Company: Aduro Clean Technologies
Listings:CSE, OCTQB, FSE
Tickers: ACT, ACTHF, 95DO
Market cap at time of publication:34 $ MCAD / 27 MUSD
Stock price at time of publication: $0.69 CAD / 0.54 USD USD
Business: Plastic recycling, bitumen upgrading, Renewable diesel & Aviation fuel
Website:https://adurocleantech.com/
Comparable Peers
Purecycle $PCT
Clean Energy fuels $CLNE
Agilyx $AGLX
ESGFIRE comment: We were delighted to see the news presented on the evening of march 29th 2022 that Aduro is entering a letter of intent following their memorandum of understanding with Switch Energy Corp for the purpose of building a pre commercial pilot plant convert waste agricultural polyethylene into high-value products. This shows exactly the many different application varities that Aduro’s technology offer as described in our extensive analysis of the company which can be read here. This is a vital step towards commercial phase and we look forward to following Aduro’s progress. We remain very bullish on this portfolio company.
Press release in full below:
SARNIA, ON / ACCESSWIRE / March 29, 2022 / 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, is pleased to announce that it has entered into a Letter of Intent (“LOI”) dated March 28th, 2022 with Switch Energy Corp (“Switch Energy”) with the purpose of developing, building and supplying a pre-commercial pilot plant to convert waste agricultural polyethylene into high-value products.
Switch Energy is a recycler and operator participating in Canada’s agricultural & industrial film recycling program by owning and operating the largest collection program for agricultural waste in the province of Ontario. With over a decade of experience with the collection of agricultural waste, design and development of plastic washing, mechanical shredding, feed systems set-up, and product offtake sales and marketing, making it an ideal partner for this pilot plant.
Aduro has developed a unique process to transform post-consumer waste plastics into high-value input chemicals supporting a zero-waste & resource circularity model. Plans for the pilot are to start with waste polyethylene from agricultural waste followed by polypropylene as well as to demonstrate the technological benefits of processing waste polystyrene. The small-scale design represents an opportunity to provide a cost-effective solution to the agricultural waste sector. Harvesting value from this waste resource while avoiding fuel, emissions, and other environmental costs associated with the processing and transporting to centralized facilities, incineration, or landfill.
The pilot plant will be scaled at a tons-per-day capacity. The LOI outlines a stage gated plan with three main phases. Phase one, which will commence immediately, includes the design and development of a pre-treatment process and unit to handle agricultural waste plastics, test runs, and process optimization, and the provision of the feedstock required. Phase two includes the design, building, and commissioning of the pilot plant with phase three detailing the framework for expanding the pilot project into a post-pilot commercial phase.
“After an in-depth review of their technology, I am excited to see the performance of the Aduro solution. Their technology is versatile enough to process other types of waste plastics and deal with contaminates, making it an ideal solution for agricultural waste. I believe that this will be the way forward in our sector and we like to see it successfully operating and expanding into other geographies.” says Don Nott, founder, and chief executive officer of Switch Energy.
“We are moving forward in our plans to build a pre-commercial pilot. The work with Switch Energy will help us better understand critical items related to material handling, collection systems, pre-treatment, or washing. We are very excited by this collaboration which complements Aduro’s extensive technology and process expertise.” says Ofer Vicus, chief executive officer of Aduro.
Both Mr. Nott and Mr. Vicus agree that effective smaller-scale solutions could demonstrate a shorter more beneficial path towards circularity which could also result in other benefits such as increased local employment and a stronger connection between waste producers and operations that use and create value out of the final products within the same region.
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.
About Switch Energy
Switch Energy is an Ontario-based company with over a decade of experience in recycling polyethylene and polypropylene waste plastic. Operating across Southwestern Ontario, the company collects materials directly from agricultural, horticultural, and marine business operations. Switch Energy has extensive experience shredding, washing, and recycling waste plastic into resin used in various plastics applications.
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