- 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 /CNW/ - 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.