Company: Aduro Clean Technologies
Listings:CSE, OCTQB, FSE
Tickers: ACT, ACTHF, 9D50
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: Our portfolio company Aduro announces a new team member today in the CFO role with Mena Beshay. Mr Beshay has an extensive experience of more than 20 years in senior financial leadership positions. We are impressed by the strengthtening of the company’s management team and we are convinced Mr Beshay will be a valuable asset in Aduro’s journey to commercializing their 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.
Full press release below:
Sarnia, ON, May 3, 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 to transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces the appointment of Mena Beshay as its Chief Financial Officer (CFO), effective immediately. Mr. Beshay assumes the role previously held by Donnacha Rahill, who will serve as an adviser to the Company during the transition period. Mr. Beshay has over 20 years of experience in senior financial leadership positions. He has an extensive background in financial stewardship, strategic planning, mergers & acquisitions, debt, and equity financing, and he has led operational and financial turnarounds. He was recently appointed as Director on the Board at Charbone Hydrogen, a TSX-V listed company developing Canadian green hydrogen facilities. Previously, Mr. Beshay served 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 finance, audit, and compliance roles at Enercare (acquired by Brookfield Infrastructure), Domtar, and Deloitte. Mr. Beshay is a Chartered Professional Accountant and is a graduate of McGill University as part of their Honours in Accounting program. “We are delighted to have someone of Mena’s caliber join our executive team,” says Ofer Vicus, Chief Executive Officer of Aduro. “Mena’s dynamic background, diverse financial management experience, and his expertise in successfully scaling finance functions for growth, will add significant depth to our team. I look forward to working with Mena to capitalize on opportunities in the current business environment and create shareholder value.” Mr. Beshay added, “I am very impressed by the company’s proprietary HydrochemolyticTM Technology platform, which defines a whole new era of chemical recycling. The positive impact to the industry is especially motivating and joining Aduro on their path to scaling the next-generation solution in the space is incredibly exciting,” said Mr. Beshay.
“I look forward to working with the high caliber team at Aduro to accelerate growth and achieve our strategic business objective.” As a strong vote of confidence, Mr. Beshay subscribed in the latest private placement which closed on April 28, 2022, for $105,000. The Company wishes to thank and recognize the efforts of Donnacha Rahill, who has led the Company’s finance function as CFO over the last 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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