VANCOUVER, BC and CALGARY, AB, April 8,
2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV:
ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to
announce that it has received the Government of Alberta's TIER Fund approval through Emissions
Reduction Alberta ("ERA") for the Company's formal submission
related to the first milestone for the government grant (the "ERA
Grant") following the completion of detailed engineering design for
its planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary
Facility"). This is the first of four funding milestones for the
Empower Calgary Facility as part of the executed contribution
agreement, previously announced by the Company on July 31, 2023, of up to approximately
C$7.1 million.
The first milestone of the ERA Grant required the Company to
meet the following requirements:
- Complete Detailed Design Basis, Process Flow Diagrams ("PFD"),
Piping and Instrumentation Diagrams ("P&ID") and Heat and
Material ("H&M") balance;
- Detailed drawings, data sheets and specifications 75% at Issued
for Construction ("IFC") or Issued for Procurement ("IFP")
stage;
- Detailed definition of required greenhouse gas measurement,
monitoring and verifications ("MMV") required to ensure they are
included in detailed design;
- Technical Transfer and Commercialization Plan to provide line
of sight to path to commercialization and knowledge transfer;
- List of Procurement Packages; and
- Deposits placed on the critical project long lead items.
As a result of ERA's approval, the payment for the first
milestone has been submitted for processing and the Company expects
to receive payment from ERA in the near future.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated, "Thanks to our partners,
offtakers, vendors, our lead engineering contractor BBA Engineering
and the Northstar team, we now have a fully designed facility and
have moved the project into the fabrication stage. Completion of
detailed design was a significant milestone for the project and
delivering the additional requirements of the greenhouse gas MMV
and the Technical Transfer and Commercialization Plan are important
fundamental building blocks of the Northstar strategy."
"The independent approval by ERA on these important requirements
is a tremendous vote of confidence by a world class institution
that is at the forefront of funding clean technology solutions,"
continued Mr. Mills. "It is an exceptionally exciting time for our
Company as we move forward with our first commercial facility."
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) completion of the Empower Calgary
Facility; (ii) receipt by Northstar of ERA full
milestone funding; and (iii) 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.