Aduro Clean Technologies (ADUR) said Thursday its Aduro Energy subsidiary has signed a non-binding memorandum of understanding with a global engineering, procurement, and construction firm to jointly develop a commercial licensing package for its Hydrochemolytic technology.

The preliminary agreement also aims to develop a license-driven business program for plastic recycling plants using the technology, Aduro said.

The company said construction of its planned industrial facility deploying the hydrochemolytic technology at the Chemelot Industrial Park in the Netherlands will form the engineering basis for the license package.

Shares of Aduro were down more than 2% in premarket activity Thursday.