Subjects: AWD, JVN, CSR, ESG
Northstar Enters into Contribution Agreement with Emissions Reduction Alberta (Era) for $7,088,856 Government Grant Award
VANCOUVER, BC, July 31, 2023 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that the Company's wholly owned subsidiary, Empower Environmental Solutions Calgary Ltd., and Emissions Reduction Alberta ("ERA") have signed a contribution agreement (the "Contribution Agreement") dated July 31, 2023 whereby ERA will fund up to C$7,088,856 (the "ERA Contribution") for the development and construction of the Company's planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"), subject to certain customary conditions.
The combination of the ERA Contribution1, the loan from Business Development Bank of Canada ("BDC")2 and the strategic equity investment from Allmine Paving LLC, a wholly owned subsidiary of TAMKO Building Products LLC ("TAMKO")3, is expected to fully fund the construction of the Empower Calgary Facility, which will proceed into detailed design immediately.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "The final funding from ERA is a critical component of progressing the construction of our Empower Calgary Facility. We are excited to work with ERA on the first commercial implementation of our technology and believe we can help meaningfully to divert waste away from landfills for many years to come. Not only are we bringing on an industry leader with TAMKO, but we are also satisfying the funding requirements of both the government grant from ERA and the project debt financing from BDC. With both those requirements now met, we are elated to announce that the Calgary Empower Facility is fully funded."
Northstar will be holding a webinar to provide an investor update tomorrow, Tuesday, August 1st, 2023.
Title: Northstar Clean Technologies Investor Update
Date: Tuesday, August 1, 2023
Time: 6:00 am PDT
Registration: https://us06web.zoom.us/webinar/register/6216908207062/WN_LZ2_BgxqSIaj123mrooX0Q
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3 Previously announced on July 31, 2023 |
Northstar Clean Technologies Inc. is a Canadian-based 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.
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
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" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements concerning: (i) the ability of the combined grant from ERA, loan from BDC, and strategic equity investment from TAMKO to fully fund the construction of the Empower Calgary Facility; (ii) the anticipated timing for design and construction of the Empower Calgary Facility; (ii) the anticipated development and building of the Empower Calgary Facility, including the costs thereof; (iii) the receipt of all necessary third party approvals for the building and construction of the Empower Calgary Facility; and (iv) 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 as well as those risks and uncertainties which are more fully described under the heading "Risk Factors" in the final prospectus of the Company dated June 18, 2021 and 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. Further, the ongoing labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.
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.
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