Aduro Clean Technologies — From Lab to NASDAQ
How Cyan Capital helped Aduro Clean Technologies evolve from a university lab startup to a NASDAQ-listed cleantech leader.
Background on the Target
Aduro Clean Technologies is a Canadian cleantech company pioneering advanced chemical recycling processes to address the global plastic waste crisis and the demand for sustainable fuels and chemicals. Its proprietary Hydrochemolytic™ Technology transforms hard-to-recycle plastics—such as polyethylene, polypropylene, and polystyrene—and heavy crude oils into high-value products like diesel, jet fuel, and specialty chemicals. Unlike traditional recycling methods, which often degrade material quality, Aduro’s process preserves molecular integrity, enabling a circular economy where waste is converted into valuable resources with lower carbon emissions.
Aduro’s technology development was significantly advanced through a collaboration with Dr. Paul Charpentier, a leading researcher in chemical engineering at Western University in London, Ontario. Dr. Charpentier’s expertise in nanotechnology and sustainable chemical processes helped refine Aduro’s Hydrochemolytic™ platform, enhancing its efficiency and scalability for industrial applications.
Background on the Industry
The global plastic waste problem is staggering: over 350 million tons of plastic are produced annually, with less than 10% recycled effectively, according to the OECD. Meanwhile, the market for sustainable fuels and chemicals is projected to grow significantly, with the global chemical recycling market expected to reach $14 billion by 2030. Aduro’s technology positions it to capture a share of this market while addressing environmental challenges like plastic pollution and reliance on fossil fuels.
Strategy Formation
When we initially engaged with Aduro through a company we co-founded and core equity holding - acquisition company Dimension Five (D5), Aduro was an early-stage innovator with a promising but unproven technology operating from a lab out of Western University. Aduro operating in a capital-intensive cleantech industry, faced significant hurdles: validating its technology, scaling operations, and attracting the necessary funding, to name a few.
D5’s role, led by Chris Parr was to design a capital markets strategy that balanced investment risk with technology and execution risks, preserving management’s equity upside, and pave a credible path toward increased funding both retail and institutional to help set the stage for future uplistings. As CEO of the acquisition company, Chris Parr worked directly with his partners and Aduro founder and CEO to create a transaction that accomplished these goals that would maximize the potential value generation on both sides.
The Challenge
Aduro’s Hydrochemolytic™ Technology had transformative potential in the $14 billion chemical recycling market, but as a cleantech startup, it faced unique risks: unproven scalability, regulatory uncertainties in waste management, and skepticism from investors accustomed to volatile cleantech ventures, and projects claiming to convert waste to energy that ultimately failed. Early investors needed protection from execution risk, while management required sufficient equity to stay motivated through a long development cycle. Raising money at too high a valuation added risk and significantly limited upside potential; raising too low risked excessive dilution for management.
Our goal was to design a structure that:
- Reduced downside risk for investors
- Preserved upside participation for Aduro management and shareholders
- Positioned the company for progressive capital raises and uplistings
Our Approach
We designed a performance-based milestone structure tailored to the cleantech sector’s high capital needs and long validation timelines:
Class B Special Warrants: Converted upon major commercial or financing achievements, such as a transaction with an institution which clearly has the capacity to finance Aduro’s majority owned commercial operation; certain commercial production achievements; significant commercial revenue targets; equity investment in Aduro of at least $3 million at a pre-money valuation of $40 million or more; total market capitalization of $65 million or greater for 19 out of any 20 consecutive trading days; or a complete buyout of all issued and outstanding shares at a minimum value threshold (Second Milestone, within 4 years of the closing date).
This structure aligned investors and management, rewarding execution while mitigating risks inherent in scaling innovative cleantech solutions.
Execution & Milestones
Completed three private placements totaling over $3 million at pre-money valuations under $10 million, fueling technology development and pilot testing.
Converted all original Aduro investors holding convertible notes into common shares of newly formed public entity (Aduro Clean Technologies Inc.).
Closed reverse takeover with Dimension Five, listing on the Canadian Securities Exchange and unlocking broader investor access and further accretive capital raises.
Independent validation of the showroom unit by Dr. Charpentier, proving >90% efficiency in converting mixed plastic waste to premium fuels — triggering Class A Special Warrant conversions and de-risking the path to commercialization.
Landed institutional financing rounds that exceeded the funding threshold, affirming market demand and activating Class B warrants to reward management and early Aduro investors.
Aduro's disciplined execution has propelled it to NASDAQ listing under "ADUR," with shares trading at $13.80 USD and a market capitalization exceeding $450 million. The company most recently completed a $20 million financing to help fund its next-generation pilot plant to advance commercialization. Current stock price reflects over 40x share appreciation from the initial financing completed in 2021.
The Results
Aduro transformed from a Canadian cleantech startup with a sub $10M valuation to a Nasdaq-listed company (Nasdaq: ADUR) with a greater than USD $450M market capitalization as of January 20, 2026; positioning it to lead in the $14 billion chemical recycling market. Its technology, born out of a lab in Sarnia Ontario, now has the potential to divert millions of tons of plastic waste from landfills and oceans annually, while producing sustainable fuels that reduce reliance on fossil-based alternatives. Early investors were able to achieve staggering ROI, and management preserved equity ownership while raising capital at progressively higher valuations. The milestone structure and transaction with our public company Dimension Five Technologies Inc. built credibility, accelerated fundraising, made it easier to hire top-tier talent and opened access to global capital markets.
Why It Matters for Companies and Investors
This case demonstrates how Cyan Capital’s future acquisition companies, go-public advisory and investor relations services will empower companies to navigate the complex path from early-stage to global public markets. By structuring investor-friendly deals that align with the long development cycles and high capital needs of sustainable and breakthrough technologies. The success of Aduro’s journey highlights Cyan Capital’s ability to:
- Value and position companies for public market success
- Create winning deals for both target-co management, shareholders, and new investors
- Navigate the path from early-stage private financing → public listing → and continued board of director, investor relations and audit committee support
- Onboard strategic long-term investors
- Raise broad investor awareness amongst both retail and institutional investors
Aduro’s success anchors our go-public and investor relations services: develop winning structures, maintain full transparency, honest and hard working leadership, driven to produce results and deliver maximum value. If you are pursuing or thinking about going public or need expertise to unlock investor awareness for your public company, reach out to us!