Prospera (TSXV:PEI) and Aduro (CSE:ACT) collaborate on pilot plant for partial upgrading of bitumen

• Prospera Energy (PEI) and Aduro Clean Technologies (ACT) have signed a letter of intent
• The companies will collaborate on developing, building, and supplying a pre-commercial pilot plant to convert low API bitumen to higher-value products
• The LOI outlines an 18-month plan with three phases
• Upon the completion of phase three, Aduro and Prospera will define a roadmap to commissioning a 3,000 bbl/day commercial facility
• Ofer Vicus, CEO of Aduro Clean Technologies, sat down with Sabrina Cuthbert to discuss the news
• Prospera Energy Inc. is a public oil and gas exploration, exploitation, and development company focusing on conventional oil and gas reservoirs in Western Canada
• Prospera Energy Inc. opened trading at $0.065 per share

Prospera Energy (PEI) and Aduro Clean Technologies (ACT) have signed a letter of intent dated September 12th, 2022. 

The two companies will collaborate on developing, building, and supplying a pre-commercial pilot plant to convert low API bitumen to higher-value products.

Aduro Clean Technologies Inc. signed the LOI through its wholly-owned subsidiary, Aduro Energy Inc.

The LOI outlines an 18-month plan with three phases.

Aduro and Prospera will define a roadmap to commissioning a 3,000 bbl/day commercial facility.

In consideration of the services to be provided for phase one, Prospera Energy Inc. will pay Aduro a monthly fee of C$25,000 plus applicable taxes, with the total fees for the completion and delivery of phase one scope capped at C$125,000 plus applicable taxes.

Ofer Vicus, CEO of Aduro Clean Technologies, sat down with Sabrina Cuthbert to discuss the news.

“Aduro’s research and engineering team has been building the necessary tools to enable Aduro to test an expanded range of customer feedstock, and we are very excited to apply it to Prospera’s crude and to demonstrate our ability to unlock the value of lower API bitumen. By partnering with Samuel David and the Prospera team, we will have access to resources and support in building and operating a pilot plant facility, an important milestone on our path to commercialization.”

Prospera Energy Inc. is a public oil and gas exploration, exploitation, and development company focusing on conventional oil and gas reservoirs in Western Canada.

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.

Aduro Clean Technologies (ACT) opened trading at C$0.83.