NASDAQ · ADUR · Investment Dossier

A new chemistry for the hydrocarbon economy.

Aduro Clean Technologies uses an aqueous platform — water as the reaction medium, a renewable hydrogen-donor, and a simple metal catalyst — to selectively cut hydrocarbon chains at moderate temperature. No external H₂ gas. No brute-force thermal cracking. One platform, thirteen market verticals, no direct competitor. This hub is the full investment case: the science, the moat, the markets, a live scenario model, and the milestones between here and commercialization.

Share Price
$11.58
Pre-revenue · Pilot stage
Market Cap
~$450M
Fully diluted · 38.9M shares
Cash (Q3 FY26)
C$39.4M
Zero debt · ~2.5 yr runway
Scenario Price
$84
6 engines · live model
Now · Phase I
Validation
2024–2027 · Pilot + FOAK
Phase II
Early Adoption
2027–2030 · 5–10 plants
Phase III
Acceleration
2030–2035 · 10–50 plants
Phase IV
Platform Standard
2035+ · 50–200+ plants
H₂O · reaction mediumMM · metal catalystCOCH₃OH · H-donor01 · FEEDSTOCK + H-DONOR IN AQUEOUS MEDIUMWater transfers heat & transports co-agents240–390 °C<2% char · no H₂
240–390°C
Temperature
C5–C20
Output Range
<2%
Char Waste
98%+
Purity
§ Team & Ownership
Aligned for the long path
Co-founder CEO, co-founding inventor-scientist, and a board drawn from chemical industry leadership (SSAB, Perstorp, Algonquin Power) and capital markets (Salomon Brothers, SBC Warburg). Combined insider ownership of 34–36% aligns management with multi-year commercialization rather than quarter-to-quarter activity.

Three PhDs in chemistry and engineering. Four professional certifications on the finance side. A Kellogg MBA at the helm. A Chief Revenue Officer who evaluated hundreds of competing technologies at Europe's largest chemical-innovation campus before choosing to join. A COO from one of the world's premier polyethylene producers. Combined insider ownership of 34–36% aligns management with multi-year commercialization rather than quarter-to-quarter activity.

PhDs
3
Chemistry & Engineering
Company Patents
10+
7 granted · 3 pending · CIP
Insider Ownership
~35%
CEO at ~29.5%
Combined Experience
225+ yrs
Across leadership team
Co-Founders
OV
Ofer Vicus
~29.5% ownership
Co-Founder & Chief Executive Officer
Executive MBA, Northwestern Kellogg / Tel Aviv Recanati · B.Eng Industrial Engineering, University of Sunderland
Co-founded Aduro in 2011 after three years investigating bitumen upgrading alternatives. Twenty-plus years developing and marketing innovative technologies focused on limiting environmental impact in petrochemical processes. Built the company from concept to Nasdaq listing, managing IP strategy, government programs, and industry partnerships.
PriorVP Business Development, Curapipe Systems · VP Marketing, Qualion NMR (inline spectrometers for refineries) · Head of Business Development, Terayon
MT
Marcus Trygstad
Co-Founder & Principal Scientist
B.A. Chemistry, St. Olaf College · Graduate training in mechanistic organic chemistry, polymer science, and chemometrics
Co-inventor of HCT with Dr. Jhawar. Principal inventor named across Aduro's HCT and TCD patent families. Thirty-plus years applying advanced analytical chemistry to petrochemical process automation. Presented at the International Refining & Petrochemical Conference. Credits his training in organic chemistry for giving "sight of molecules' unseeable dance."
PriorConsultant, Yokogawa (advanced process technology) · Product Manager, Invensys Operations Management · Roles at SpectraSensors, ABB, Emerson
Executive Team
AJ
Dr. Anil Jhawar
Chief Scientist
PhD Chemical Engineering, Western University (2011) · M.E.Sc Western University · B.Tech Nagpur University
Company's first employee. Co-inventor of HCT with Trygstad. Co-author of patents covering core Aduro technologies. Leading the scale-up work that supports commercialization of current technologies and driving R&D on new chemistries that expand the platform.
PriorPostdoctoral Fellow at ICFAR (Institute for Chemicals and Fuels from Alternative Resources) · Research Engineer, Western University (bio-oil upgrading, pilot-scale equipment fabrication)
Investor Signal
PhD from a leading Canadian research university with postdoc work directly in alternative fuel upgrading. Co-invented the core technology.
EA
Eric Appelman
Chief Revenue Officer
Chemical Engineering, University of Twente (Netherlands)
Thirty-five-year career in chemicals. Most recently EVP Business Development & CTO at Brightlands Chemelot Campus, Europe's largest industrial innovation environment for the chemical industry. During six years at Chemelot, evaluated hundreds of plastic-recycling technologies before choosing to join Aduro, calling HCT "one of the most exciting." Based in the Netherlands at the FOAK site.
PriorEVP Innovation & Strategy, Perstorp · Technical Director, Sigma Coatings · Unilever (edible oils) · Non-executive director, Deflamo and Svenska Aerogel
Investor Signal
Evaluated hundreds of competing technologies at Europe's premier chemical innovation campus. Chose to leave that position for Aduro. The strongest competitive due-diligence signal available.
DW
David Weizenbach
Chief Operating Officer
University of Alberta
Twenty-five-plus years of leadership in heavy industry, most notably contributing to NOVA Chemicals' rise as one of the world's premier-performing polyethylene facilities. Pioneered operations strategy and alarm-management techniques now considered industry standards. Expertise spans engineering, turnarounds, reliability, automation, operations, maintenance, emergency response, and regulatory compliance.
Investor Signal
Left one of the world's top polyethylene producers for Aduro. His operational expertise is exactly what's needed to take HCT from pilot to commercial scale.
MB
Mena Beshay
Chief Financial Officer
CPA · CMA · CPA (US) · CFE — four professional certifications · Trilingual
Twenty-plus years in financial leadership. Previously CFO & Global Head of Corporate Development at CloudMD Software & Services (public company), leading financial reporting, auditing, treasury, legal, and corporate development across North America and Europe.
PriorDeloitte · Ernst & Young · Domtar · Enercare
Investor Signal
Four certifications plus Big Four training. Public-company CFO experience through capital raises and corporate development.
AG
Dr. Arturo Gomez
VP of Engineering
PhD Chemical and Petroleum Engineering, University of Calgary · Licensed Professional Engineer (P.Eng.)
Twenty-plus years in process improvement, project management, and scaling chemical processes. Led teams commercializing new technologies and optimizing manufacturing for specialty chemicals, renewable fuels, and high-performance polymers. Six Sigma and Lean Manufacturing expertise.
PriorSenior engineering roles at MilliporeSigma (Merck KGaA) · Bartek Ingredients
Investor Signal
PhD + P.Eng. with specific experience scaling chemical processes from pilot to commercial. The engineering bridge between lab results and operating plants.
BA
Dr. Birendra Adhikari
Head of Research & Development
PhD Organic Chemistry · 30 scientific articles, papers, and book chapters
Accomplished organic chemist with multidisciplinary expertise in organic, analytical, and applied chemistry. Central to the development and improvement of core HCT technology and discovery of innovative new chemistries that expand the platform. Named in Aduro's Nasdaq listing announcement as a key contributor to the technology.
Investor Signal
Published researcher driving both core technology improvement and new chemistry discovery for platform expansion.
SS
Scott Smith, M.A.Sc., P.Eng.
Program Director, Petroleum Technology Solutions
M.A.Sc. (Master of Applied Science) · P.Eng. (Licensed Professional Engineer)
Twenty-five years of process and energy technology development experience, including seventeen at Cenovus Energy where he most recently led an enterprise-wide innovation portfolio spanning upstream and downstream operations. Joined Aduro May 2026 to apply HCT within paraffinic crude and bitumen upgrading — defining technology integration approaches at existing operating sites and guiding pilot campaigns that support localized scale-up. Hire coincides with the Q2 2026 paraffinic crude extension and CIP patent filing.
PriorCenovus Energy (17 yrs · enterprise innovation across upstream and downstream)
Investor Signal
Seventeen years at one of Canada's largest heavy-oil operators uniquely positions him to bridge HCT into existing bitumen and paraffinic upgrading operations. First externally-recruited program director for the petroleum verticals — signals that paraffinic and bitumen tracks are now actively staffed for commercialization, not just bench R&D.
Supporting Leadership
Abe Dyck
Head of Corporate Development / Investor Relations
Co-founded Methes Energies (listed on Nasdaq via RTO) and Cleantechonomics Energy ($2M raise, waste-to-energy). Twenty-plus years across traditional and renewable energy. Has executed this commercialization journey before.
Neha Nisar
VP of Finance
Chartered Accountant. Twenty-plus years at PwC, KPMG (seven years), Marriott International, Canada Goose, and MEDNOW, where she played a pivotal role in a complex acquisition process.
Stefanie Steenhuis
Head of Brand & Marketing
International B2B marketing executive. Prior roles at IBM, Siemens, Ecolab, and ThyssenKrupp. Joined Aduro to position the brand for market entry.
Independent Board of Directors
MG
Marie Grönborg
Independent Director
M.Sc. Chemical Engineering
Nearly three decades in chemical and clean-tech industries. CEO of TreeToTextile (sustainable fiber production). CEO of Purac (water treatment/biogas). EVP at Perstorp (specialty chemicals). Current board seats: SSAB (fossil-free steel), Permascand (green transition), Eolus (renewable energy).
Investor Signal
Three decades of chemical-industry leadership at the sustainability intersection. Board seats at companies pioneering fossil-free steel and renewable energy.
PK
Peter Kampian
Independent Director · Audit Committee Chair
CPA · CA · ICD.D Director Designation · Business Degree, Wilfrid Laurier University
Former CFO of Algonquin Income Fund (now Algonquin Power & Utilities, TSX:AQN, $10B+ utility). Led Mettrum Health Corp to public listing in 2014 and its $430M acquisition by Canopy Growth in 2017. CRO for companies navigating CCAA restructuring. Audit chair at Harborside Inc. and Red Pine Exploration.
Investor Signal
Built and sold a company for $430M. Former CFO of what became a $10B+ utility. Deep public-company financial governance experience.
JE
James E. Scott
Independent Director
Summa Cum Laude, Boston University School of Management (Finance & Operations Management)
Managing Partner of The Scott Company LLC (advisory and merchant bank) since 1998. Career started at Salomon Brothers (investment banking), then SBC Warburg in London. Managing Partner at Littlehorn Investments. Two decades of transaction, operating, and leadership experience across business scales.
Investor Signal
Salomon Brothers and SBC Warburg pedigree. Two decades running a merchant bank. Brings capital-markets expertise and deal-making experience.
External Validation · By Association

Every name on this page brings a network. The companies, institutions, and professional credentials below are aggregated from the founder, executive, supporting, and board sections — useful third-party signal for diligence beyond the primary documents.

Industry & finance employers
60+
across the team and board
Universities & research institutes
12
represented in education
Professional credentials
10+
PhD · P.Eng. · CPA · CA · CMA · CFE · ICD.D · MBA
Energy & chemicals industry
26 entries
Cenovus EnergyNOVA ChemicalsPerstorpBrightlands Chemelot CampusSSABAlgonquin Power & UtilitiesTreeToTextileEolusPermascandPuracMilliporeSigma (Merck KGaA)Sigma CoatingsBartek IngredientsYokogawaEmersonABBInvensysSpectraSensorsSiemensUnileverIBMEcolabThyssenKruppCurapipe SystemsQualion NMRTerayon
Capital markets & professional services
20 entries
Salomon BrothersSBC WarburgThe Scott CompanyLittlehorn InvestmentsDeloitteErnst & YoungKPMGPwCCloudMD Software & ServicesCanopy GrowthMettrum HealthMarriott InternationalCanada GooseDomtarEnercareHarborside Inc.Red Pine ExplorationMEDNOWMethes EnergiesCleantechonomics Energy
Education & research institutions
12 entries
Northwestern KelloggTel Aviv University RecanatiUniversity of TwenteWestern UniversityUniversity of CalgaryUniversity of AlbertaSt. Olaf CollegeBoston UniversityWilfrid Laurier UniversityUniversity of SunderlandNagpur UniversityICFAR — Institute for Chemicals & Fuels from Alternative Resources
Credentials carried
7 entries
3 × PhD (Chemistry / Engineering)P.Eng. — Licensed Professional EngineerCPA · CA · CMA · CFEICD.D — Institute of Corporate DirectorsMBA — Northwestern Kellogg / Tel Aviv RecanatiM.A.Sc. · M.E.Sc. · M.Sc.B.Eng. · B.Tech · B.A. Chemistry
Ownership Structure
CEO
~29.5%
Ofer Vicus
Total Insiders
34–36%
Management + board
Institutional
~1.6%
Upside on milestones
Retail & Float
~63%
High conviction base