Aduro Clean Technologies Enters New Phase of Collaboration with TotalEnergies
July 30 2024 - 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, such as waste plastics, heavy bitumen, and
renewable oils, into resources for the 21st century, is excited to
announce a new collaboration with
TotalEnergies.
This collaboration follows previously announced technical
evaluations and underscores the growing interest in
Hydrochemolytic™ technology being developed by Aduro.
After positive preliminary technical evaluations
by TotalEnergies, we are now entering a research and development
(R&D) collaboration phase. This phase will focus on a more
diverse range of waste plastic materials, particularly those with
higher concentrations of polyolefins, polyurethane, metals, and
other challenging contaminants. The project aims to establish
process parameters to manage these variable and hard-to-recycle
feedstocks, optimize the process design and operating conditions,
and lay the groundwork for a commercial process. Aduro’s innovation
is centered on deconstructing these materials into high-value
feedstocks suitable for the chemical industry.
TotalEnergies will provide both financial and
in-kind support, including access to technical resources. This
collaboration aims to generate valuable data that will accelerate
Aduro’s technology development and scale-up and facilitate the
potential integration of Hydrochemolytic™ technology into refining
and petrochemical platforms.
This collaboration aligns with Aduro’s Customer
Engagement Program (“CEP”), which allows interested organizations
to gain knowledge and understanding of Hydrochemolytic™ technology
through a stage-gated approach. Starting with a technology
evaluation phase, the program progresses to a collaborative
engagement aimed at gaining a more in-depth understanding of the
technology, with potential customization for the organizations’
specific needs. The goal is to move into the final
commercialization stage, where the customer commits to a commercial
project. This method ensures a thorough assessment of
Hydrochemolytic™ technology, providing a solid and informed basis
for each phase of the program.
"The continuation and expansion of our
engagement to the collaboration phase is an integral part of our
commercialization journey," commented Ofer Vicus, CEO at Aduro.
"TotalEnergies is dedicated to advancing plastic recycling
technologies to meet their goal of producing 30% circular polymers
by 2030. Our collaboration with TotalEnergies represents a
significant milestone in developing a practical and scalable
commercial process for converting plastic waste into valuable
feedstocks. This aligns perfectly with our strategic goal to work
with global industry leaders towards a commercial process. We are
excited to continue our work with them and are grateful for their
increasing support and confidence in the potential of our
Hydrochemolytic™ technology."
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+1 226 784
8889
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.
In this news release, the forward-looking statements include, but
are not limited to, the aim of the project with TotalEnergies to
establish process parameters to manage the variable and
hard-to-recycle feedstocks, optimize the process design and
operating conditions, and lay the groundwork for a commercial
process; the aim of the collaboration with TotalEnergies to
generate valuable data that will accelerate Aduro’s technology
development and scale-up and facilitate the potential integration
of Hydrochemolytic™ technology into refining and petrochemical
platforms; the goal to move into the final commercialization stage,
where the customer commits to a commercial project; that
TotalEnergies is dedicated to advancing plastic recycling
technologies to meet their goal of producing 30% circular polymers
by 2030; the statement relating to developing a practical and
scalable commercial process for converting plastic waste into
valuable feedstocks; and the Company’s strategic goal to work with
global industry leaders towards a commercial process. 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 placed on such statements
due to their inherent uncertainty. Important factors that could
cause actual results to differ materially from the Company’s
expectations include, but are not limited to, the various factors
that may prevent or delay collaboration with TotalEnergies, that
data that is generated by the collaboration with TotalEnergies may
not be useful in accelerating Aduro’s technology development and
scale-up or facilitating the potential integration of
Hydrochemolytic™ technology into refining and petrochemical
platforms, the Company’s customers may not commit to a commercial
project after a collaboration stage, that collaboration with
TotalEnergies may fail to unlock the value and any addressable
market for the Company’s technology or otherwise support the
Company’s plan for commercialization; that progress may not
continue in respect of the development and commercialization of the
Company’s technology as expected or at all for various reasons,
including the development of new competing technologies or other
reasons; that the Company’s strategy may not provide a framework
for commercialization as anticipated or at all; that the Company
may fail to commercialize its technology or that its technology may
not be accepted commercially, for various reasons; that other
unexpected adverse market conditions may negatively affect the
Company and its progress, including various 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 Canadian Securities Exchange 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/c633bd1a-3300-49f3-9f4c-1959750033cf
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