- Northstar (ROOF) has signed a letter of intent (LOI) with a major industrial customer
- The customer has the exclusive right to purchase recycled asphalt from one or more of Northstar’s future facilities in the U.S. over a contemplated five-year term
- Negotiations for the purchase and sale of Northstar’s aggregate and fibreglass materials are ongoing
- B.C.-based Northstar Clean Technologies is focused on the sustainable recovery and reprocessing of asphalt shingles
- Northstar (ROOF) is up by 3.13 per cent, trading at $0.165 per share
Northstar (ROOF) has signed an LOI with a major industrial customer.
The customer has the exclusive right to purchase recycled asphalt from one or more of Northstar’s future facilities in the U.S.
Prices will be market-based, with the customer agreeing to purchase 100 per cent of the asphalt from Northstar’s first U.S. location over the agreed-upon term.
The parties are also negotiating the purchase and sale of Northstar’s aggregate and fibreglass materials.
The LOI outlines the intent of the Parties to enter into a definitive agreement with target completion in mid-2023 for an initial term of up to five years.
“This is a great step for Northstar towards the formalization of a major off-take agreement with a major North American industrial customer,” stated Aidan Mills, Northstar’s President and CEO. “We believe that we have the lowest carbon footprint of any commercially available asphalt in North America at a specification that can be blended for use in the paving, flat roof manufacturing and shingle manufacturing sectors.”
B.C.-based Northstar Clean Technologies is focused on the sustainable recovery and reprocessing of asphalt shingles.
Northstar (ROOF) is up by 3.13 per cent, trading at $0.165 per share as of 12:18 pm ET.
