Northstar Clean Technologies has raised US$20 million through convertible debenture financings to help fund the ramp up of its Empower Calgary recycled asphalt-shingles manufacturing facility and support future growth initiatives, the company said in its latest quarterly report.

The company closed the final US$1-million investment tranche of a US$10-millin private placement after completing a US$9-million first tranche in April. The private-placement closing followed an earlier US$10-million non-binding term sheet announced in March.

Aidan Mills, Northstar’s president and CEO, said the company is getting “very close” to producing 100 tonnes per day, a key operational milestone as the facility proceeds towards commercial production.

The project is designed to reprocess discarded asphalt shingles into reusable components like liquid asphalt and aggregate, diverting waste from landfills. The recycling process reduces carbon emissions by 60% during the discarded shingles’ life cycle, according to Northstar.

In another first-quarter highlight, Northstar advanced its U.S. expansion plans, including the selection of Baltimore as the company’s first location south of the border. American facility.

Pictured: Empower Calgary during its site-development phase.

Photo: CNW Group/Northstar

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