In This Article:
We came across a bullish thesis on Aduro Clean Technologies Inc. (ADUR) on Substack by Penny Queen. In this article, we will summarize the bulls’ thesis on ADUR. Aduro Clean Technologies Inc. (ADUR)'s share was trading at $4.14 as of April 11th.
An industrial complex with a pillar of steam billowing from a water recycling plant.
Aduro Clean Technologies presents a rare opportunity in the public markets, standing at the intersection of cutting-edge chemical recycling and global sustainability initiatives. Unlike many promising cleantech firms that are gobbled up by venture capital before retail investors ever get a chance, Aduro is already trading on the open market—giving everyday investors access to a potentially transformative story. The recent analyst report from Boral Capital, which pegs a price target of $50 (nearly 10x Aduro’s current share price), underscores just how disruptive the company’s patented Hydrochemolytic™ Technology (HCT) could be. This technology uses pressurized, superheated water to break down plastics and heavy hydrocarbons, offering major advantages over conventional pyrolysis, including lower energy usage, no need for external hydrogen, and the ability to handle dirty or mixed plastic waste—attributes that could reshape the economics of plastic recycling.
What makes Aduro particularly compelling is its ability to address a $200+ billion combined market spanning plastics, heavy oil upgrading, and renewable fuels. The timing couldn’t be better: Europe just announced a €100 billion cleantech stimulus, and regulatory mandates on recycled content are ramping up globally. Boral Capital, which has reviewed a wide range of recycling technologies, believes Aduro’s solution is not only unique in its capabilities but also alone in its ability to handle broadly resin-agnostic feedstock. In a field crowded with startups requiring pristine input and complex logistics, Aduro’s ability to process at least four of the seven major types of plastic gives it a considerable edge. The lack of true, scalable competition further strengthens the investment thesis, especially when other unprofitable players like PureCycle trade at market caps far above Aduro’s.
Key to Aduro’s near-term trajectory is its Next Generation Plant (NGP), which is slated for commissioning by the end of Q3. This larger-scale facility is designed to validate the commercial viability of HCT, potentially paving the way for large industrial partnerships. In fact, the company’s Customer Engagement Program (CEP), featuring names like TotalEnergies, is already generating early revenue as customers pay to test their own feedstock. This de-risks the business model while providing tangible proof of real-world demand. Aduro also boasts a strong IP portfolio with seven issued patents and plans for more, helping to solidify its competitive moat as it scales.