New Jersey Awards Nearly $16.2M To Reduce Waste And Promote Recycling
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New York, NY /PRNewswire/ - As leaders from 170 UN member states gather for the United Nations Environment Assembly (UNEA) in Nairobi, Kenya to address the gnawing problem of plastic pollution, leaders are making efforts to push environmental initiatives. The State of New Jersey, for instance, issued $16.2 million in grants to support waste reduction and recycling programs in the state. Canada has also supported the legally binding agreement at the ongoing UNEA meeting, while the US Department of State published several actions to address plastic waste in the country. The push towards solid waste management, recycling, and repurposing is pushing the growth of the waste management sector, which is expected to be worth $229.3 billion in 2027. Riding on this growth are companies like Northstar Clean Technologies Inc. (TSXV:ROOF), Waste Connections Inc. (NYSE:WCN) (TSX:WCN), GFL Environmental Inc. (TSX:GFL), Republic Services, Inc. (NYSE: RSG) and Waste Management Inc. (NYSE:WM).
Northstar Clean Technologies Inc. (TSXV:ROOF), a clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles, has developed a proprietary design process for taking discarded asphalt shingles and extracting the liquid asphalt, aggregate, and fiber for usage in new hot mix asphalt, construction products, and other industrial applications.
On March 3, Northstar announced positive testing results from an independent third-party testing facility for its liquid asphalt and aggregate outputs, confirming that these products meet the Company's end product specification objectives. After initiating steady state production in February at its fully constructed asphalt shingle reprocessing facility in Delta, British Columbia, Northstar used its technology to reprocess single-use asphalt shingles to produce liquid asphalt and aggregate.
"We have always believed that the outputs created through our proprietary bitumen extraction and separation technology ("BEST") design process were of high quality and now we have the independent test results to support this. Through commissioning and steady-state production, we are now fully extracting liquid asphalt from asphalt shingles as designed and producing high-quality end products, as expected," said Aidan Mills, President & CEO and Director of Northstar. "We believe this testing confirms that our two primary products will be able to re-enter the manufacturing process for asphalt shingles, creating a circular economy, and used in the hot-mix asphalt manufacturing process for road paving."
After receiving the positive results, Northstar is moving forward with its expansion plans to scale up its proprietary technology. On March 31, the company announced that its Board of Directors has approved the City of Calgary as the location for its expanded-capacity asphalt shingle reprocessing scale up facility.
The Calgary Empower Facility will be Northstar's first modular scale up facility with an estimated capacity of 150–200 tonnes per day (tpd), roughly two to three times higher than the full commercial production capacity of 50-75 tpd at its existing reprocessing pilot facility in Delta, BC.
The scale up facility's build and design are part of Northstar Clean Technologies' planned expansion strategy, with the goal of operating asphalt shingle reprocessing facilities across Canada and the US. The company's independent front-end engineering design or "FEED" for the scale up facility is expected to be completed by the end of Q1 2022.
Upon securing financing and receiving permits, Northstar plans to begin construction on the Calgary Empower Facility in the second half of 2022 with targeted operations by the end of the first half of 2023.
Companies Expect Significant Organic Growth in Solid Waste Management Sector
Waste Connections Inc. (NYSE:WCN) (TSX:WCN) announced the pricing of the underwritten public offering of its 3.200% Senior Notes. The senior notes are due in 2032 and are expected to generate approximately $494.8 million in net proceeds after deducting estimated offering expenses and underwriting fees. The senior notes offering is available to the public for 99.925% of their face value with the offer expected to close on March 9, 20222. Waste Connections will use the proceeds from the offering to repay a portion of its outstanding credit in its revolving credit facility.
GFL Environmental Inc. (TSX:GFL) records a 24.6% increase in its Q4 2021 financial results and a 31.7% revenue increase for its full-year 2021. During the release, the company highlighted significant growth opportunities in 2022 and 2023. Some of these opportunities include organic growth in the industry, acquisitions, and partnerships with other players in the sector. The company currently has established partnerships with four MSW landfills and has another five potential arrangements with additional MSW landfills. If these joint ventures are successful, the company will generate about $125 million in incremental annual free cash flow.
Republic Services, Inc. (NYSE: RSG) announced development plans for the first integrated plastics recycling facility in the US. The recycling facility will address the growing demand by consumer brands and packaging manufacturers for recycled products. Now more than ever, brands are making bold commitments to sustainability, but the market has yet to provide the type of products they need – in this case, high-quality recycled plastics. Republic Services, Inc. is stepping in with a first-of-its-kind plastics recycling facility to collect plastics for recycling, produce and deliver high-quality recycled plastics for consumer packing.
In its financial results for Q4 2021 and full year 2021, Waste Management Inc. (NYSE:WM) provided its outlook for 2022 where the company expects revenue growth of between 5.8% and 6.2%. The company also intends to spend an incremental $550 million on high return projects. Some of these projects include increasing the renewable energy generated from its landfill network, automating recycling processes, and expanding its leadership in recycling in North America. The company also plans to increase Renewable Natural Gas plants. The company has had significant success in cost reduction and better product quality by automating recycling at its four sorting facilities, and it intends to expand its automation processes for more cost savings and quality products.
Sustainability is in the minds of many brands and investors today. Companies like Northstar which are at the forefront of the recycling movement for various materials are positioned to lead the next evolution to clean energy and sustainability. For more information on Northstar Clean Technologies Inc. (TSXV:ROOF), click here.
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