VANCOUVER, BC and CALGARY, AB, April 24, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that, upon completion of detailed engineering design for its planned asphalt shingle reprocessing facility in Calgary (the "Calgary Empower Facility"), the Company has received the second installment of $100,000 in grant funding (the "Second Tranche") from Alberta Innovates, a provincial Crown corporation and Alberta's largest research and innovation corporation.
The Company received approval in March 2022 for a non-repayable $200,000 grant for the direct engineering costs of the Calgary Empower Facility under Alberta Innovates' Bioenergy Program. The agreed milestones for the project under the joint Milestone Reporting and Payment Schedule ("MRP") were an award of $100,000 (the "First Tranche") upon completion of the Company's Front-End Engineering Design ("FEED") and a further $100,000 award on completion of detailed engineering design, which the Company has now completed and was announced on April 8, 2024. The First Tranche of $100,000 for the Company's FEED was awarded in March 2022 and the Second Tranche of $100,000 has now been awarded based on the successful completion of detailed engineering design for the Calgary Empower Facility.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "Alberta Innovates was the first public organization to support Northstar – recognizing the potential of and providing funding for the engineering of our first-of-its-kind facility. Having now completed the detailed design phase of our Empower Calgary Facility, and having Alberta Innovates recognize this accomplishment with their second government grant is very complimentary to the Company. The support of Alberta Innovates has been very welcome, and we look forward to delivering our first commercial facility that merits their support."
About Alberta Innovates
Alberta Innovates is a provincial crown corporation that invests in research, innovation and entrepreneurship to drive provincial economic growth and diversity. We ignite the power of innovation through our work with researchers, industry and entrepreneurs to move Alberta to a lower-carbon future, promote the responsible use of land and water, and contribute to the improved health and well-being of Albertans. Alberta Innovates provides technical expertise, entrepreneurial advice and support, opportunities for partnerships, and funding to advance the best ideas. We support a broad range of research and innovation activity – from discovery to use. Collaboration is at the heart of what we do – bringing together bright minds and great ideas.
Learn how Alberta Innovates at www.albertainnovates.ca.
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.
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, but are not limited to, statements concerning: (i) the anticipated development and building of the Empower Calgary Facility; and (ii) 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 conflicts in Ukraine and Palestine 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.
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SOURCE Northstar Clean Technologies Inc.
