Aduro Clean Technologies Inc. (“
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 higher value resources for the 21st century, is pleased
to announce the advancement of Phase 1 of the collaboration with
Prospera Energy Inc. (“Prospera”) with the purpose of developing,
building, and supplying a pre-commercial pilot plant to convert low
API bitumen to higher value products using Aduro’s Hydrochemolytic
technology (“HCT”).
Prospera (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is
a prominent operator in Canada's energy industry, specializing in
the exploration, development, and production of crude oil and
natural gas. As a publicly traded company, Prospera is dedicated to
acquiring, developing, and producing resources primarily in Western
Canada. Leveraging its expertise and extensive knowledge, Prospera
focuses on conventional oil and gas reservoirs, aiming for both
primary and secondary recovery opportunities.
On September 12, 2022, Aduro and Prospera
entered into a Letter of Intent that outlined a three-phase project
engagement plan to investigate, develop and evaluate the partial
upgrading of bitumen with a pilot plant using the Aduro
Hydrochemolytic™ Bitumen Upgrading (“HBU”) technology. Phase 1
involves a combined working plan of laboratory and continuous flow
work using Prospera bitumen and Aduro’s HCT process. Phase 2
includes preliminary engineering, identification of the pilot plant
site, and reviewing of licenses and permits, as well as detailed
budgeting and agreement to proceed with construction. Phase three
includes the procurement, fabrication, construction, commissioning,
and operation of a 50 barrel per day pilot plant. With the
commissioning of the pilot-scale continuous flow reactor for HBU in
Q3 2023, the parties can now advance Phase 1 of the
collaboration.
In line with the Aduro and Prospera shared
goals, Phase 1 is planned to be completed by December 2023. This
five-month engagement aligns with the Company's customer engagement
plans, focusing on evaluating, testing, and reporting on the
application of HBU technology to various customer feedstocks.
During Phase 1, Prospera will provide Aduro with an analysis of
diluent blending and transportation costs, site operation
economics, and details of the crude properties to be upgraded.
Additionally, Prospera will supply 6 barrels of low API crude
sourced from its heavy oil properties for comprehensive testing.
Aduro will execute a set of design experiments, utilizing the Aduro
laboratory and the continuous flow Bitumen Reactor ("R2 Bitumen")
and Flash Drum. In consideration for the services to be provided in
Phase 1, Prospera will pay Aduro a monthly fee of $25,000 CAD plus
applicable taxes, with the total fees for the completion and
delivery of Phase 1 scope capped at $125,000 plus applicable
taxes.
This collaboration will foster transparency,
knowledge exchange, and in-depth examination of crude properties,
site operations, and economic factors. Phase 1 will also define a
future business model, establishing a robust relationship
framework, and evaluating the technical, economic, and
environmental viability of the pilot plant project. Thorough budget
forecasting and planning will ensure effective resource allocation.
As Phase 1 concludes, a comprehensive summary of results and expert
recommendations will provide a solid foundation for subsequent
phases, setting the stage for further progress and success.
"Prospera Energy is excited to embark on Phase 1
of our collaboration with Aduro," stated Samuel David, President
& CEO of Prospera. "As a company dedicated to optimizing
hydrocarbon recovery while prioritizing environmental
sustainability, we believe that this partnership will drive
innovation and enhance our product specifications, unit economics,
and carbon footprint. The potential impact of this technology on
our operations is truly inspiring, and we are committed to
leveraging this opportunity to the fullest."
"The initiation of Phase 1 of the collaboration
with Prospera for the pilot plant project of our Hydrochemolytic™
Bitumen Upgrading technology marks a significant milestone”,
commented Ofer Vicus, CEO of Aduro. “The progress we have made in
constructing our R2 Bitumen continuous flow reactor, coupled with
the launch of the commissioning process, positions us for success.
By achieving full operational status in Q3 2023, we solidify our
position as a leading destination for partners seeking to
understand how the HCT partial upgrading can enhance their
operations, while fostering meaningful connections with potential
customers and stakeholders. This collaboration propels us closer to
commercializing our innovative solution and driving a
transformative era in the energy industry."
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, CEOovicus@adurocleantech.com
Abe Dyck, Investor Relationsir@adurocleantech.com+1 604 362
7011
Prospera Energy Inc.Shawn Mehler, Corporate
Communicationsshawn@prosperaenergy.com+1 403 454 9010
ArrowheadThomas Renaud, Managing
Directorenquire@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/04b2b161-cffd-497c-ad05-d6cc0a9614c8
Prospera Energy (TSXV:PEI)
Historical Stock Chart
From May 2024 to Jun 2024
Prospera Energy (TSXV:PEI)
Historical Stock Chart
From Jun 2023 to Jun 2024