Water Tower Research Publishes Initiation of Coverage Report on Aduro Clean Technologies, Inc., “A Generational Step Change in Hydrocarbon Chemistry & $290 Billion Multi-Sector Opportunity”

August 4, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Aduro Clean Technologies, Inc.  (NASDAQ: ADUR) titled, “A Generational Step Change in Hydrocarbon Chemistry & $290 Billion Multi-Sector Opportunity”. The report can be accessed here.

Aduro is a multi-application chemistry platform commercializing its patented Hydrochemolytic Technology (HCT), a water-assisted process that converts waste plastics, heavy crude, and renewable oils into drop-in petrochemical and refinery feedstocks without external hydrogen. Aduro offers investors early-stage exposure to a nearly ~US$290 billion total addressable market (TAM), leveraging a transformational chemistry platform whose technical advantages have attracted global energy leaders like Shell and TotalEnergies.

Spanning chemical recycling of waste plastics, logistically challenged crude upgrading, and renewable oils, Aduro is differentiated by a generational process advantage, a potentially binding EU regulatory cycle driving mandated demand from 2030, and a model that is actively tested by Fortune 500 partners through its paid Customer Engagement Program (CEP).

Aduro’s first plant is on track for 2028, with a licensing model already in motion to scale well beyond what the company could build alone. The first plant targets commissioning at Chemelot in the Netherlands in 2028, backed by a non-binding offtake arrangement and a March 2026 MOU with a leading global EPC firm underpinning the licensing pathway.

Aduro is fully funded through its next milestones, debt free, and run by a management team with significant skin in the game (34% inside ownership). Revenue inflects from FY28 with First-of-a-Kind (FOAK) commissioning, broadening through FY30 as EBITDA turns positive with Chemelot expansion, joint venture (JV) deployments, and royalties. Our forecasts include C$348 million EBITDA (FY31E) while our long-term scenario sees EBITDA scaling to C$1.4 billion by FY35E.

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