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Aduro Clean Technologies Inc.

CNSX | ACT Environmental and Facilities Services
14 Sep 2023

Arrowhead published an Equity Research Report on Aduro Clean Technologies Inc.
September 14, 2023

Aduro Clean Technologies Inc. (CNSX: ACT) Research Initiation


  • Arrowhead is initiating its coverage on Aduro Clean Technologies Inc. (Aduro) with a fair value bracket of CAD 3.6 to CAD 5.0 per share (share price on September 14, 2023: CAD 1.05) based on the Blended Valuation (Relative Valuation and Discounted Cash Flow) method.
  • Aduro Clean Technologies is an Ontario-based early-stage platform technology company that pioneered the development of a flexible, disruptive technology platform called Hydrochemolytic™ Technology (HCT).
  • Aduro Clean Technologies Inc., which was formerly named Dimension Five Technologies Inc. (D5), was incorporated under the Business Corporations Act (British Columbia) (BCBCA) on January 10, 2018. After successfully completing a reverse merger on April 23, 2021, the company changed its name from Dimension Five Technologies Inc. to Aduro Clean Technologies Inc.
  • The company’s objective is to provide solutions to address global environmental issues from petroleum production and processing, landfilling, waste incineration, and unscrupulous dumping of waste plastics in the oceans.
  • The technology is aimed at addressing the shortcomings of the prevailing traditional methods of recycling plastic waste and other applications, such as partial upgrading of Bitumen and turning renewable oils into renewable fuels.
  • HCT offers economic and operational flexibility, minimizing implementation risks and costs while maximizing yield. It activates the unique properties of water in a chemistry platform that operates at relatively low temperatures.
  • The company’s technology is protected by eight patents (seven granted and one pending), a by-product of the company’s creative, skilled team comprising research and development (R&D) chemists. The company has its dedicated R&D laboratory and research collaboration with Western University. It is developing several new patents, potentially unlocking valuable innovations that could lead to additional patents and intellectual property.
  • The technology has three applications: Hydrochemolytic™ Bitumen Upgrading (HBU) for upgrading heavy crude/Bitumen to lighter crude; Hydrochemolytic™ Plastics Upcycling (HPU) for converting waste plastics, foam and waste rubber to chemicals and fuels and Hydrochemolytic™ Renewables Upgrading (HRU) to transform renewable oils from crushed oil seed operations, poultry processing plants and biodiesel plants into renewable motor fuels, bio-jet fuel and specialty chemicals.
  • The key customers for these applications are:
    • HPU – Refineries, polymer producers, energy companies (both global and local), remote communities, waste collection companies (both national and international), municipalities and governments
    • HBU – Heavy oil producers (both Canadian and international) and refineries
    • HRU – Ethanol producers, seed-crushing plants that produce renewable oils, biodiesel plants, farmers and poultry producers.
  • The company targets small and medium businesses and customers, including Fortune 500 companies in seven countries.
  • Aduro has had several highly respected partners in the last three years, which should help it develop technical know-how and secure its financial position. In September 2022, the company partnered with Prospera – a Canadian heavy oil operator, to develop, build, and supply a pre-commercial pilot plant to convert low-API bitumen into higher-value products, which is expected to generate a monthly fee of CAD 25,000, with total fees capped at CAD 125,000. On March 02, 2023, Aduro partnered with Chemelot Innovation and Learning Labs (CHILL) to carry out an experimentation program at the Brightlands Chemelot Campus in Geleen, the Netherlands. The objective is to optimize its next-generation chemical recycling platform and accelerate the company’s path to commercialization. Previously, on February 02, 2021, Aduro partnered with Brightlands Chemelot Campus, an international shared innovation community, to develop HCT and complete an installation that applies HCT to demonstrate, on a tons per day scale, the conversion of waste plastics to useful feedstock for chemical processes. On March 29, 2022, Aduro partnered with Switch Energy Corp., a recycler and operator, to build a pre-commercial pilot plant for converting waste agricultural polyethylene into high-value products and supplying waste plastic feedstock.
  • On November 3, 2022, the company was selected for the Shell GameChanger Program, which was created to collaborate with companies to provide cutting-edge technologies that might significantly influence the future of energy and the transition towards net-zero emissions. Shell GameChanger will contribute to non-dilutive funding while mentoring Aduro in developing its commercial strategy and market position.
  • Aduro’s future business model is based on licensing, royalties, and R&D, where the company monetizes its technology, enabling it to work with industry partners and expand significantly without the need for major capital. In the long term, the company might expand its business model through its ‘own & operate’ model.
  • Aduro’s strategy will aim at commercializing HCT from lab-scale batch reactors into bench-scale, small-scale continuous-flow processing units. Aduro is also devising a strategy for developing commercial partnerships through demonstration projects, as the strategy has been proved to be potent on a small scale by securing customer feedstock and funding commitments. The company has a strong economic outlook, with recurring revenue forecasted at CAD 95.0 mn in 2027. The adjusted EBITDA is expected to increase at a CAGR of 460.7% to CAD 78.1 mn in FY 2027.
  • Aduro Clean Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the ticker “ACT,” on the OTCQB under the ticker “ACTHF” and on the Frankfurt Stock Exchange under the ticker “9D50”.
12 Sep 2023

Aduro Clean Technologies Inc. Uploaded a News Release
September 12, 2023

Aduro Clean Technologies Welcomes Eric Appelman as Chief Revenue Officer


  • Eric Appelman’s appointment highlights Aduro’s shift towards commercial engagement and partnerships.
  • With 35 years in the chemical industry, Appelman’s expertise positions him well to address waste plastic challenges.
  • His presence in the Netherlands aligns with Aduro’s European growth plans, facilitating access to key partners and grants.
7 Sep 2023

Aduro Clean Technologies Inc. Uploaded a News Release
September 7, 2023

Aduro Clean Technologies to present at the International Refining and Petrochemical Conference


Event Details:

  • Conference: International Refining and Petrochemical Conference (IRPC)
  • Date: September 12-13, 2023
  • Location: Hyatt Houston West, Houston, TX
  • Speaker: Marcus Trygstad, Chief Technology Officer
  • For more information and to register for the event, please visit
5 Sep 2023

Aduro Clean Technologies Inc. Uploaded a News Release
September 5, 2023

Aduro Clean Technologies Provides Update on Shell Game Changer Program


  • Aduro Clean Technologies has successfully reached the midpoint of the Shell GameChanger program, a significant milestone in their mission to transform waste plastics into valuable resources.
  • Aduro initiated commissioning of a pilot-scale continuous flow reactor for plastic upcycling (R2 Plastic) in July 2023, marking a crucial step toward sustainable, continuous production.
  • Aduro expresses gratitude for the invaluable support and expertise provided by Shell through non-dilutive funding, technical guidance, and mentorship, propelling them toward commercial implementation of their innovative Hydrochemolytic™ Technology.
17 Aug 2023

Aduro Clean Technologies Inc. Uploaded a News Release
August 17, 2023

Aduro Clean Technologies Welcomes Karen Scholz from Brightlands Chemelot Campus for a Collaborative Week of Advancements


  • Collaboration with Brightlands: Aduro Clean Technologies is excited to host Karen Scholz from Brightlands Chemelot Campus, highlighting their strong alliance and commitment to sustainable waste plastic recycling solutions.
  • Technology Showcase: During the visit, Karen Scholz will tour Aduro facilities, gaining insights into Aduro’s operational progress, recent R&D activities, and the pilot-scale continuous flow reactor for Hydrochemolytic™ Plastic Upcycling (“R2 Plastic”).
  • European Expansion: Aduro’s initiative to establish a subsidiary at the Brightlands campus in Geleen, Netherlands, reflects their commitment to expanding their presence in Europe, aiming to demonstrate the Hydrochemolytic™ Plastic Upcycling technology as an innovative solution for recycling challenging waste plastics on the continent.
8 Aug 2023

Aduro Clean Technologies Inc. Uploaded a News Release
August 8, 2023

Aduro Clean Technologies and Prospera Energy Advance Collaboration on Pilot Plant Project for Partial Upgrading of Bitumen


  • Aduro Clean Technologies Inc. announces progress in collaboration with Prospera Energy Inc. to develop a precommercial pilot plant using Aduro’s Hydrochemolytic technology (HCT) to convert low API bitumen into higher value products.
  • The collaboration involves a three-phase project engagement plan, with Phase 1 including laboratory and continuous flow work using Prospera bitumen and Aduro’s HCT process. The commissioning of the pilot-scale continuous flow reactor for HBU is planned for Q3 2023.
  • Phase 1 aims to be completed by December 2023 and will include comprehensive testing of 6 barrels of low API crude from Prospera’s heavy oil properties. Prospera will pay Aduro a monthly fee of $25,000 CAD for Phase 1 services, capped at $125,000 CAD.
  • The collaboration aims to enhance hydrocarbon recovery, prioritize environmental sustainability, and drive innovation in the energy industry. It will establish a robust business model, evaluate technical and economic viability, and pave the way for commercializing Aduro’s innovative solution.
  • Both companies emphasize the potential transformative impact of the technology on their operations and express commitment to leveraging this opportunity to the fullest.
6 Jul 2023

Aduro Clean Technologies Inc. Uploaded a News Release
July 6, 2023

Aduro Clean Technologies Provides Corporate Update and Engages Outside The Box Capital Inc. for Marketing and Investor Relations Services


  • Successful commissioning of the pilot-scale continuous flow reactor for Hydrochemolytic™ Plastic Upscaling, generating data and transforming waste polymers into valuable liquid hydrocarbons.
  • Expansion of research and operations capabilities through the onboarding and training of process engineering, operators, and project management personnel, strengthening the company’s ability to run multiple continuous flow processing units simultaneously.
  • European expansion with the establishment of Aduro Clean Technologies Europe (ACTE), strategically positioned at Brightlands Chemelot Campus in the Netherlands, to advance the Hydrochemolytic™ process for plastics upcycling within the European market.
  • Closed oversubscribed financing and exercise of warrants, raising significant funds for the company’s growth and development, further supporting its technology advancements and commercialization efforts.
15 Jun 2023

Aduro Clean Technologies Inc. Uploaded a News Release
June 15, 2023

Aduro Clean Technologies Expands Presence in Europe, Establishing Subsidiary in the Netherlands


  • Aduro Clean Technologies Inc. has established its European subsidiary, Aduro Clean Technologies Europe BV (ACTE), based in Geleen, Netherlands.
  • ACTE will focus on advancing the Hydrochemolytic™ process for plastics upcycling within the European market, with the goal of constructing a future demonstration unit at the Brightlands site.
  • Aduro plans to establish dynamic engagement with Europe-based stakeholders, build a consortium of local partners, leverage government grants, and form alliances with local service providers to support the commercialization of their patented technology.
30 May 2023

Aduro Clean Technologies Inc. Uploaded a News Release
May 30, 2023

Aduro Clean Technologies Engages in Panel Discussions at Leading Industry Conferences


  • Aduro Clean Technologies Inc. will participate in three industry conferences in June 2023, including the CIAC Ontario Responsible Care Workshop and Plastics Recycling LATAM 2023. The company aims to showcase its innovative HydrochemolyticTM Technology (HCT) platform and engage with key stakeholders in the chemistry, plastics, and recycling sectors.
  • Abe Dyck, Head of Corporate Development at Aduro, will join a panel discussion on “Decarbonization in the Chemistry and Plastics Sector” at the CIAC Ontario Responsible Care Workshop. The panel, moderated by Bob Masterson of the Chemistry Industry Association of Canada, will explore the role of Aduro’s HCT in decarbonizing the industry, with insights from industry leaders Rocky Vermani and Dan Taylor.
  • At the Petrochem Canada Conference 2023, Abe Dyck will present on Aduro’s Hydrochemolytic Technology platform, which converts lower-value materials into higher-value feedstocks and products. Aduro will also exhibit at the conference, allowing attendees to explore the Hydrochemolytic™ technology and learn about its potential in the sustainable transformation of the petrochemical sector.
23 May 2023

Aduro Clean Technologies Inc. Uploaded a News Release
May 23, 2023

Aduro Clean Technologies Announces $1.49 Million in Proceeds from Exercise of Warrants


  • Aduro Clean Technologies successfully raised $1,490,035 through the exercise of warrants by its shareholders.
  • The warrants were part of a private placement that closed in May 2021, allowing warrant holders to purchase additional shares of Aduro common stock at $0.80 per share.
  • A total of 1,862,544 common shares were issued upon the exercise of warrants, demonstrating strong support and confidence in the company’s mission and potential.


  • Environmental and Facilities Services

Aduro Clean Technologies has been working to address some of the pressing environmental issues faced by the global community today. One is the matter of unlocking value from waste plastics that pollute our lands and waterways. Others include improving the characteristics of bitumen through a greener conversion process and increasing the economic value of renewable oils in scalable operations that can be implemented locally.

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