Company: Aduro Clean Technologies
\nListings:CSE,\u00a0OCTQB,\u00a0FSE
\nTickers:\u00a0ACT, ACTHF, 9D50
\nMarket cap at time of publication: 27 $ MCAD \/ 21 MUSD
\nStock price at time of publication: $0.56 CAD \/ 0.44 USD USD
\nBusiness: Plastic recycling, bitumen upgrading, Renewable diesel & Aviation fuel
\nWebsite: https:\/\/adurocleantech.com\/
\nComparable Peers
\nPurecycle\u00a0 $PCT
\nClean Energy fuels $CLNE
\nAgilyx\u00a0 $AGLX<\/p>\n
Sarnia, ON, May 18, 2022 \u2013 Aduro Clean Technologies Inc. (\u2018Aduro\u2019 or the \u2018Company\u2019) (CSE: ACT)
\n(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-valuefuels, is pleased to provide shareholders with an update on some of the Company\u2019s most significant developments since the start of 2022.<\/p>\n
Highlights<\/strong> Closed oversubscribed financing<\/strong><\/p>\n On April 28, 2022, Aduro strengthened its balance sheet by successfully closing a non-brokered private Developed a go-to-market strategy<\/strong><\/p>\n Over the past few months, Aduro has streamlined a go-to-market strategy that includes: Strengthened management team and board<\/strong><\/p>\n Appointed Mena Beshay as Chief Financial Officer (CFO): Mr. Beshay is a senior executive with over 20 Expansion into Mexico with new Country Manager<\/strong><\/p>\n In November 2021, Aduro joined Canada\u2019s commercial trade mission to the Mexican Petroleum Congress \u201cWe continue to focus our attention and resources on the execution of our path forward towards<\/strong> About Aduro Clean Technologies<\/strong> <\/p>\n Legal Disclaimer<\/strong> Company: Aduro Clean Technologies Listings:CSE,\u00a0OCTQB,\u00a0FSE Tickers:\u00a0ACT, ACTHF, 9D50 Market cap at time of publication: 27 $ MCAD \/ 21 MUSD Stock price at time of publication: $0.56 CAD \/ 0.44 USD USD Business: Plastic recycling, bitumen upgrading, Renewable diesel & Aviation fuel Website: https:\/\/adurocleantech.com\/ Comparable Peers Purecycle\u00a0 $PCT Clean Energy fuels $CLNE Agilyx\u00a0 $AGLX Sarnia, […]<\/p>\n","protected":false},"author":1,"featured_media":2599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,148,128],"tags":[],"class_list":["post-2679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aduro-clean-technologies","category-all-posts","category-reports-news-interviews"],"yoast_head":"\n
\n\u2022 Closed oversubscribed financing of CAD $2.35M, with management and insider participation
\nof approximately $245,000
\n\u2022 Signed a letter of intent with Switch Energy for pilot plant and waste plastic feedstock supply
\n\u2022 Developed a go-to-market strategy to accelerate the path towards commercialisation
\n\u2022 Received independent third-party validation of their patented HydrochemolyticTM Technology
\nprocess
\n\u2022 Strengthened its board of directors and management with the addition of an experienced
\nindependent board member, a COO, and a CFO
\n\u2022 Expanded into Mexico and established local presence with newly hired country manager<\/p>\n
\nplacement offering of C$2,352,666, which exceeded the previously announced funding target of C$2
\nmillion. Each Unit was comprised of one common share of the Company at 70 cents per share (each, a
\n\u201cCommon Share\u201d) and one Common Share purchase warrant (each, a \u201cWarrant\u201d). Each Warrant entitles
\nthe holder to acquire one additional Common Share at a price of $1.00 per Common Share, for a period
\nof two years from the closing date. As previously announced, all board members participated in the
\nOffering. Including both tranches, 349,981 Units were issued to directors, officers, and other related
\nparties of the Company for gross proceeds of $244,987. The vote of confidence by our investors will enable the company to continue to focus its attention on execution.
\nSigned a letter of intent with Switch Energy for pilot plant and waste plastic feedstock supply
\nAduro entered into a letter of intent on March 28th, 2022 with Switch Energy Corp to develop, build and
\nsupply a pre-commercial pilot plant to convert waste agricultural polyethylene into high-value products.
\nThe pilot plant will be scaled at a tons-per-day capacity. The letter of intent outlines a gated plan with
\nthree main phases. Phase one, which commenced immediately, included the design and development of
\na pre-treatment process and unit to handle agricultural waste plastics, test runs, and process optimization, and the provision of the feedstock required. Phase two included the design, building, and commissioning of the pilot plant with phase three detailing the framework for expanding the pilot project into a postpilot commercial phase.<\/p>\n
\n\u2022 Near term revenue from feedstock assessment through an established customer trials
\nprogram commencing in 2022
\n\u2022 Building a pilot-scale unit (tons per day scale) and engaging in discussions with a range of
\npotential customers for feedstock trial programs.
\n\u2022 Aduro has a CAPEX light business strategy based on a licensing model stemming from ongoing
\nconversations with potential industry partners. This will allow the Company to operate at a
\nlower burn rate, reducing the need for significant capital injections.
\nIndependent technology validation
\nOn January 20, 2022, Aduro announced the receipt of an Independent Technology Validation. \u201cThird-party evaluation increases confidence that our projections regarding lower operating costs and lower energy consumption in commercial applications are technically grounded,\u201d said Marc Trygstad, Chief Technology Officer of Aduro.
\nThe results of the work completed by Aduro, and evaluated by Dr. Charpentier, support the continuation
\nof efforts to establish the foundation for HCT scaleup to pilot plants, pre-commercial deployments, and
\nfull-scale commercial systems\u2014while creating opportunities for Aduro to continue engagement of
\npotential partners and customers through demonstration projects.<\/p>\n
\nyears of progressive experience in financial leadership roles. He has an extensive background in financial
\nstewardship, strategic planning, mergers & acquisitions, debt, and equity financing, and he has led
\noperational and financial turnarounds. He was recently appointed as Director on the Board at Charbone
\nHydrogen, a TSX-V listed company developing Canadian green hydrogen facilities. Previously, Mr. Beshayserved as Chief Financial Officer and Global Head of Corporate Development at CloudMD, a TSX-V listed company developing a connected healthcare ecosystem. His prior experience also includes senior\u00a0 finance, audit, and compliance roles at Enercare (acquired by Brookfield Infrastructure), Domtar, and Deloitte. Appointed Gene Cammack as Chief Operating Officer (COO): Mr. Cammack brings more than 30 years of global experience in the oil & gas and chemical industries. Most recently, he was the Solutions Consulting Manager with the Process Safety Consulting group of Siemens Energy. Just prior, he oversaw Systems Consulting and Product Management for Yokogawa USA.
\nAppointed James E. Scott as an Independent Director to the Aduro Board of Directors. Jim has been an
\nentrepreneur and investor for over 20 years, and he possesses a unique blend of operating and leadership experience including business operations and serving as a director for many private companies and nonprofit organizations. Jim has extensive experience in capital raises, M&A activities for start-ups to multibillion-dollar companies.<\/p>\n
\n2021 in Monterrey, Nuevo Leon, Mexico. Over the past few months, Aduro has been actively engaging
\nstakeholders in the region, and the appointment of Humberto Parra as Country Manager for Mexico
\nmarked the first step in establishing a local presence in the market. Humberto will help Aduro with market
\nanalysis, business development, and community engagement. He will also establish partnerships with
\nlocal stakeholders and businesses committed to climate action, sustainability, and growth.<\/p>\n
\ncommercializing our HydrochemolyticTM Technology Platform,\u201d said Ofer Vicus, the CEO of Aduro Clean <\/strong>Technologies. \u201cWe look forward to sharing further updates that we anticipate will unlock shareholder <\/strong>value,\u201d added Vicus.<\/strong><\/p>\n
\nAduro Clean Technologies is a developer of patented water-based technologies to chemically recycle
\nwaste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable
\noils into higher-value fuels or renewable chemicals. The Company\u2019s Hydrochemolytic\u2122 technology
\nactivates unique properties of water in a chemistry platform that operates at relatively low temperatures
\nand cost, a game-changing approach that converts low-value feedstocks into 21st-century resources. With
\nfunding and support from Bioindustrial Innovation Canada, the company has developed a pre-pilot reactor
\nsystem to upgrade heavy petroleum into lighter oil.<\/p>\n
\nWe own shares of this company personally.<\/strong>
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