Northstar Clean Technologies at Lytham Partners: scaling waste-to-value

On Tuesday, 29 September 2026, Northstar Clean Technologies presented itself as a company transitioning from development to execution at the Lytham Partners Fall 2026 Investor Conference. The Calgary project, which now operates as a commercial plant, has become a working facility, according to CEO Aidan Mills. However, Mills highlighted the challenge of building enough facilities to address North America's asphalt shingle waste stream.

Northstar focuses on recycling asphalt shingles into aggregate, limestone, fiberglass, and asphalt, generating revenue from tipping fees and product sales. The market is driven by tightening landfill capacity and a supply deficit in North America and Europe. Analysts forecast revenue growth of 290% for fiscal 2026. The company has moved beyond the technology stage and now operates in Calgary, with a 40,000-ton facility expected to generate CAD 10 million in annual revenue and CAD 5 million in EBITDA.

An 80,000-ton facility could generate over CAD 10 million in EBITDA without extra capital spending. Northstar aims to create 10 operating facilities, potentially valuing the company at CAD 1 billion. Despite the ambitious target, the company currently generates only $490,000 in revenue annually and has a market capitalization of $19.33 million.

Key industry commitments include shingle manufacturers' goals to divert 50% of waste from landfills by 2035 and 100% by 2050. Northstar has secured long-term supply and sales agreements with Calgary landfills and McAsphalt, as well as a memorandum of understanding with TAMKO for offtake from U.S. facilities.