SARNIA, Ontario, June 15, 2023. ("Aduro" or the "Company") (CSE: ACT) (OTCQB: 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 establishment of its European subsidiary Aduro Clean Technologies Europe BV ("ACTE"), based in Geleen, Netherlands.
The formation of ACTE marks an important expansion of Aduro's international footprint, demonstrating the Company's dedication to its global growth strategy. ACTE will serve as Aduro's European hub and a conduit for achieving strategic goals in the region. The Netherlands was selected due to the Company's robust regional relationships, including its successful partnerships with Brightlands Chemelot Campus("CHILL").
ACTE will focus on advancing the Hydrochemolytic process for plastics upcycling ("HPU") within the European market with the primary goal of constructing a future demonstration unit at the Brightlands site, showcasing the Company's patented HydrochemolyticTM platform technology for tackling hard-to-recycle mixed plastics, mainly those rejected from other processes such as mechanical recycling. The Company is engaging in partnership discussions with local stakeholders on the project.
A Europe-based subsidiary aligns with Aduro's strategic business plan, which outlines the expansion into key international markets. In line with this vision, Aduro plans to progress on the following objectives once preliminary data from the pilot-scale HydrochemolyticTM continuous flow plastic unit are available, and a local team is onboarded.
- Establish dynamic engagement with Europe-based stakeholders to facilitate robust partnerships, stimulate customer engagement, and propel corporate development.
- Build a consortium of local partners to support the buildout of our regional demonstration unit and accelerate the commercialization of HPU.
- Leverage local and European government grants, to support the demonstration and commercialization of our patented technology.
- Form alliances with local service providers, including engineering companies, feedstock suppliers, and offtake vendors.
Aduro has already initiated the process of assembling the European team and is in advanced discussions to bring on board key personnel. The European team is expected to have a significant impact on the implementation of the Company's strategy in Europe and globally, aligning with its business plan of becoming a global leader in the sustainable transformation of waste plastics, heavy bitumen, and renewable oils.
"Establishing a European hub is a significant stride in our strategic journey," said Ofer Vicus, CEO of Aduro. "It will not only allow us to better engage and serve our stakeholders in the region but also act as a catalyst for several strategic goals we have in Europe. We are enthusiastic about the promising outlook our new hub fosters, emphasizing our dedication to advancing our technology, nurturing partnerships, and engaging with stakeholders across Europe. We are very grateful for the collaborative partnerships we have already formed in the Netherlands such as the one we have with Brightlands, and we look forward to continuing to work together with our partners and to strengthen new regional partnerships to advance the circular economy and promote sustainable practices."
"Brightlands Chemelot Campus is proud to welcome Aduro Clean Technologies, a company that shares our vision for a sustainable future. Their innovative approach to transforming waste plastics into valuable resources is a testament to the power of chemistry and technology. We are excited to see how their presence will enrich our campus and contribute to the advancement of sustainable practices in Europe," said Karen Scholz, Business Development Manager at Brightlands Chemelot Campus.
About Brightlands Chemelot Campus
Brightlands Chemelot Campus boosts innovation and business growth by giving tenants access to talent, knowledge, infrastructure, and entrepreneurship. This enables this vibrant community to create performance materials, sustainable processes, and biomedical solutions for a more sustainable and healthier world. The campus and adjacent Chemelot Industrial Park form one giant laboratory where the brightest, highly qualified experts from universities and the business community work together.
The campus is a partner of the Chemelot Circular Hub, a testing ground of international importance for the transition to a circular economy.
Brightlands Chemelot Campus is part of Brightlands, an open innovation community made up of four campuses that are working on the major challenges in the fields of materials, circular chemistry, health, agri-food, data science, and smart digital services.
https://www.brightlands.com/brightlands-chemelot-campus
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, CEO
ovicus@adurocleantech.com
Karen Scholz, Business Development Manager
Karen.scholz@brightlands.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011
Arrowhead
Thomas Renaud, Managing Director
enquire@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 as a result 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/a9843c4e-3914-46c3-8b0f-b4dfecdf884e
