 2024 Highlights
- Received approval and $1.34
million in funding from the Government of Alberta's TIER Fund through Emissions
Reduction Alberta ("ERA") for the first grant funding
milestone
- Accelerated the Phase 2A investment from TAMKO Building
Products ("TAMKO") and closed a US$1.8
million private placement of convertible debentures
- Announced a three-year asphalt shingle supply agreement with
Ecco Recycling & Energy Corporation ("Ecco Recycling")
- Closed a strategic investment of $2.25
million from two Calgary-based strategic investors, including
the Chiu Family of Trico Homes and
Trico Communities, and appointed Mr. Patrick Chiu to the Board of Directors
VANCOUVER, BC and CALGARY, AB, Aug. 29,
2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that it has filed its second quarter 2024 unaudited
financial statements and management's discussion and analysis for
the three months ended June 30, 2024
on the Company's SEDAR+ profile at www.sedarplus.ca. These
documents are also available on the Company's website
at www.northstarcleantech.com.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated, "While our transformative
$14.0 million royalty transaction
with CVW CleanTech Inc. has garnered significant attention, it is
crucial to recognize the substantial progress made in the second
quarter. Securing approval from Emissions Reduction Alberta for our
first milestone and receiving $1.34
million in funding represents a critical advancement for our
Empower Calgary Facility. Additionally, our three-year asphalt
shingle supply agreement with Ecco Recycling is underway."
"Our strategic partnership with TAMKO Building Products has also
gained momentum, highlighted by the early closure of the
US$1.8 million Phase 2A investment in
convertible debentures. We have jointly identified TAMKO's
Frederick, Maryland plant as the
focus of our initial U.S. expansion. With new strategic investments
from Calgary-based partners and
the addition of new leadership on our Board, Northstar is
progressing well towards the completion of the Empower Calgary
Facility and we continue to lay the groundwork for future
expansion," continued Mr. Mills.
Q2 2024 Highlights
- April 2024 – Received approval
from ERA for the first grant funding milestone following completion
of detailed engineering design.
- April 2024 – Northstar and TAMKO
selected TAMKO's Frederick,
Maryland plant as the first U.S. supply location.
- April 2024 – Received
$1.34 million from ERA following
approval of the first grant funding milestone following completion
of detailed engineering design.
- April 2024 – Announced a
three-year asphalt shingle supply agreement with Ecco Recycling for
the Empower Calgary Facility with plans to complete a landfill
supply study for Ecco Recycling's C&D landfill in Calgary, which has an estimated 500,000 tonnes
of potential shingle supply.
- April 2024 – Received the first
delivery of asphalt shingles from Ecco Recycling at the Empower
Calgary Facility.
- April 2024 – Received the first
long-lead equipment item, an advanced shingle grinding machine from
Rotochopper, at the Empower Calgary Facility.
- May 2024 – Issued a follow-on
patent by the United States Patent and Trademark Office ("USPTO")
for the Company's proprietary technology for reprocessing asphalt
shingles. This was the second patent issued to Northstar by the
USPTO.
- May 2024 – Accelerated TAMKO's
Phase 2A investment and closed a US$1.8
million private placement of convertible debentures.
- June 2024 – Closed a strategic
investment of $2.25 million from two
Calgary-based strategic investors
and appointed Mr. Patrick Chiu to
the Board of Directors.
Subsequent to Q2 2024
- July 2024 – Received a patent for
the Company's front-end technology for reprocessing asphalt
shingles from the Canadian Intellectual Property Office (the
"CIPO").
- August 2024 – Announced a
$14.0 million royalty transaction
with CVW CleanTech Inc.
Q2 2024 Financial Summary
(in C$
'000s)
|
Q2'23
|
Q3'23
|
Q4'23
|
Q1'24
|
Q2'24
|
Cash
Balance
|
655
|
8,545
|
7,648
|
5,987
|
5,623
|
Empower Calgary
Facility
Cumulative Capital Expenditures
|
439
|
581
|
2,623
|
4,371
|
9,348
|
Revenue
|
55
|
64
|
67
|
71
|
240
|
Expenses
|
|
|
|
|
|
R&D
Expense
|
244
|
174
|
31
|
-
|
-
|
G&A
Expense
|
1,510
|
1,493
|
2,018
|
1,884
|
1,896
|
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology
company focused on the sustainable recovery and reprocessing of
asphalt shingles. Northstar has developed a proprietary design
process for taking discarded asphalt shingles, otherwise destined
for already over-crowded landfills, and extracting the liquid
asphalt for use in new hot mix asphalt, shingle manufacturing and
asphalt flat roof systems, and aggregate and fiber for use in
construction products and other industrial applications. Focused on
the circular economy, Northstar plans to reprocess used or
defective asphalt shingle waste back into its three primary
components for reuse/resale at its first commercial scale up
facility in Calgary, Alberta. As
an emerging innovator in sustainable processing, Northstar's
mission is to be the leader in the recovery and reprocessing of
asphalt shingles in North America,
extracting the recovered components from asphalt shingles that
would otherwise be sent to landfill.
For further information about Northstar, please
visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. The
TSXV has neither approved nor disapproved the contents of this
press release.
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SOURCE Northstar Clean Technologies Inc.