Aduro Selected for Shell GameChanger Program
Aduro Clean Technologies has been accepted into Shell's GameChanger program, which aims to accelerate innovative energy solutions. Their patented Hydrochemolytic™ Technology (HCT) will be utilized to convert hard-to-recycle plastics into sustainable Naphtha Cracker feedstock. Shell will provide non-dilutive funding over six project phases and technical expertise to optimize the technology for commercial use. The 12-month project seeks to minimize developmental risks while advancing Aduro’s goal of contributing to plastic circularity and the energy transition.
- Acceptance into Shell's GameChanger program enhances credibility and support for Aduro.
- Shell's non-dilutive funding will support project development without harming shareholders.
- Potential for high-value output from Hydrochemolytic™ Technology could lead to new revenue streams.
- Access to Shell's technical expertise and mentorship may accelerate commercialization efforts.
- Dependence on Shell's funding and support poses a risk if anticipated contributions are not met.
- Uncertain market acceptance of the Hydrochemolytic™ Technology could hinder growth potential.
SARNIA, Ontario, Nov. 03, 2022 (GLOBE NEWSWIRE) -- 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 transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces successful selection and acceptance into the Shell GameChanger program.
Shell GameChanger is an accelerator program designed to partner with businesses to deliver innovative solutions that have the potential to drastically impact the future of energy and the transition to net-zero emissions. Following a rigorous selection process, Aduro has been selected by the Shell GameChanger program to apply its novel Hydrochemolytic™ Technology (“HCT”) to produce sustainable Naphtha Cracker feedstock from polyethylene, polypropylene, and polystyrene, individually or on a mixed basis.
The HCT deconstructs hard-to-recycle chain growth polymers at temperatures lower than those used in current technologies. While legacy technologies produce complex product mixtures that require excess investment of resources, the HCT is expected to create higher-value, saturated products, in high yield and purity using lower energy and has the ability to process higher contaminated feedstock which are currently rejected. The HCT final output may be then directly used for the production of new plastics, demonstrating full circularity.
To support the project, Shell will contribute non-dilutive funding with the contribution payments being spread over six project phases, each phase and associated payment being contingent on meeting the objectives set for the previous phase. In addition, Shell will provide technical expertise to help Aduro develop reliable process designs and optimize the HCT technology for commercial implementation. Shell GameChanger will also mentor Aduro in developing their commercial strategy and market position.
“The Shell GameChanger Program provides the ideal platform for new businesses to advance early-stage ideas that have the potential to impact the future of energy,” said Ed Holgate, Commercial Partner Manager, Shell GameChanger. “Collaboration between start-ups and experts within Shell is one way to advance the research, development and commercialisation of new technologies that will enable the transition to a low-carbon future, and we look forward to working with the team to progress their plastics recycling technology.”
Aduro’s project with Shell GameChanger will commence immediately and is a 12 month, 6 phase project, starting from small scale batch reactors, moving through a continuous flow reactor and into design basis of commercial style facilities. The project is devised to support the rapid movement of the process to commercialization while reducing the developmental risk for the technology.
“We are thrilled that our Hydrochemolytic Technology was selected by the Shell GameChanger team. The Aduro team is working diligently to bring this disruptive technology to market and to contribute to plastic circularity in support of the energy transition. The network access, market intelligence, and technical expertise by a global chemical manufacturing market leader and innovator like Shell will play a critical role in advancing our goals. We are very pleased to start the project and are truly appreciative of the professionalism, support, and vote of confidence from the Shell GameChanger experts”, commented Ofer Vicus, Chief Executive Officer of Aduro.
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.
For further information, please contact:
Ofer Vicus, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011
Investor Cubed Inc.
Neil Simon, CEO
nsimon@investor3.ca
+ 1 647 258 3310
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. Forward looking statements in this news release include: the expectation that the Company’s novel HCT will drastically impact the future of energy and the transition to net-zero emissions; that the HCT will produce sustainable Naphtha Cracker feedstock from polyethylene, polypropylene, and polystyrene, individually or on a mixed basis; that the HCT will create higher-value, saturated products, in high yield and purity using lower energy and the ability to process higher contaminated feedstock which are currently rejected; that the HCT final output may be directly used for the production of new plastics, demonstrating full circularity; that Shell will contribute non-dilutive funding to Aduro in connection with the project; that Shell will provide technical expertise to help Aduro develop reliable process designs, scaleup, and optimize the HCT technology for commercial implementation; that Shell GameChanger will mentor Aduro in developing further their commercial strategy and market position; that the proposed project with Shell GameChanger will support the rapid movement of the Company’s process to commercialization while reducing the developmental risk for the technology; that the Aduro technology will be disruptive in the market and contribute to plastic circularity in support of the energy transition; and that the collaboration with Shell will provide Aduro with network access, market intelligence, and technical expertise from Shell which will play a critical role in advancing Aduro’s goals and path to commercialization.
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, but are not limited to, the following: the potential that the Company’s HCT may, for various reasons, fail to impact the future of energy and the transition to net-zero emissions; that the HCT may not produce the desired feedstocks or that alternative technologies will gain wider acceptance than Aduro’s technology; that the HCT final output may not be successfully used as anticipated for various reasons; that Shell may decide not proceed with the funding or program with Aduro as anticipated, or that funding will cease during the program due to unfavourable results; that Shell may not provide Aduro with the anticipated technical expertise necessary for commercial implementation; that Shell GameChanger may not proceed with anticipated mentorship or provide the other anticipated benefits and supports for Aduro; that Aduro’s technology may, for various reasons, fail to be disruptive in the market or may otherwise fail to gain market acceptance or achieve commercialization; that adverse market conditions and other factors beyond the control of the parties may adversely affect Aduro and its future business operations. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1119b89-682e-4e00-9238-cc125dbe8fe3
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