In December, Ontario’s Aduro Clean Technologies successfully graduated from the Shell GameChanger program, which works with startups on unproven early-stage ideas that have potential to impact the future of energy.
Aduro is using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into more valuable resources.
The London-based cleantech was accepted to the Shell GameChanger program following a review that identified the Canadian company’s Hydrochemolytic Technology as a potentially promising approach to producing high-quality hydrocarbons from mixed waste plastics, thereby offering a possible route to decarbonize chemicals manufacturing.
“Graduation from the Shell GameChanger program marks an important milestone in the development of our Hydrochemolytic Technology,” stated Aduro chief executive officer Ofer Vicus, “taking it from early validation of the chemistry to demonstrating the process under continuous operation and preparing for scale-up.”
The milestone reinforced Aduro’s “role as a developer of chemical technologies that enable practical solutions for the energy transition,” according to Vicus.
Following the GameChanger graduation, Aduro recently closed an underwritten U.S. public offering of 1,739,130 common shares, together with warrants to purchase 869,565 common shares, for gross proceeds of approximately US$20 million.
Aduro intends to use the net proceeds from the offering to accelerate construction of a Demonstration-Scale Plant, according to a statement from the firm, with any remaining funds earmarked for “ongoing research and development, general corporate purposes, and working capital.”
D. Boral Capital acted as lead underwriter for the Offering, while Roth Capital Partners acted as financial advisor.
Aduro trades publicly on the NASDAQ under the ticker symbol ADUR as of 2024, and has traded on the Canadian Securities Exchange as ACT since 2021.
Shares in the company are up markedly over the past year.