In This Article:
Q3 2024 Highlights
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Closed $14.0 million royalty transaction with CVW CleanTech Inc. ("CVW")
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Continued to develop and construct the Empower Calgary Facility which included completing procurement, arrival and testing of equipment in preparation for installation and continuing with shingle collection in preparation for facility commissioning and operation.
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Completed the first draw of $1.6 million on the senior secured project loan facility with Business Development Bank of Canada ("BDC") for constructing the Empower Calgary Facility
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Received a patent from the Canadian Intellectual Property Office ("CIPO")
CALGARY, AB, Nov. 29, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its third quarter 2024 unaudited financial statements and management's discussion and analysis for the three and nine months ended September 30, 2024 on the Company's SEDAR+ profile at www.sedarplus.ca. These documents are also available on the Company's website at www.northstarcleantech.com.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "The third quarter of 2024 was highlighted by the announcement and closing of our royalty funding transaction with CVW. This is a monumental funding transaction for the cleantech space globally and highlights the interest in our technology solution for municipalities across Canada and the United States. We were thrilled to close the transaction with Akshay and the team at CVW and are grateful for all the shareholder support received in the deal."
"Furthermore, the construction of our Empower Calgary Facility is well advanced. We have delivered on numerous construction-related milestones throughout the third and fourth quarters. We remain excited about 2025 as it draws near and we bring online the world's first-of-its-kind commercial facility," continued Mr. Mills.
Q3 2024 Highlights
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July 2024 – Received a patent for the Company's front-end technology for reprocessing asphalt shingles from the CIPO.
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August 2024 – Announced a $14.0 million royalty transaction with CVW.
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September 2024 – Completed first draw of approximately $1.6 million from the senior secured project loan with BDC.
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September 2024 – Closed the royalty transaction with CVW. A replay of the investor update webinar is available here: https://www.youtube.com/watch?v=SbI-oSY4qJo
Subsequent to Q3 2024
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October 2024 – Completed a construction update on the Empower Calgary Facility. The update is available here: https://www.youtube.com/watch?v=5Od5cCUIA2E
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November 2024 – Completed a second construction update on the Empower Calgary Facility. The update is available here: https://www.youtube.com/watch?v=Zht7Wo59Yec
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November 2024 – Completed the second draw of approximately $2.7 million from the senior secured project loan with BDC.
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November 2024 – Announced key senior management changes at Northstar that will build on its strong momentum and continue to lay the foundation for continued success.