Aduro Clean Technologies Inc.

Aduro's Hydrochemolytic™ Technology (HCT) is a water-based chemistry platform that runs at relatively low temperature and pressure to break down three kinds of low-value feedstock: mixed, contaminated plastic waste unsuitable for ordinary mechanical recycling; heavy bitumen and crude oil, upgraded into lighter, more valuable oil; and renewable oils, upgraded into higher-value fuels or chemicals. Founded in 2018 by Ofer Vicus and William Marcus Trygstad and based in London, Ontario, Aduro is dual-listed on Nasdaq (ADUR) and, since May 2026, the senior board of the Toronto Stock Exchange (ACT) — an upgrade from Canada's smaller CSE.

The company is still pre-commercial. Its "Next Generation Process" (NGP) pilot plant in London, Ontario began running continuously in an industrial configuration at 10kg/hour in early 2026. The next step up is a "first-of-a-kind" (FOAK) demonstration-scale industrial plant, with a site now selected at Chemelot Industrial Park in the Netherlands. Longer term, management's stated go-to-market strategy is shifting toward a capital-light licensing model — licensing HCT to industrial partners rather than building and owning every future plant itself.

• [SCALE-UP]
  A real technical milestone landedThe NGP pilot plant completed commissioning and moved into full operating campaigns during Q3 FY26 — a concrete de-risking step after years of lab-scale-only work.
• [MOU CHAIN]
  A fast chain of partnership announcementsA licensing framework with a global EPC firm (Mar 19), a feedstock logistics MOU with Ortessa in the Netherlands (Jun 17), and a synthetic-turf recycling MOU with AstroTurf (Jun 30) — three headline partners in under four months, though none carry binding revenue terms yet.
• [CAPITAL]
  Raises priced higher every timeUS$4M at $4.25/share (Nov 2024) → US$8M at $8.44 (Jun 2025) → US$20M (Dec 2025) → US$15.64M at $15.20/share plus up to US$7.17M in a concurrent private placement (Jun 2026). Each round priced above the last.
• [UPLISTING]
  Toronto Stock Exchange approvalFinal approval to list on the senior TSX board (May 26, 2026) moves Aduro off the smaller CSE and widens the pool of institutional money that can hold the stock.

The occasional small revenue line is non-recurring — fees from customer evaluation projects, not product sales. Adjusted EBITDA actually widened in Q3 even as the reported operating loss narrowed, mainly because prior-year figures benefited from a smaller cost base before the Nasdaq listing, additional hires and scale-up spending. Cash jumped almost 5x on the December 2025 public offering and its January 2026 over-allotment exercise. Source: Aduro Clean Technologies Q3 FY2026 results, filed with the SEC as Form 6-K, April 15, 2026.

"This MOU is an important step in the commercialisation roadmap for Hydrochemolytic Technology."

Unlike a leveraged infrastructure buildout, Aduro's capital story is almost entirely equity-funded — four public raises since late 2024, each priced above the last, with no meaningful debt on the balance sheet. Pro forma for the June round, cash likely sits somewhere north of C$60M against a quarterly adjusted EBITDA burn that's been running C$2–3M — a comfortable multi-year runway for the pilot and permitting phase specifically.

What isn't disclosed yet is the total cost of actually building the FOAK industrial plant at Chemelot. A 10kg/hour pilot proves the chemistry works; the FOAK plant is the step that tests whether it works at a cost and scale that makes commercial or licensing economics real. That bill hasn't been presented to shareholders yet.