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Northstar Clean Technologies Inc. (TSXV: ROOF) is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. The company has developed a proprietary design process to extract liquid asphalt from discarded shingles for use in various applications. With a mission to lead the recovery and reprocessing of asphalt shingles in North America, Northstar is committed to the circular economy by reprocessing asphalt shingle waste back into its primary components for reuse.
Northstar Clean Technologies announced its participation in the 2024 Canadian Climate Investor Conference on June 25, 2024, at the MaRS Discovery District in Toronto. CEO Aidan Mills will present at the event, which aims to connect clean technology companies with climate-conscious investors. The conference, hosted by the Toronto Stock Exchange, is designed to promote sustainable investments.
Additionally, at the Annual General and Special Meeting of Shareholders on June 18, 2024, all proposed matters were approved. These included the re-election of seven directors, reappointment of MNP LLP as auditors, approval of the amended 2023 Equity Incentive Plan, approval of TAMKO Building Products as a new control person, and the re-pricing of stock options. A total of 37,247,380 common shares were voted, representing 29.23% of the company's outstanding shares.
Northstar Clean Technologies (TSXV: ROOF, OTCQB: ROOOF) reported its Q1 2024 financial results, highlighting significant developments at its Empower Calgary Facility. The company secured a five-year asphalt shingle supply agreement with IKO Industries and received its first delivery. Northstar closed an over-subscribed private placement, raising over $3.6 million and reported a 67% increase in cumulative capital expenditures to $4.4 million. Revenue for Q1 2024 was $71,000, with a cash balance of $5.987 million. Post-Q1, Northstar received a $1.34M grant from Emissions Reduction Alberta and partnered with TAMKO for its first U.S. facility. The company plans to commence commissioning its Calgary Facility by year-end 2024 and aims to expand into the U.S. in 2025.
Northstar Clean Technologies (TSXV: ROOF, OTCQB: ROOOF) announced it has been issued a second patent by the USPTO for its proprietary technology to reprocess asphalt shingles. This is part of a series of follow-on patents, with the third and fourth patents pending. The patent is valid until 2044. The company is also progressing similar applications in Canada and internationally. Additionally, Northstar's board amended the exercise price of 6,205,854 stock options from $0.35 to $0.21 per share, with most of these options held by insiders, subject to TSXV and shareholder approval.
Northstar Clean Technologies Inc. (TSXV: ROOF) has received its first long-lead equipment item for its asphalt shingle reprocessing facility in Calgary, Alberta. The advanced shingle grinding machine from Rotochopper Inc. will help maximize the recovery of valuable materials from feedstock. This proactive approach to strategic planning aims to mitigate potential delays due to long-lead equipment items.
Northstar Clean Technologies Inc. (TSXV: ROOF) reported its 2023 financial results, highlighting multiple achievements including starting detailed engineering design for the Empower Calgary Facility, securing private placement for $3.5 million, closing the first tranche for $2.26 million, and receiving various grants and investments. The company signed key supply agreements, completed detailed engineering design, and identified strategic partnerships, positioning itself for significant growth.
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