Q1 2024 Highlights
Entered into a five-year asphalt shingle supply agreement with leading Canadian shingle manufacturer IKO Industries and received IKO's first delivery of shingles under the agreement at the Empower Calgary Facility
Closed final tranche of over-subscribed private placement, totaling over $3.6 million
Cumulative capital expenditures for the Empower Calgary Facility reaches $4.4 million, a 67% increase over the previous quarter
Northstar Clean Technologies Inc. ("Northstar" or the "Company") is pleased to announce that it has filed its first quarter 2024 unaudited financial statements and management's discussion and analysis for the three months ended March 31, 2024 on the Company's profile at SEDAR+ 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, "In the first quarter of 2024 we continued to secure our feedstock supply by signing a five-year supply agreement for asphalt shingles with IKO Industries, one of Canada's leading asphalt shingle manufacturers. This agreement, coupled with the recently announced Ecco Recycling supply agreement, places the Empower Calgary Facility in a strong position for both pre- and post-commissioning supply. The potential for 500,000 tonnes of shingle supply from Ecco Recycling's Calgary C&D landfill could be game-changing. We continue to remain on track and focused on commencing commissioning at the Empower Calgary Facility by the end of this year. Northstar is well on its way at the Empower Calgary Facility and we are now only two quarters away from delivering a first-of-its-kind clean technology."
Mr. Mills continued, "Looking forward, we have initiated planning for our first U.S. facility in the Mid-Atlantic Region, which is expected to be near TAMKO's Maryland shingle manufacturing facility. While our core focus is on the Empower Calgary Facility in 2024, the U.S. expansion will be a core focus for our company in 2025. Given the high population density and the prevalence of asphalt shingles, we believe the northeast U.S. offers an incredibly attractive market for us and we intend on expanding there as soon as practically possible."
Q1 2024 Highlights
January 2024 – Announced a five-year manufacturing waste asphalt shingle supply agreement with IKO Industries Ltd. ("IKO") for the Empower Calgary Facility.
January 2024 – Received the first delivery of asphalt shingles from IKO at the Empower Calgary Facility.
February 2024 – Announced the closing of final tranche of over-subscribed private placement, totaling over $3.6 million.
Subsequent to Q1 2024
April 2024 – Received approval from Emissions Reduction Alberta ("ERA") for the first grant funding milestone following completion of detailed engineering design.
April 2024 – Northstar and TAMKO Building Products ("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 & Energy Corporation ("Ecco Recycling") for the Empower Calgary Facility and 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.
