Company: Aduro Clean Technologies
Listings:CSE, OCTQB, FSE
Tickers: ACT, ACTHF, 9D50
Market cap at time of publication: 36,7 $ MCAD / 28 MUSD
Stock price at time of publication: $0.75 CAD / 0.58 USD
Business: Plastic recycling, bitumen upgrading, Renewable diesel & Aviation fuel
Clean Energy fuels $CLNE
SARNIA, Ontario, June 29, 2022 (GLOBE NEWSWIRE) — Aduro Clean Technologies Inc. (‘Aduro’ or the ‘Company’) (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics and transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces the expansion of its laboratory facilities to accelerate its research and scale-up capabilities and to increase its capacity to host potential customer trials and demonstrations.
The expanded lab is in the Newbold Business Park in London Ontario. The multi-tenant complex is zoned light industrial. The 4,371 ft2 facility will accommodate renovated offices, modern laboratory space, new additional analytical equipment, and will host the bench scale Hydrochemolytic™ continuous flow plastic upcycling reactor (“R2 Plastics”).
The Company has engaged Rally Engineering Inc. and Endri Poletti Architect Inc. to facilitate the needs assessment, design and space planning, engineering, site permitting, project management and construction administration of the new facility. This new facility will more than double the size of Aduro’s research footprint and is slated for completion in late Summer 2022.
The new space will be dedicated to:
- Operating long duration tests on a variety of feedstocks.
- Analyzing and optimizing off-take product streams.
- Hosting Customer Trials and Demonstrations; and
- Core research and development of the Hydrochemolytic™ technology to further expand the patent portfolio
In line with the company’s strategy for early-stage customer engagement via the established Customer Trial Program, the facility will begin to host customers following the setup, testing, and commissioning of the R2 Plastics reactor expected in early Q4 2022.
“The new laboratory will strengthen our ability to accelerate our technology development and support our customer engagement program,” said Ofer Vicus, Aduro’s Chief Executive Officer. “The opportunity to engage customers and work directly on their varying waste feedstock aligns our understanding with the current and evolving market needs and provides the opportunity to build a pipeline for future projects and commercial engagements.”
The Company also announces it has entered into an investor relations agreement with Investment Publishing LLC to provide financial consulting and investor relations services. The consulting agreement provides for a fee of $8,000 CAD per month. The term of the services commences on June 30, 2022, and will continue on a monthly basis for a period of 12 months. Either party may terminate the agreement by providing 30 days’ written notice. The principal of Investment Publishing LLC was previously granted 150,000 stock options of the Company pursuant to an advisory agreement for his services as a consultant, which was announced by the Company on June 20, 2022. The options vest monthly in equal instalments over 12 months.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into 21st-century resources. With funding and support from Bioindustrial Innovation Canada, the company has developed a pre-pilot reactor system to upgrade heavy petroleum into lighter oil.
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