- Northstar Clean Technologies has announced a strategic partnership with Renewable U Energy Inc.
- The agreement secures over $43.5 million of funding commitment to fully fund Northstar’s Phase 1 expansion program in Calgary, Toronto, and the US Pacific Northwest
- Together, Northstar and Renewable U will share in protecting the environment by creating a circular economy
- Shares in Northstar Clean Technologies are trading at CA$0.20 per share on the TSXV and US$0.1305 per share on the OTCQB
Northstar Clean Technologies has announced a long-term strategic partnership with Renewable U Energy, a private corporation focused on funding ESG projects, securing over $43.5 million of funding commitment to fully fund Northstar’s Phase 1 expansion program in Calgary, Toronto, and the US Pacific Northwest.
“With Renewable U, we have a long-term partner that fully understands our business and we now look forward to building a long-term relationship together through the successful delivery of our leading-edge technology,” said Northstar President and CEO Aidan Mills.
“Strategically, this partnership provides Northstar with a solid funding platform,” he added, “which is exactly the outcome we hoped for from our funding process.”
Renewable U, a Calgary-based company, brings years of cleantech and renewables industry experience and an extensive industry network to the partnership. Together, Northstar and Renewable U will share in protecting the environment by creating a circular economy along with a balanced opportunity of earning positive cash flow from Northstar’s next three green energy facilities.
“In accordance with Renewable U’s corporate mandate to create economic prosperity while helping to preserve our world for future generations, we could not be more pleased to announce this funding partnership with Northstar,” said Renewable U CEO and Director Raphael Bohlmann.
“Northstar’s Phase 1 Expansion Program is precisely the type of strategic partnership Renewable U seeks to fund in the clean technology sector,” he added. “Renewable U recognizes the value of this leading-edge technology and, combined with a solid financial model, look forward to a highly successful and rewarding partnership that will also have a positive environmental impact.”
Northstar’s proprietary technology uses a sustainable process to recover and reprocess asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for usage in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for usage in construction products and other industrial applications.
The Company has already received $0.75 million of equity funding, with further commitments from Renewable U for over $36 million in debt financing for the phase 1 expansion program. In addition, Northstar will receive up to an additional $6.75 million of equity and secured convertible debenture funding based on the full agreement execution.
Shares in Northstar Clean Technologies (ROOF) are trading at CA$0.20 per share on the TSXV, up 48.15% as of 3:59 pm EST. On the OTCQB, ROOOF is trading at US$0.1305 per share.
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