Northstar Clean Technologies Inc. ("Northstar" or the "Company") is pleased to announce that it has signed a non-binding letter of intent (the "LOI") with Great Lakes Port Management Inc. ("GLPM"), a subsidiary of the Hamilton-Oshawa Port Authority ("HOPA"), for a long-term lease for an industrial zoned property located in Hamilton, Ontario (the "Property") as the site for the Company's planned facility in southwestern Ontario (the "Empower Hamilton Facility").
The LOI is for an initial term of 15 years, with three extension options of five years each. Commercial terms are based on GLPM providing a suitable operating building for Northstar in addition to a 4-acre site.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "We are excited to make our first public announcement regarding our expansion into Ontario. The future site of the Empower Hamilton Facility, with our long-term landlord, HOPA, is an ideal location for our first commercial facility in Ontario and we look forward to making a meaningful difference to southern Ontario's landfills by diverting between 40,000 to 80,000 tonnes of asphalt shingle waste every year. It has been a true pleasure collaborating with HOPA to secure this site, and we look forward to establishing a long-term partnership that brings mutual benefits for many years to come."
"HOPA is proud to be enabling this circular economy innovation in Southern Ontario's housing and construction sector," said Ian Hamilton, President & CEO, HOPA Ports. "This new facility will be located on repurposed industrial lands, supported by HOPA's extensive multimodal transportation assets."
Mr. Mills added, "While our primary focus remains on completing construction at the Empower Calgary Facility, we are happy to have completed our business development initiatives in southern Ontario. Having a location secured allows us to now commence permitting and government grant applications in early 2025, and to enter into advanced negotiations for feedstock and off-take agreements for the future Empower Hamilton Facility."
The Company selected the HOPA site in Hamilton, ON for the following reasons:
Strong partner (HOPA) with a significant development track record of supporting innovative investment opportunities
Close proximity to major industry partners
Favourable industrial land option with easy access to the ports and rail through Hamilton Container Terminals ("HCT")
Significant feedstock supply from Hamilton (est. pop. 785,000([1])) and greater than 7 million in the Greater Toronto Area ("GTA")([2]), which is Canada's largest metropolitan area by population and the 7th largest metropolitan area in North America (3)
Investor Webinar
The Company will host a virtual investor webcast to discuss its third quarter 2024 results and to provide a business update to the investment community later today, Monday, December 2, 2024 at 14:00 PDT / 17:00 EDT. Details are provided below.
Topic: Northstar Clean Technologies Third Quarter Financial Results Webcast
Date: Monday, December 2, 2024
Time: 14:00 PDT / 17:00 EDT
Registration: https://us06web.zoom.us/webinar/register/9317315268247/WN_htnUetiTQGeulGFcjrV9mg
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
