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LONDON, Ontario, Sept. 04, 2024. ("Aduro" or the "Company") (CSE: ACT) (OTCQX: ACTHD) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, including waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced a new patent filing covering a new technology for transforming renewable oils and certain waste plastics into higher-value platform chemicals.
"The new patent application marks significant progress towards a key objective set out by Aduro at the beginning of the year, the expansion of the Company's technology and intellectual property position," said Ofer Vicus, CEO of Aduro. "It underscores our scientists' ability and commitment to pursuing value through innovative solutions, enabling us to explore new potential market opportunities. This achievement also highlights our dedication to developing and commercializing sustainable technologies aimed to address growing global concerns for the environment and circularity."
This new patent application filing introduces an innovative and efficient method for producing alkyl aromatic compounds, including benzene, toluene, xylenes (BTX), and ethylbenzene, from waste plastics and renewable oils. This process is not only simpler, more efficient, and more cost-effective compared to traditional BTX production from refined petroleum but also builds on the Company's previously developed and patented thermocatalytic deoxygenation (TCD) technology for upgrading renewable oils. Additionally, it leverages insights gained from the Company's experience with Hydrochemolytic Technology (HCT) for chemical recycling of waste plastic resulting in a robust solution that enhances circularity and sustainability.
BTX compounds are essential building blocks for a wide array of high-value chemicals and materials, including plastics, paints, sealants, coatings, and pharmaceuticals. Aromatic chemicals like BTX are key building blocks, accounting for 40% of petrochemical production by volume. According to Reports and Data, the global BTX marketis forecasted to reach a potential US$274.78 billion by 2027. With growing demand, particularly in emerging economies, the emphasis on technological innovation and sustainability becomes increasingly vital.
The Aduro invention, which produces BTX from renewable and waste sources, presents what could be a transformative opportunity for sustainable chemical production. This innovation not only aims to reduce dependence on petroleum but also to promote circularity within the industry.
"This new patent application filing formally expands the Aduro 'Clean Technologies' theme beyond its unique Hydrochemolytic technology platform. Importantly, it signals the Company's mission and the capability of our scientists and engineers to continue developing consequential, new technology," said Marcus Trygstad, Co-Founder and Principal Scientist at Aduro. Trygstad added, "This new innovation reinforces that Aduro is committed to becoming a force in the sustainability arena where waste plastics and renewable feedstocks are transformed into materials needed by society. It's who we are and it's what we do."
This advancement marks a significant step for Aduro in its journey towards enabling circularity within the chemical sector. By offering a promising sustainable method for producing BTX, Aduro's innovation aims to open new opportunities to meet the industry's increasing demand for low-carbon chemical production. As the pressure to decarbonize intensifies, this technology positions the Company to explore new pathways for addressing these critical challenges.
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:
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
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 patent application representing significant progress towards an expansion of the Company's technology and intellectual property position; the Company's ability and commitment to pursuing value through innovative solutions; the intention to explore new potential market opportunities; the Company's dedication to developing and commercializing sustainable technologies; that the patent application will result in the patent be granted and represent an innovative and efficient method for transforming compounds from waste plastics and renewable oils; that the patent, if granted, will be simpler, more efficient, and more cost-effective technology compared to traditional methods; that the patent will build upon and leverage insight from the Company's previously developed technologies; that markets for the technology will grow as anticipated, particularly in emerging economies; that the patent will be a transformative opportunity for sustainable chemical production and allow for reduction in dependence on petroleum and promote circularity within the industry; that the patent will be a significant step for the Company in enabling circularity in the chemical sector; the Company's intention to become a force in the sustainability; that the patent will position the Company to explore new pathways for addressing decarbonization challenges; that the patent will be granted and commercialized. 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 various factors that may prevent or delay the patent from ever being granted, including that the patent examination may determine the legal requirements for a patent are not met in this case or that the patent infringes upon existing patents of others or is otherwise unable to be granted for various reasons; that the patent, if granted, does not provide a solution which is commercially viable or will be widely accepted for various reasons; that alternative technologies may be developed by competitors which are better or otherwise preferable for various reasons; that the patent may not provide the solution to existing problems anticipated by the Company; that the 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 for other reasons; that the Company's business strategy may not provide a framework for commercialization of the proposed patent and other technology 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 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.
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