Company: Aduro Clean Technologies
Listings: CSE, OCTQB, FSE
Tickers: ACT, ACTHF, 95DO
Market cap at time of publication: 26.3 $ MCAD / 20.54 MUSD
Stock price at time of publication: $0.76 CAD / $0,59 USD
Business: Plastic recycling, bitumen upgrading, Renewable diesel & Aviation fuel
Website: https://adurocleantech.com/
Comparable Peer evaluations:
Purecycle 1,66 BUSD
Clean Energy fuels 1,93 BUSD
Agilyx 235 MUSD
ESGFIRE comment:
Aduro today (2/12 2021) released much anticipated news that they have completed their work in support of their first milestone which is a part of the third party validation for validating the commercial scalability of their HTC technology. The details of this work have been summarized in a report and submitted for third-party evaluation. The release states “These results form the foundation for HCT scaleup to pilot plants, precommercial deployments, and and full-scale commercial systems.” ESGFIRE views it as extremely bullish that CTO of Aduro , Mark Trygstad,thinks the results of thecontinuous-flow R2 pre-pilot reactor are even more promising than anticipated. Furthermore CTO Marc Trygstad stated “This significantly strengthens our projections regarding lower operating costs in commercial applications, along with improved scoring on environmental factors, such as reduced emissions and energy consumption,”.
The implications of these promising results cannot be stressed enough since these results derisks the whole investment case of Aduro and it will be easier to attract both partners and clients with a fully validated technology which has already been proven to work in continous flow. As previously stated Aduro’s technology is expected to be able to process plastics types that today are not possible to recycle such as polyethylene and polypropylene. ESGFIRE looks forward to hearing more positive news from the company !
Full press release available below:
SARNIA, ON / ACCESSWIRE / December 2, 2021 / Aduro Clean Technologies Inc. (“Aduro“, or the “Company“) (CSE:ACT)(OTCQB:ACTHF)(FSE:9D50), is a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into new-era resources and higher-value fuels.
Aduro is pleased to announce that the Company’s scientists have completed their work in support of the First Milestone as set out in the Share Exchange Agreement dated October 22, 2021, and as amended in the Share Exchange Agreement. The details of this work have been summarized in a report and submitted for third-party evaluation.
The independent third-party evaluator named in the Share Exchange Agreement is Dr. Paul Charpentier, who will shortly report on his findings. His role is to:
- Examine the methodology used by the Aduro scientists and the results obtained in view of the objectives defined in the Share Exchange Agreement, and then
- Certify if those objectives were met.
The results of the completed work of the First Milestone demonstrates that the patented Aduro Hydrochemolytic™ technology (HCT), developed and proven by Aduro in small batch R1 reactors, is viable for use in the types of continuous-flow reactors commonly used in commercial applications. In this case, HCT was applied to improve the properties of bitumen, but the technology has other important applications. For the demonstration, bitumen feedstock with an “API gravity” (density) of 14.6 ºAPI was upgraded to lighter petroleum with a density of 19.1 ºAPI. (Higher ºAPI values mean lower density and higher market value.)
“Results achieved with the continuous-flow R2 pre-pilot reactor exceeded expectations. Compared to batch mode, it delivered equivalent upgrading results more quickly and at lower temperatures, and with lower catalyst loading,” says Marc Trygstad, CTO of Aduro. “We had already proven HCT in small-scale R1 batch reactors, but the efficiency of HCT in R2 increased by a factor far greater than 10. This significantly strengthens our projections regarding lower operating costs in commercial applications, along with improved scoring on environmental factors, such as reduced emissions and energy consumption,” adds Trygstad.
These results form the foundation for HCT scaleup to pilot plants, precommercial deployments, and full-scale commercial systems. They also create the context required for Aduro to further optimize its processes, and to engage potential partners and customers through demonstration projects. For example, the R2-scale work on bitumen supports the next-phase design of the pilot-scale R3 reactor system to process barrels-per-day of bitumen, which was begun in June 2021. Furthermore, lessons learned from bitumen processing are also being applied to accelerate design of an R2-scale demonstration system optimized for upcycling of plastics, like polyethylene and polypropylene.
“My thanks to the Aduro technology team for supporting this critical milestone and exceeding our expectations. Having delivered on this key commitment to our investors, the knowledge gained allows us to now advance and accelerate our efforts on the next phase, which is the pilot-scale demonstration of HCT,” says Ofer Vicus, CEO of Aduro.
About Dr. Charpentier
Dr. Paul Charpentier is a Professor of Chemical & Biochemical Engineering at Western University in London, Ontario, where he has served as a faculty member for over 20 years. He holds a Master of Science degree in Polymer Chemistry from the University of Waterloo, and a PhD degree in Chemical Engineering from McMaster University.
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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