Aduro Clean Technologies Enters New Phase of Collaboration with TotalEnergies

Rhea-AI Summary

Aduro Clean Technologies Inc. (CSE: ACT) (OTCQX: ACTHF) has entered a new phase of collaboration with TotalEnergies following positive preliminary technical evaluations. The R&D collaboration will focus on processing diverse waste plastic materials, particularly those with higher concentrations of polyolefins, polyurethane, metals, and other challenging contaminants. TotalEnergies will provide financial and in-kind support, including access to technical resources.

This collaboration aligns with Aduro's Customer Engagement Program (CEP), which allows organizations to gain knowledge of Hydrochemolytic™ technology through a stage-gated approach. The goal is to move towards commercialization, where the customer commits to a commercial project. This partnership represents a significant milestone in developing a practical and scalable commercial process for converting plastic waste into valuable feedstocks, aligning with TotalEnergies' goal of producing 30% circular polymers by 2030.

Positive

• Collaboration with major industry player TotalEnergies progressing to R&D phase
• TotalEnergies providing financial and technical support for the project
• Alignment with TotalEnergies' goal of producing 30% circular polymers by 2030
• Potential for integration of Hydrochemolytic™ technology into refining and petrochemical platforms

Negative

• None.

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LONDON, Ontario, July 30, 2024 (GLOBE NEWSWIRE) -- 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 21^st century.

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Abe Dyck, Investor Relations
ir@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

FAQ

What is the new collaboration between Aduro Clean Technologies and TotalEnergies?

Aduro Clean Technologies (ACTHF) has entered a new R&D collaboration phase with TotalEnergies, focusing on processing diverse waste plastic materials, particularly those with higher concentrations of polyolefins, polyurethane, metals, and other challenging contaminants.

How will TotalEnergies support Aduro Clean Technologies in this collaboration?

TotalEnergies will provide both financial and in-kind support to Aduro Clean Technologies (ACTHF), including access to technical resources for the R&D collaboration on waste plastic processing.

What is the goal of Aduro Clean Technologies' Customer Engagement Program (CEP)?

The goal of Aduro Clean Technologies' (ACTHF) Customer Engagement Program is to move interested organizations through stages of technology evaluation and collaboration, ultimately leading to commercialization where the customer commits to a commercial project using Hydrochemolytic™ technology.

How does this collaboration align with TotalEnergies' sustainability goals?

The collaboration aligns with TotalEnergies' goal of producing 30% circular polymers by 2030, as Aduro Clean Technologies' (ACTHF) Hydrochemolytic™ technology aims to convert plastic waste into valuable feedstocks for the chemical industry.