ROOOF - Northstar Clean Technologies and IKO Industries Announce Five-year Manufacturing Waste Asphalt Shingle Supply Agreement for Northstar's Empower Calgary Facility | Benzinga
VANCOUVER, BC and CALGARY, AB, Jan. 8, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV:ROOF) (OTCQB:ROOOF) ("Northstar" or the "Company"), a Canadian-based clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles, and IKO Industries Ltd. ("IKO"), Canada's leading asphalt shingle manufacturer, are pleased to announce that IKO and Northstar, through its wholly-owned subsidiary Empower Environmental Solutions Calgary Ltd. (together, the "Parties") have signed a binding five-year manufacturing waste asphalt shingle supply agreement (the "Supply Agreement") for Northstar's planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility").
Under the terms of the Supply Agreement, IKO will supply all their manufacturing waste asphalt shingles produced at their Calgary facility to Northstar, diverting shingles that would otherwise be destined for landfills. The shingles will be reprocessed at Northstar's Empower Calgary Facility for an initial term of five years with mutual extension options.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated "Sourcing the initial feedstock for the Empower Calgary Facility has been a key priority for us since securing funding for the construction of the facility. We are delighted to have partnered with IKO, the Canadian leader in shingle manufacturing, to divert the manufacturing waste from their Calgary facility away from landfills to be reprocessed at our Empower Calgary Facility."
"IKO is an important long-term strategic element of our waste shingle supply in Calgary and ...