Aduro Clean

The product target is a circular naphtha‑range oil whose pricing will be linked to petrochemical feedstock benchmarks plus any achievable green premium or certification credit. This is not inherently high‑margin or insulated from commodity cycles.

Pricing power would more likely come from technology licensing if HCT proves meaningfully cheaper or simpler than alternatives.

Aduro’s March 2026 MOU with a global EPC to build a licensing package suggests intent to pursue a licence‑driven model, but license rate cards and willingness‑to‑pay are untested relative to entrenched competitors (e.g., proprietary pyrolysis platforms).

Our rating reflects limited current pricing power with upside only after FOAK success and multi‑client replication.