Northstar Completes Emission Reduction Alberta Construction Milestone and Receives $3.9 Million
Northstar Completes Emission Reduction Alberta Construction Milestone and Receives $3.9 Million |
| [05-May-2025] |
CALGARY, AB, May 5, 2025 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it successfully completed Milestone 2 requirements stipulated in the Emission Reduction Alberta ("ERA") contribution agreement and received the resulting milestone payment totaling $3.9 million.
Milestone 2 criteria required Northstar to demonstrate a number of elements with respect to the Empower Environmental Solutions Calgary Facility (the "Empower Calgary Facility") including:
All of these elements have been reviewed and completed as part of the ERA due diligence process to verify completion of Milestone 2. The resulting $3.9 million funding from ERA brings receipts to date from ERA to $5.2 million. Approximately $1.9 million remains outstanding under the ERA grant, upon attainment of commissioning and operational milestones. The funding under Milestone 2 materially reimburses Northstar for construction expenditures for the Empower Calgary Facility. Taken together with other funding initiatives, the Empower Calgary Facility has been fully funded and leaves suitable working capital for the Company to advance expansion opportunities in Canada and the United States. Commissioning efforts at the Empower Calgary Facility are well underway and proceeding as planned. "Our experience with ERA has been nothing short of a great partnership," commented Aidan Mills, Northstar President & CEO. "We sincerely appreciate the support from ERA as we look to become a leading entity in the waste to value industry. With the ERA support, construction completion represents a significant milestone at our Calgary facility. All our partners can take pride in creating a new industry that enhances the economy, creates employment opportunities, and importantly delivers environmental benefits in a circular economy." "The real demonstration of successful investments comes when the projects we fund are commercialized and deployed in the market," stated Justin Reimer, CEO Emissions Reduction Alberta. "We are excited for Northstar's completion of the major construction elements of their project and the opportunity to reduce environmental impacts through the reprocessing of waste asphalt shingles. They are not only diverting waste from landfills, but also providing the construction industry with clean, sustainable processing solutions." About Northstar Northstar is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar developed and owns a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracts the liquid asphalt for use in new hot mix asphalt shingle manufacturing and asphalt flat roof systems while also extracting 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 with its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission aims at leading the recovery and reprocessing of asphalt shingles in North America that would otherwise be sent to landfill addressing numerous stakeholder objectives. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/. For further information about Northstar, please visit www.northstarcleantech.com. On Behalf of the Board of Directors, Cautionary Statement on Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "aim" or similar expressions.Forward-looking statements in this press release include statements concerning: (i) Northstar's plans to reprocess used shingles into their component parts in the inaugural commercial facility in Calgary; (ii) status of commissioning efforts at the Empower Calgary Facility and ability to receive further amounts under the ERA grant; (iii) sufficient working capital to advance future expansion efforts; (iv) benefits of Northstar's business model to the overall economy and the environment; and (v) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including: risks related to factors beyond the control of the Company; inability of the Company to execute on its business plans; the Company may require additional financing which may not be obtainable or on favourable terms; economic uncertainty; and the risks and uncertainties which are more fully described under the heading "Risk Factors" in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR+. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, expected or aimed. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
SOURCE Northstar Clean Technologies Inc. | ||
Company Codes: OTC-QB:ROOOF, TorontoVE:ROOF, OTC-BB:ROOOF, OTC-PINK:ROOOF, OTCQB:ROOOF |
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