Aduro Clean

Intangible assets: As of February 28, 2026 Aduro reports ten patents (seven granted, three pending), and filed a continuation‑in‑part in April 2026 to extend protection to paraffinic crude applications. This provides some defensibility for Hydrochemolytic Technology and its process integration.

Cost advantage potential: HCT is designed to operate at moderate temperatures with water as a reactive medium, targeting cleaner, lower‑boiling oils that may need less downstream upgrading than typical pyrolysis oils. If reproduced at industrial scale, this could translate into operating and capex advantages for licensees and offtakers.

Switching costs and efficient scale: Today switching costs are low because adoption has not yet occurred; over time they could increase if HCT plants integrate tightly with crackers and logistics. Network effects are negligible.

Overall, the moat is prospective rather than proven; durability will hinge on FOAK performance, quality certification (e.g., ISCC PLUS), and license uptake in a field where large incumbents are scaling their own solutions.