Aduro Clean Technologies Expands Technology Evaluation Scope with Leading Petrochemical Company
November 30 2023 - 7:00AM
Aduro Clean Technologies Inc. (“
Aduro” or the
“
Company”) (CSE:
ACT) (OTCQX:
ACTHF) (FSE:
9D50), a Canadian
technology company using the power of chemistry to transform lower
value feedstocks, like waste plastics, heavy bitumen, and renewable
oils, into resources for the 21st century, is excited to announce
the expansion of its Phase 1 testing scope with a major global
energy company which recently joined the Company’s Customer
Engagement Program (CEP). This expansion follows the Company's
previous announcement on October 11, 2023, and reflects the
participant's growing interest in exploring the potential of
Aduro’s Hydrochemolytic™ technology.
Aduro is excited by the positive results that
led to the project expansion but also by the potential to increase
its broad understanding of diverse real-life waste feedstock. The
additional testing will include a more diverse range of waste
plastic materials, specifically targeting those with higher
concentrations of PET, polyurethane, metals, and other challenging
contaminants. This development indicates the participant's interest
in assessing the broader capabilities of Aduro’s technology. The
expanded scope will provide important data that will support the
Company’s development and scale-up program as well as increase the
respective project funding committed for Phase 1 testing by
450%.
The CEP enables interested organisations to
conduct controlled technology evaluation sessions of the
Hydrochemolytic™ Technology. The program is structured to
initially focus on benchmarking select materials provided by the
customer in Phase 1, to evaluate the efficacy of the Company’s
technology. This is typically followed by Phase 2, which involves
larger-scale, continuous flow testing. This method enables a
thorough assessment of Aduro's technology, creating a solid and
informed basis for the next phase of the program. Simultaneously,
it allows Aduro’s teams to gain a deeper understanding of the
customers’ waste feedstock characteristics and to identify their
precise requirements.
"The expansion of our Phase 1 testing is
motivated by the encouraging outcomes we've observed. It highlights
the growing interest in our Hydrochemolytic™ technology and
confidence our partners have in the capabilities we offer,"
commented Eric Appelman, CRO at Aduro. "This development in Phase 1
aligns perfectly with Aduro's goal to adapt and respond to the
evolving needs of our industry partners. More importantly, it
showcases the versatility and potential of our approach,
particularly in tackling a variety of recycling challenges with
efficiency and innovation."
Grant of Stock Options The
Company also announces that it has granted (the “Grant”) an
aggregate of 225,000 stock options (each, an “Option”) to purchase
up to 225,000 common shares of the Company to certain directors and
employees of the Company pursuant to the Company’s Omnibus Equity
Incentive Plan (the “Plan”). The Options are exercisable for a
period of five years from the date of Grant at a price of $1.09 per
common share. The Options will vest on a monthly basis over a
period of two years from the date of Grant.
In accordance with the policies of the Canadian
Securities Exchange, all 225,000 of the Options and the common
shares underlying such Options, are subject to a hold period of
four months and one day from the date of issuance.
None of the securities acquired in the Grant or
Award will be registered under the United States Securities Act of
1933, as amended (the “1933 Act”), and none of them may be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements of the 1933 Act. This
news release shall not constitute an offer to sell or solicitation
of an offer to buy nor shall there be any sale of the securities in
any state where such offer, solicitation, or sale would be
unlawful.
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
relies on water as a critical agent in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into resources for the
21st century.
For further information, please
contact:
Ofer Vicus, CEOovicus@adurocleantech.com
Abe Dyck, Investor Relationsir@adurocleantech.com+1 604 362
7011
ArrowheadThomas Renaud, Managing
Directorenquire@arrowheadbid.com+1 212 619 6889
Forward-Looking Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future, are forward-looking statements. The forward-looking
statements reflect management’s current expectations based on
information currently available and are subject to a number of
risks and uncertainties that may cause outcomes to differ
materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and,
accordingly, undue reliance should not be put on such statements
due to their inherent uncertainty. Important factors that could
cause actual results to differ materially from the Company’s
expectations include adverse market conditions and other factors
beyond the control of the parties. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether because of new information, future events, or
otherwise, except as required by applicable law.
The CSE has not reviewed, approved, or disapproved the content
of this news release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbf377e0-966b-4e05-be0b-37a1fbb732b6
Aduro Clean Technologies (TG:9D50)
Historical Stock Chart
From May 2024 to Jun 2024
Aduro Clean Technologies (TG:9D50)
Historical Stock Chart
From Jun 2023 to Jun 2024