Northstar Signs Waste Asphalt Shingle Supply Letter of Intent with YORK1 for Northstar's Empower Hamilton Facility
Rhea-AI Summary
Northstar Clean Technologies (TSXV: ROOF) (OTCQB: ROOOF) has announced that its subsidiary, Empower Environmental Solutions Hamilton, has signed a non-binding letter of intent (LOI) with YORK1 Environmental Waste Solutions for waste roofing shingle supply and co-location of facilities at the planned Empower Hamilton Facility in southwestern Ontario.
The LOI, which expires on December 31, 2025, is expected to transition into a definitive agreement by June 30, 2025. Under the initial arrangement, Empower Hamilton anticipates receiving up to 10,000 tonnes of asphalt shingles annually from YORK1 facilities, with potential for increased supply volumes over time.
Positive
- Strategic partnership secured for consistent waste asphalt shingle supply
- Initial supply agreement for 10,000 tonnes of asphalt shingles annually
- Potential for increased supply volumes in the future
Negative
- Agreement is non-binding and subject to definitive agreement execution
- Actual supply volumes not guaranteed
AI-generated analysis. How Rhea-AI works. Not financial advice.
The LOI expires on December 31, 2025. The parties anticipate entering into a definitive agreement by June 30, 2025. Empower
"We are thrilled to announce this strategic alliance with YORK1, a key milestone in advancing our plans for the Empower Hamilton Facility and additionally, a key step in our overall growth plans," said Aidan Mills, President & CEO of Northstar. "Securing a reliable and consistent supply of waste asphalt shingles is a critical step in ensuring the success of our operations and our ability to make a significant environmental impact in southern
About YORK1
YORK1 embraces the spirit of innovation and collaboration. Headquartered in
About Northstar
Northstar is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar developed and owns a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracts the liquid asphalt for use in new hot mix asphalt shingle manufacturing and asphalt flat roof systems while also extracting 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 with its first commercial scale up facility in
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange 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 execution of a definitive shingle supply agreement with YORK1; (ii) the anticipated development and building of the Empower Hamilton Facility ; (iii) the ability to make an environmental impact in
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
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SOURCE Northstar Clean Technologies Inc.