Q3 2024 Highlights
- Closed $14.0 million royalty
transaction with CVW CleanTech Inc. ("CVW")
- Continued to develop and construct the Empower Calgary Facility
which included completing procurement, arrival and testing of
equipment in preparation for installation and continuing with
shingle collection in preparation for facility commissioning and
operation.
- Completed the first draw of $1.6
million on the senior secured project loan facility with
Business Development Bank of Canada ("BDC") for constructing the Empower
Calgary Facility
- Received a patent from the Canadian Intellectual Property
Office ("CIPO")
CALGARY,
AB, Nov. 29, 2024 /CNW/ - Northstar Clean
Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the
"Company") is pleased to announce that it has filed its third
quarter 2024 unaudited financial statements and management's
discussion and analysis for the three and nine months ended
September 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, "The third quarter of 2024
was highlighted by the announcement and closing of our royalty
funding transaction with CVW. This is a monumental funding
transaction for the cleantech space globally and highlights the
interest in our technology solution for municipalities across
Canada and the United States. We were thrilled to close
the transaction with Akshay and the team at CVW and are grateful
for all the shareholder support received in the deal."
"Furthermore, the construction of our Empower Calgary Facility
is well advanced. We have delivered on numerous
construction-related milestones throughout the third and fourth
quarters. We remain excited about 2025 as it draws near and we
bring online the world's first-of-its-kind commercial facility,"
continued Mr. Mills.
Q3 2024 Highlights
- July 2024 – Received a patent for
the Company's front-end technology for reprocessing asphalt
shingles from the CIPO.
- August 2024 – Announced a
$14.0 million royalty transaction
with CVW.
- September 2024 – Completed first
draw of approximately $1.6 million
from the senior secured project loan with BDC.
- September 2024 – Closed the
royalty transaction with CVW. A replay of the investor update
webinar is available here:
https://www.youtube.com/watch?v=SbI-oSY4qJo
Subsequent to Q3 2024
- October 2024 – Completed a
construction update on the Empower Calgary Facility. The update is
available here: https://www.youtube.com/watch?v=5Od5cCUIA2E
- November 2024 – Completed a
second construction update on the Empower Calgary Facility. The
update is available here:
https://www.youtube.com/watch?v=Zht7Wo59Yec
- November 2024 – Completed the
second draw of approximately $2.7
million from the senior secured project loan with BDC.
- November 2024 – Announced key
senior management changes at Northstar that will build on its
strong momentum and continue to lay the foundation for continued
success.
Q3 2024 Financial Summary
(in
'000s)
|
Q3'23
|
Q4'23
|
Q1'24
|
Q2'24
|
Q3'24
|
Cash
Balance
|
$8,545
|
$7,648
|
$5,987
|
$5,623
|
$15,551
|
Empower Calgary
Facility
Cumulative Capital Expenditures
|
581
|
2,623
|
4,371
|
8,655
|
15,122
|
Revenue
|
64
|
67
|
71
|
240
|
165
|
Expenses
|
|
|
|
|
|
R&D
Expense
|
174
|
31
|
-
|
-
|
-
|
G&A
Expense
|
1,325
|
1,804
|
1,544
|
1,448
|
1,474
|
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.
All amounts are shown in Canadian dollars unless stated
otherwise. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/northstar-reports-third-quarter-2024-financial-results-302318542.html
SOURCE Northstar Clean Technologies Inc.