"Located in Sarnia, Ontario with an adjunct technology and process development team at Western University in London, Ontario, Aduro Energy Inc. is a subsidiary of Aduro Clean Technologies, a Canadian company. It was founded in 2012 by W. Marcus Trygstad and Ofer Vicus with a vision to develop and deploy sustainable chemical conversion solutions that are beneficial and safe for society and the environment, employees and customers. Aduro now is able to more aggressively adapt, improve, and commercialize those solutions and is ready to address waste and energy problems faced by municipalities and industries globally." (Source: Aduro Clean Technologies Inc.)
Today, Aduro Clean Technologies Inc. (CSE: ACT), formerly Dimension Five Technologies Inc. (CSE: DFT), announced the closing of the transaction with Aduro Energy Inc., which constituted a “fundamental change” for the company under the policies of the Canadian Securities Exchange (the "CSE"). On closing of the transaction, the company completed a 3:1 consolidation of its issued and outstanding common shares and changed its name to “Aduro Clean Technologies Inc.” On April 28, 2021, the company’s shares were approved for re-listing on the CSE under the symbol “ACT”. Trading in the company’s shares has resumed today, currently at $0.69 after 882,800 shares traded. With 30,073,533 shares issued and outstanding, the company has a market capitalization of $21 million.
Aduro has developed a novel chemical conversion process to transform waste plastics and low-grade renewable oils into renewable fuels and specialty chemicals. The company believes its green technology is also poised to make bitumen upgrading more environmentally responsible and cost effective. Originally conceived to radically enhance petroleum processing, Aduro Energy’s patented Hydrochemolytic™ technology (HCT) leverages the unique properties of water in a chemistry system that transforms materials that have low value due to their undesirable characteristics. The outputs are products and feedstocks whose improved properties give them higher value, all of which is accomplished at significantly lower cost and environmental impact than alternatives.
Chris Parr, a Director and the former President and CEO of the company, commented in the news-release today: “This highly flexible water-based chemistry platform may revolutionize the way we convert plastic waste that today is difficult to recycle by conventional approaches, so we are excited about helping drive this technology to commercialization.”
Ofer Vicus, the newly appointed CEO and a Director of the company, and Founder and CEO of Aduro Energy, added: “Aduro Energy is committed to the commercialization of HCT to unlock the latent value of waste and low-value hydrocarbon materials – cost effectively, efficiently, and sustainably. We are very proud of our collective team that brought us to this moment and are thrilled to have the support of our shareholders in our pursuit to transform plastic waste into a 21st century resource.”
According to Aduro´s website:
Aduro Clean Technologies has been working to address some of the pressing environmental issues faced by the global community today. One is the matter of unlocking value from waste plastics that pollute our lands and waterways. Others include improving the characteristics of bitumen through a greener conversion process and increasing the economic value of renewable oils in scalable operations that can be implemented locally.
Materials like plastics and heavy asphaltenes in bitumen are made up of large, intractable molecules whose chemical structure makes their transformation into useful materials very difficult. In the case of plastics, it is the chemical and mechanical robustness that makes them useful in society but so problematic in nature. Contrast this with metals like aluminum or steel, which are made up of metal atoms that can be recovered, melted together, and reformed into new articles over and over again without degrading those atoms. And while discarding metal articles into the environment is objectionable, they generally do not outright poison the environment.
Plastics are different. A small fraction of recovered plastics can be mechanically recycled. But through use, recovery, remelting, and blending with virgin plastic to make new products, they progressively degrade. And that’s why the rest of waste plastics are a problem in the environment: they eventually do degrade, but the process is not fast and occurs in a way that releases microscopic plastic particles into water. The solution is Aduro Hydrochemolytic™ Technology, HCT. The chemical deconstruction process can be tuned to rapidly convert various kinds of plastic into components useful for a variety of consumer applications, for fuel, and even for true chemical recycling that produces new, virgin plastics in a circular regime.
Originally developed to upgrade heavy oil, Aduro has redirected and reconfigured HCT to upcycle plastics and upgrade renewable oils. Simply put, HCT leverages the unique properties of water in a chemistry system that transforms large molecules of low value into smaller molecules of higher value; materials with undesirable characteristics are converted into materials that are more useful, the result being a tremendous uplift in market value.
Ironically, prevailing upgrading strategies in this third decade of the 21st century seek to update traditional technologies developed and optimized to enable the linear economy of the previous century. These include pyrolysis, gasification, and decades-old methods applied in petroleum refining. They generally lack selectivity due to operation at extremely high temperatures from 400 °C to as high as 1100 °C, and they commonly rely on hydrogen produced by conversion of fossil fuels at between 700 °C and 1000 °C.
In contrast with such energy-intensive thermal processes, HCT-based processes operate at only 240 °C – 390 °C. This not only makes them significantly less energy intensive, but the lower temperatures permit control of more selective chemical reactions while achieving similar or better outcomes at significantly lower cost and environmental impact. Equally significant, HCT has no requirement for hydrogen produced from fossil fuels, making it a truly 21st century process technology that addresses 21st century problems in a way aligned with 21st century objectives.
At Aduro Clean Technologies, our vision is to partner with governments, cities, and non- or for-profit organizations that also seek to turn plastics and renewable oils into resources for the 21st century and even make heavy oil greener. We can realize this vision by configuring our technology in consideration of the feedstock to be transformed and our customers’ objectives, which are framed by their regulatory, social, environmental, and economic contexts.
Meet the Aduro CleanTech Team!
Recording of Aduro´s presentation on July 22, 2020:
Aduro Clean Technologies Inc.
The Western Sarnia – Lambton Research Park
The Commercialization Building
Suite 104 – 1086 Modeland Road
Sarnia, Ontario, N7S 6L2 Canada
Phone: +1 647 680 3515
Email: email@example.com (Chris Parr)
Shares Issued & Outstanding: 30,073,533
Reserved for Issuance: 35,206,682
Canadian Symbol (CSE): ACT
Current Price: $0.69 CAD
Market Capitalization: $21 Million CAD
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland
Disclaimer: This announcement and this report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Aduro Clean Technologies Inc. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Aduro Clean Technologies Inc.´s public filings for a more complete discussion of such risk factors and its potential effects which may be accessed through its profile on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. Aduro Clean Technologies Inc. pays Zimtu Capital Corp. to provide this report and other investor awareness services.The author, Stephan Bogner, holds a long position in Aduro Clean Technologies Inc., as well as Zimtu Capital Corp., and is being paid by Zimtu Capital Corp. for the preparation and distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Aduro Clean Technologies Inc. The (amended) cover picture has been obtained and licenced from seamind224.