- Northstar approved for award of up to $7,088,856 of a total of $50 million committed by ERA as part of its 'Circular Economy Challenge' launched in March 2022
- $7,088,856 in funding for Northstar's Empower Calgary Facility represents 100% of Northstar's request to ERA
VANCOUVER, BC, Feb. 13, 2023 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that Northstar's planned scale up facility in Calgary, Alberta (the "Empower Calgary Facility") has been approved for a non-repayable government grant of up to approximately $7.1 million by Emissions Reduction Alberta ("ERA"), an Alberta-based government entity funded by the Government of Alberta.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "As a sustainable clean technology company, we are beyond excited that ERA has selected our Company for funding of up to approximately $7.1 million in non-repayable government grants. We applied for $7,088,856 for funding the Empower Calgary Facility and we have been approved for 100% of our request. We believe in ERA's long-term mandate to reduce GHG emissions and grow Alberta's economy by accelerating the circular economy and the development and adoption of innovative technology solutions. We are thankful to ERA for its support towards fulfilling our mission of becoming a leader in the recovery and reprocessing of asphalt shingles in North America and we look forward to our partnership and collaboration."
Mr. Justin Reimer, CEO of ERA, stated, "A more sustainable, diversified provincial economy requires using our resources more wisely, we need to think about waste as a resource rather than a cost. Northstar's technology will divert end-of-life asphalt roof shingles from Alberta's landfills and turn them into valuable products, delivering economic and environmental benefits in the process. It establishes a circular economy approach that, if successful, could be exported and deployed across North America."
The lead applicant organization is Empower Environmental Solutions Calgary Ltd., a wholly owned subsidiary of Northstar, and the net proceeds received by the Company from the government grant will be used to further design, construct and commission the Empower Calgary Facility.
ERA's funding approval is subject to timely written confirmation from Northstar that all other sources of funding for the Empower Calgary Facility have been secured, as well as the successful negotiation of a contribution agreement with ERA on terms satisfactory to ERA.
About Emissions Reduction Alberta
The Alberta government provides grants to ERA from the Climate Change and Emissions Management Fund. For more than 13 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, ERA has committed over $821 million toward 231 projects worth $6.5 billion that are helping reduce GHG emissions, create competitive industries and are leading to new business opportunities in Alberta. For further information on ERA, please visit www.eralberta.ca.
About Northstar
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 both its Empower Pilot Facility in Delta, British Columbia and 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
Cautionary Statement on Forward-Looking Information
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.
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 statements concerning: (i) the anticipated deployment of the proceeds from the ERA grant by the Company; (ii) the timely raising of the remaining funds required to complete the Empower Calgary Facility; (iii) the successful negotiation of a Contribution Agreement with ERA, and (iv) the Company'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. The ongoing COVID-19 pandemic, labour shortages, 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. 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.
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SOURCE Northstar Clean Technologies Inc.
