Northstar Clean Technologies Inc., a Canadian clean technology company focused on sustainable asphalt shingle recycling, reported strong second-quarter 2024 results. The company achieved several key milestones, showcasing significant progress towards its Empower Calgary Facility and solidifying its position as a leader in the sustainable recycling of asphalt shingles.
Q2 2024 Highlights:
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Funding Secured:
Northstar received approval for its first grant funding milestone from the Government of Alberta’s TIER Fund through Emissions Reduction Alberta (ERA), securing $1.34 million in funding. This crucial step will support the development of the Empower Calgary Facility.*
Strategic Partnerships:
Northstar forged a three-year asphalt shingle supply agreement with Ecco Recycling & Energy Corporation. The partnership will provide a consistent supply of shingles for the Empower Calgary Facility. Additionally, the company accelerated its investment from TAMKO Building Products, closing a US$1.8 million private placement of convertible debentures.*
Board Expansion:
Northstar welcomed Mr. Patrick Chiu to its Board of Directors, strengthening its leadership team. Mr. Chiu brings valuable experience from his involvement with Trico Homes and Trico Communities.Key Developments:
* Northstar’s innovative technology, focused on reprocessing asphalt shingles into valuable materials, continues to gain recognition. The company received a patent for its front-end technology from the Canadian Intellectual Property Office and announced a $14.0 million royalty transaction with CVW CleanTech Inc.
* The company’s commitment to circular economy principles is evident in its plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at the Empower Calgary Facility. This initiative aims to reduce landfill waste and promote sustainable construction practices.
Moving Forward:
Northstar remains dedicated to its mission of becoming the leader in the recovery and reprocessing of asphalt shingles in North America. The company is actively working towards completing the Empower Calgary Facility and expanding its operations to other regions. With its strong financial position, strategic partnerships, and innovative technology, Northstar is well-positioned to capitalize on the growing demand for sustainable recycling solutions in the construction industry.
