Aduro Clean Technologies Inc. has completed a $20 million underwritten U.S. public offering, positioning the clean technology company to accelerate development of its chemical recycling processes. The offering involved 1,739,130 common shares with accompanying warrants, generating gross proceeds of approximately $20 million before underwriting discounts and offering expenses.
The company intends to allocate the net proceeds primarily toward construction of its Demonstration-Scale Plant, along with research and development initiatives, general corporate purposes, and working capital. This capital infusion represents a significant milestone for Aduro as it seeks to scale its patented water-based technologies that chemically recycle waste plastics, convert heavy crude and bitumen into lighter oil, and transform renewable oils into higher-value fuels or renewable chemicals.
Aduro's Hydrochemolytic™ Technology represents a potentially transformative approach to resource recovery, relying on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost. This method converts low-value feedstocks into resources for the 21st century, addressing growing environmental concerns about plastic waste and inefficient resource utilization. The technology's ability to process waste plastics, heavy bitumen, and renewable oils positions Aduro at the intersection of multiple critical industries facing sustainability challenges.
The offering structure included one-half warrant per common share, with each whole warrant exercisable immediately at $16.00 per share and expiring three years from issuance. D. Boral Capital LLC served as lead underwriter for the offering, with Roth Capital Partners acting as financial advisor. This financing comes as demand increases for innovative solutions to plastic pollution and resource optimization, with chemical recycling technologies gaining attention as potential complements or alternatives to traditional mechanical recycling methods.
The successful offering demonstrates investor confidence in Aduro's approach to converting lower-value materials into higher-value resources through chemistry-based processes. As regulatory pressures mount on plastic producers and users, and as industries seek more sustainable approaches to resource management, technologies like Aduro's could play an increasingly important role in circular economy initiatives. The company's progress toward a demonstration-scale facility represents a critical step in validating the commercial viability of its processes at larger scales.
For additional information about Aduro Clean Technologies and its technologies, visit https://www.adurocleantech.com/. The original press release detailing the offering can be viewed at https://ibn.fm/LP3hQ.
