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Northstar Reports Second Quarter 2022 Financial Results

August 30, 2022

2022 YTD Highlights

  • $2.3 million in cash as of June 30, 2022
  • Working capital surplus of $1.7 million as of June 30, 2022
  • Announced project economics for the Calgary Scale Up Facility
  • Announced positive results from second independent life-cycle assessment for Calgary Scale Up Facility, demonstrating potential for 60% carbon dioxide savings
  • Received Brokering License from Metro Vancouver to enable collection of tipping fees at Empower Pilot Facility
  • Completed $500,000 non-brokered private placement at $0.40 per share in August 2022 with Renewable U Energy Inc.
  • Continue to improve production efficiencies at the Empower Pilot Facility in Delta, BC
  • Continue to advance long-term off-take negotiations with international customers for the Calgary Empower Facility

Vancouver, BC – Northstar Clean Technologies Inc. (TSXV: ROOF ,OTCQB: ROOOF) (“Northstar” or the “Company”) is pleased to announce that it has filed its second quarter 2022 unaudited financial statements and management’s discussion and analysis on SEDAR for the six month period ended June 30, 2022. These documents are also available on the Company’s website at The Company has scheduled a virtual investor webcast to discuss these financial results and to provide a business update to the investment community today Tuesday, August 30, 2022 at 2:00 pm PST / 5:00 pm EST. Details are provided below.

Q2 2022 Highlights

  • April 2022 – Announced preliminary project economics for its planned Calgary scale up facility (the “Calgary Empower Facility”) based on the front-end engineering design (“FEED”) and detailed internal management-prepared financial analysis of the planned facility. Highlights include $7.6 million in estimated annual revenue per facility(1), $4.9 million in estimated annual gross profit per facility(1), and $4.0 million in estimated annual EBITDA per facility(1)(2). Numerous potential upside opportunities were identified, including achievable targets for asphalt pricing, sustainability or ‘green’ premium, operational performance improvements, carbon credit revenue, tipping fee revenue, and operating assumptions.
  • May 2022 – Announced the positive results from a second independent life cycle assessment (“LCA”) for the Calgary Empower Facility, demonstrating a potential 60% reduction in carbon dioxide equivalent emissions compared to the base case of disposing asphalt shingles in landfill and replacing with virgin production.
  • May 2022 – Announced refocused expansion plans, including focusing on bringing its asphalt shingle reprocessing facility in Delta, BC (the “Empower Pilot Facility”) into commercial production; executing construction of the Calgary Empower Facility; and reducing corporate costs.

Significant Events Subsequent to the Quarter Ended June 30, 2022

  • August 2022 – Announced that its wholly owned subsidiary Empower Environmental Solutions Ltd. (“Empower”) received its brokering license (the “Brokering License”) from Metro Vancouver. The Brokering License allows Empower to handle recyclable material, specifically asphalt shingles, at the Empower Pilot Facility and to collect ‘tipping fees’ on the deposit of “end of life” or “post-consumer” asphalt shingles.
  • August 2022 – Announced the completion of a non-brokered private placement (the “Private Placement”) with Renewable U Energy Inc. (“Renewable U”) for 1,250,000 common shares (the “Shares”) at a price of $0.40 per Share for gross proceeds of $500,000. Concurrent with the Private Placement, the Company and Renewable U signed a non-binding and non-exclusive term sheet covering the Company’s phase 1 expansion program of three asphalt shingle reprocessing facilities. With this stand-alone strategic equity investment, Renewable U agreed to a twelve-month hold period, during which time the Shares may not be traded. There were no finder’s fees payable in connection with the Private Placement.
  • August 2022 – Announced an update on operations at the Empower Pilot Facility and other corporate initiatives. The Company continues to focus its efforts on ramping up from steady state production to commercial production at the Empower Pilot Facility. The Company continues to operate in steady state production at the Empower Pilot Facility, reprocessing feedstock of asphalt shingles into liquid asphalt, aggregate and fibre. The amount of shingle feedstock processed has been steadily increasing and the Company expects to achieve production in the range of 50 to 75 tonnes per day by the end of Q4 2022. Steady state production has given the Company an opportunity to make operational strides in three main areas: (i) identifying key areas of improvement, (ii) feedback from product specification analysis, and (iii) engineering development work.

Mr. Aidan Mills, President & CEO and Director of Northstar, commented, “In Q2 2022, we continued to build on momentum required for an ESG business to thrive, having demonstrated (i) value in our intellectual property, (ii) the functionality of Northstar’s technology, (iii) the ability to scale, and (iv) a commercialization strategy. The critical development in 2022 to date has been the improving operational performance at our Empower Pilot Facility in Delta, BC. Operational, customer and equipment manufacturer feedback has enabled us to take significant steps forward in operational performance. The production at the Empower Pilot Facility, combined with the customer feedback on our product specification, has sought to demonstrate that our technology works. The target for the balance of the year is now to ensure we both increase production levels and rigorously test the ongoing process improvements for their incorporation into the detailed design for the Calgary Empower Facility. Securing the Brokering License for the Empower Pilot Facility is also an important step toward revenue generation, and we expect to commence collection in September upon installation of the weigh scale.”

“Engagement also continues with potential customers in the paving, shingle manufacturing, and roofing system manufacturing sectors. These customers are continuing their ongoing testing of our products and we continue to advance discussions for offtake agreements. Northstar hopes to secure commercial agreements as the year progresses. The results of the LCA demonstrate that our process does indeed produce low carbon products. Accordingly, we believe this to be a compelling competitive advantage and highly motivating business case for our potential customers, all which have corporate mandates to reduce their carbon footprint,” continued Mr. Mills.

Virtual Investor Webcast Details

Topic: Northstar Clean Technologies Q2 2022 Financial Results Webcast

Date: August 30, 2022

Time: 2:00 pm PST / 5:00 pm EST

Webcast URL:

Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.


  • Based on anticipated first full operational year.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA) is a Non-GAAP financial measure and refers to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA should not be construed as alternatives to net income/loss determined in accordance with International Financial Reporting Standards (“IFRS”). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.

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 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. 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

On Behalf of the Board of Directors,

Aidan Mills

President & CEO, Director

Northstar Investor Relations Inquiries:

Kin Communications

Phone: 604 684 6730


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 any projections or anticipated financial results of the Company, the scheduled virtual investor webcast, Northstar’s production range per tonne per day by the end of Q4 2022, the anticipated timing of collection commencement following the completion of the weigh scale installation, the ability of the Company to secure of commercial offtake agreements, that Northstar will play a pivotal role in the circular economy of the asphalt industry, its belief that the FEED design can be deployed across expansion facilities, that its products can enter the circular economy while diverting waste from landfills, the Company’s ability to generate future revenue from carbon credits, tipping fees and from the sale of its end-use products, and its projected project economics for its proposed Calgary Empower Facility. 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 novel strain of coronavirus, COVID-19, and ongoing dispute between the sovereign state of Ukraine and Russia also 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.

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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