- Northstar Clean Technologies (TSXV: ROOF) reported a year-end net loss of $9.33 million for 2024, an increase from $6.67 million in 2023.
- The company secured over $30 million in funding, including a $14 million Royalty Financing and an $8.75 million loan from BDC.
- Northstar achieved substantial completion of its Empower Calgary Facility, slated to begin operations by mid-2025.
Northstar Clean Technologies (TSXV: ROOF) revealed its 2024 financial results, with a comprehensive loss of $9.33 million, up from $6.67 million the previous year. This increase in losses aligns with higher capital expenditures, which soared to $19.26 million in 2024 from $2.31 million in 2023. Despite these losses, the company maintains a healthy working capital surplus of $4.84 million.
The company successfully secured multiple financing arrangements totaling over $30 million to advance its business plan. This includes a notable $14 million Royalty Financing with CVW Cleantech, alongside an $8.75 million loan from the Business Development Bank of Canada (BDC). Furthermore, Northstar completed an oversubscribed convertible debenture private placement of $3.65 million.
Significant progress was made on Northstar's inaugural asphalt reprocessing plant, the Empower Calgary Facility, which is now substantially complete. The facility is expected to begin operations by mid-2025, featuring strategic supply agreements including a five-year deal with IKO Industries and a three-year agreement with Ecco Recycling.
Northstar continues its expansion efforts with plans to establish the Empower Hamilton Facility in Hamilton, Ontario, supported by a 15-year lease agreement. Additionally, the company aims to enter the Mid-Atlantic U.S. market as its first international operation, with a focus on enhancing its sustainability initiatives in asphalt shingle reprocessing.
