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 /PRNewswire/ - 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 | 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.
SOURCE Northstar Clean Technologies Inc.
