Latest news with #PSRA
Business Upturn
3 days ago
- Business
- Business Upturn
Aduro Clean Technologies Joins Plastics Industry Association and Polystyrene Recycling Alliance to Support Industry Collaboration on Recycling Innovation
LONDON, Ontario, July 17, 2025 (GLOBE NEWSWIRE) — Aduro Clean Technologies Inc. ('Aduro' or the 'Company') (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced its membership in both the Plastics Industry Association (PLASTICS) and the Polystyrene Recycling Alliance (PSRA), a collaborative initiative of PLASTICS focused on advancing polystyrene recycling solutions. The PSRA brings together stakeholders from across the polystyrene value chain including resin producers, converters, recyclers, and technology developers to support technical collaboration, data sharing, and infrastructure development. The alliance promotes both mechanical and advanced recycling approaches aimed at improving recovery rates and creating viable end markets for polystyrene materials. Membership in PLASTICS connects Aduro to a broad network of resin producers, recyclers, converters, and brand owners committed to driving sustainability and circularity in the plastics industry. Through PLASTICS, Aduro will participate in working groups and policy discussions that shape the regulatory frameworks, standards, and infrastructure needed to expand the role of chemical recycling and advanced conversion technologies. Hydrochemolytic™ Technology (HCT), developed by Aduro, works with water along with a catalyst at moderate temperatures to cleave carbon–carbon and carbon–heteroatom bonds in polymers resulting in lower-molecular-weight compounds. Unlike other technologies that rely on high thermal input to effect uncontrolled rupture of polymer molecules, HCT operates under gentler conditions enabling controlled reaction pathways. The catalyzed, selective chemistry of HCT results in higher yields of hydrocarbon products with high functional group purity with minimal loss of polymer feedstock to undesired by-products such as char or heavy tar and gases. Experiments conducted on bench and large lab scale flow-through units have demonstrated the applicability of HCT to convert post-consumer polystyrene into defined hydrocarbon intermediates such as toluene, ethylbenzene, and cumene. These outputs are compatible with downstream chemical infrastructure and require no further upgrading. While further development and validation are ongoing, these results underscore the potential of HCT to produce valuable chemical products and intermediates from difficult-to-recycle feedstocks and reflect Aduro's technical strength in valorization of waste streams. By joining the Polystyrene Recycling Alliance, Aduro is contributing to a collaborative industry effort focused on addressing the systemic and material-specific challenges of polystyrene recovery, such as limited collection infrastructure, low recycling rates, and public misperceptions. These challenges are central to PSRA's mission to expand access to and adoption of both mechanical and advanced recycling solutions. Aduro's early-stage work converting polystyrene into targeted hydrocarbon intermediates using its Hydrochemolytic™ Technology aligns with the Alliance's objectives to support innovation, data sharing, and viable end-market development. Participation in PSRA complements Aduro's broader R&D across diverse plastic and renewable feedstocks and reflects the Company's commitment to advancing science-based approaches to circularity. 'Polystyrene recovery rates remain low, and we're joining the Polystyrene Recycling Alliance to explore how Aduro's chemical approach can help address that challenge,' said Ofer Vicus, Chief Executive Officer of Aduro Clean Technologies. 'Our membership in PLASTICS extends that engagement across the broader plastics value chain, allowing us to contribute to policy, standards, and technical collaboration as the industry moves toward more circular solutions.' 'We're pleased to welcome Aduro as a new member of both the Plastics Industry Association and the Polystyrene Recycling Alliance,' said Patrick Krieger, Vice President of Sustainability at PLASTICS. 'Their participation reflects a shared commitment to advancing recycling solutions and building a more collaborative, innovative, and sustainable plastics industry.' Aduro is currently constructing its Next Generation Process (NGP) Pilot Plant in London, Ontario. Designed to operate under continuous flow conditions, the NGP Pilot Plant will support the evaluation of Hydrochemolytic™ Technology (HCT) using real-world feedstocks. Its modular and scalable design enables flexibility for project-specific applications across a range of customer needs. Aduro's participation in the PSRA complements this development by facilitating technical exchange, sample coordination, and closer alignment with evolving industry requirements. Polystyrene is a widely used plastic with applications in packaging, food service, construction, and electronics. Global production exceeds 40 million tonnes per year, with North America accounting for approximately 3.4 million tonnes. Despite this scale, most post-consumer polystyrene ends up in landfills. According to the Environmental Protection Agency in the United States, less than 6% of polystyrene packaging is recycled. Foam formats like expanded polystyrene (EPS) present particular challenges, with over 3.6 million tonnes of EPS waste generated annually and limited municipal collection. In Canada, plastic waste totaled approximately 4.4 million tonnes in 2018, with only 8% recycled. Polystyrene recovery rates are especially low—estimated at around 10%—and only 35% of municipalities include EPS in their residential recycling programs, limiting access to recycling services for this material. About the Polystyrene Recycling Alliance (PSRA) The Polystyrene Recycling Alliance is a collaborative initiative under the Plastics Industry Association (PLASTICS), dedicated to increasing access to and adoption of polystyrene recycling across North America. The Alliance brings together resin producers, converters, recyclers, and technology developers to support infrastructure investment, stakeholder education, and the advancement of both mechanical and chemical recycling solutions. About the Plastics Industry Association (PLASTICS) The Plastics Industry Association is the leading organization representing the entire plastics supply chain, including processors, equipment manufacturers, mold makers, material suppliers, recyclers, and brand owners. Established in 1937, PLASTICS works to connect stakeholders, promote sustainable practices, advocate for responsible policy, and advance innovation across the industry. The Association manages several signature programs, including NPE: The Plastics Show, Operation Clean Sweep, and the Future Leaders in Plastics (FLiP) initiative. About Aduro Clean Technologies 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. The Company's Hydrochemolytic™ Technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For further information, please contact: Abe Dyck, Head of Business Development and Investor Relations [email protected] +1 226 784 8889 KCSA Strategic CommunicationsJack Perkins, Senior Vice President [email protected]
Extra.ie
07-07-2025
- Business
- Extra.ie
Revenue will target estate agents found ‘scamming' Help to Buy
Revenue will investigate real estate agents who attempt to 'scam' the Help to Buy (HTB) scheme, Minister for Housing James Browne has warned. It comes after estate agent Sherry FitzGerald reportedly told a couple the price of a home had been split into two payments in order to bypass the rules of the subsidy scheme. The HTB scheme offers first-time buyers the chance to claim back €30,000 from their income tax on properties where the value is above what they can afford under Central Bank lending rules, but only on properties valued at €500,000 or less. Revenue will investigate real estate agents who attempt to 'scam' the Help to Buy (HTB) scheme, Minister for Housing James Browne has warned. Pic: File According to reports, a Limerick estate agent offered to split the cost of a property valued at €525,000 in two – a €500,000 payment for the house and an extra €25,000 in 'flooring costs'. This allowed the couple to avail of the HTB scheme under a falsified home value of €500,000, The Irish Times reported last week. Yesterday, Minister Browne warned: 'Anybody scamming that system, Revenue Commissioners are going to investigate that because that is a scam.' He added that splitting of house prices to bypass the cap was 'absolutely unacceptable'. 'It is outside of the terms of that agreement,' he told RTÉ's The Week In Politics. Revenue will investigate real estate agents who attempt to 'scam' the Help to Buy (HTB) scheme, Minister for Housing James Browne has warned. Pic: Stephen Collins / Collins Photos The Fianna Fáil TD warned that 'people are taking very high risks in terms of effectively defrauding the system'. The Property Services Regulatory Authority (PSRA) has said it has the power to issue minor and major sanctions, including suspensions and fines, to people attempting to bypass the HTB cap. The PSRA told the Irish Examiner it encourages 'first-time buyers who are approached by estate agents to enter into this practice to make a complaint to the PSRA'. Following the report, a Sherry FitzGerald spokeswoman told The Irish Times: 'At this point, we believe that this is an isolated incident relating to a single property.' She confirmed Sherry FitzGerald would be launching a formal investigation into the matter, adding: 'Following the conclusion of our investigation, we will take whatever steps are necessary to ensure that such a situation cannot occur again.' In the first four months of the year, 17,144 applications were received for the Help To Buy the first four months of the year, 17,144 applications were received for the HTB scheme. There were 5,000 more than in the same period of 2024. Minister Browne also addressed concerns about decreases in employment in the construction sector. The Business Post reported yesterday that construction firm MKN Property Group has cut more than half its workforce because it has 'run out of work'. Labour housing spokesman Conor Sheehan said: 'We have apprentices at the moment who are still on sub-minimum wage… We need to do a huge job in workforce planning, in terms of scaling up the construction industry.' Mr Browne called the issue a 'funny balance', saying: 'If you increase pay too much you will end up with less apprentices.' Eoin Ó Broin, Sinn Féin housing spokesman, told the minister: 'The problem isn't a skills shortage, it's how you're handling this.' Minister Browne also fielded questions on the limitations of Uisce Éireann. Eoin Ó Broin, Sinn Féin housing spokesman, told the minister: 'The problem isn't a skills shortage, it's how you're handling this.' Pic: Leah Farrell/ The utility provider has repeatedly warned it does not have the capacity to connect proposed housing projects to the water pipeline. Minister Browne was asked why Uisce Éireann has no statutory obligation to provide water infrastructure for new housing projects. Rory Hearne, Social Democrats housing spokesman, called for statutory guidelines to be provided to Uisce Éireann, saying: 'The Government has to give them that, in terms of actually saying they have a responsibility as well.' The minister responded: 'There is no point in having statutory guidelines if a body doesn't actually have the capacity to do so; what we're doing is actually giving them the capacity. 'We're going to give them more funding specifically ringfenced to deliver the housing infrastructure we need'. Minister Browne was reluctant to provide more details on the funding except to say that specifications would be outlined in the National Planning Framework, the National Development Plan, and his own housing plan. He wouldn't give a timeline but insisted it would be new money not previously announced.
Irish Examiner
01-07-2025
- Business
- Irish Examiner
Effort to bypass help to buy scheme being examined, says housing regulator
Ireland's property regulator said it is examining a report that a potential home buyer was asked to pay €25,000 for flooring in order to bypass the cap on the help to buy scheme. The Property Services Regulatory Authority (PSRA), which licences and regulates auctioneers and estate agents, said it was not aware of such practices taking place, but encouraged any first-time buyers who were faced with such an incident to lodge a formal complaint. The Irish Times reported yesterday that a prospective home buyer contacted estate agents Sherry FitzGerald, asking if the developer of a new estate would consider selling a home for €500,000 so it would qualify for the help to buy scheme. The agent said it would not qualify for the scheme as it is priced at €525,000 and above the €500,000 cap. The agent subsequently contacted the buyer, saying the price of the home had been split so that it qualified for the scheme, with the house costing €500,000 and the flooring in the home costing €25,000. Reacting to the report, a spokesperson for the PSRA said it has the power to issue minor and major sanctions, including suspensions and fines. 'The PSRA was not aware of the practice of estate agents assisting developers circumvent the help to buy (HTB) scheme by asking first time buyers for the excess of €500,000, which is the limit under the HTB scheme, in cash,' they said. The PSRA would encourage first-time buyers who are approached by estate agents to enter into this practice to make a complaint to the PSRA [and] include all relevant evidence. Contacted by the Irish Examiner, Sherry Fitzgerald said it has launched an internal investigation. 'At this point, we believe that this is an isolated incident relating to a single property. Our client is not privy to any negotiations with any prospective buyer. 'Following the conclusion of our investigation, we will take whatever steps are necessary to ensure that such a situation cannot occur again.' Administered by the Revenue Commissioners, the scheme provides a refund on income tax of up to €30,000 to first-time buyers on new-build properties up to a value of €500,000. For a property to qualify under the scheme, it must be purchased or built as the first-time buyer's home and, if purchased, it must be purchased from a qualifying contractor. The tax refund is paid directly to the contractor. In the first four months of 2025, some 17,144 applications were received for the scheme — almost 5,000 more than in the same period in 2024. Contacted by the Irish Examiner, the Department of Housing referred questions to the Department of Finance, which referred the matter to Revenue. In a statement, Revenue said it could not comment on individual cases but said the €500,000 threshold includes all payments made in connection with the property. 'Splitting payments, omitting costs, or structuring arrangements to artificially remain below the threshold constitutes non-compliance,' Revenue said, adding that a range of sanctions could be imposed.
Irish Times
30-06-2025
- Business
- Irish Times
One major sanction imposed after more than 270 complaints against property agents
Over 270 complaints were processed against property agents including auctioneers, estate and letting agents and property management agents in 2024, according to the regulator. However, only one of 274 complaints concluded had resulted in a major sanction, according to the Property Services Regulatory Authority (PSRA) . The statutory body responsible for licensing and regulating property services in the State published its annual report on Monday. A complaint in 2023 relating to a property agent misappropriating client funds led to a major sanction prohibiting the agent from applying for a new licence for six months. READ MORE Sixty per cent of the 274 complaints lodged last year were concluded without the need to appoint a PSRA investigator after an initial assessment; 6.5 per cent were ultimately withdrawn; and 4.3 per cent remained under review at the end of 2024. Of 68 complaints requiring investigation, 55 instances of improper conduct were found, while 12 showed no improper conduct. Eighteen cases held up 'a combination of breaches'. [ Agent who allegedly let out 17 overcrowded properties to migrants disputes claims against him Opens in new window ] Most complaints related to a client being dissatisfied with the service the property agent provided. Others included bidding issues, the retention of money by a property service provider, and ethical conduct. The 2024 figures represent a slight drop in the number of complaints filed in the year previous (281), which itself was an increase on 2022's figure of 205 complaints. The PSRA also conducted 406 anti-money laundering audits last year, in which 89 per cent of businesses were found to be compliant. Areas of noncompliance were identified in 45 businesses, most often for failure to conduct adequate business and client risk assessments and customer due diligence. PSRA chairman Michael Quinlan said the authority maintains 'an ongoing commitment and proactive approach to the safeguarding of consumer protection and to maintaining oversight and professionalism in the property services sector'.
Irish Independent
29-06-2025
- Business
- Irish Independent
Eoin Ó Broin calls for new state regulator to oversee apartment block management companies
Reforms requiring firms to set up sinking funds to deal with unexpected costs should go further, says Sinn Féin housing spokesman Companies in charge of running apartment buildings will be required to set up sinking funds to deal with unexpected costs under new legal changes — but there are calls for reforms to go further. Sinn Féin housing spokesman Eoin Ó Broin said a new regulator needs to be established to have oversight of the owner management companies (OMCs) managing blocks of flats. He also called for the Property Services Regulatory Authority (PSRA) to be given additional powers to take action against agents working for OMCs to manage apartment complexes. OMCs are usually made up of apartment owners. They run common areas and shared services in multi-unit complexes, but under a new remediation scheme for defective apartments they will also be responsible for applying for grant funding and managing repairs for fire safety and water ingress. Some owners want to see a register of OMCs established to give better oversight of the sector. Government reforms will see responsibility for legislation transferred from the Department of Justice to the Department of Housing. It is expected this will also mean responsibility for the PSRA will move to the Department of Housing. Discussions about transferring these responsibilities are ongoing, but sources said the talks have stopped short of proposing a new register and a regulatory body to oversee OMCs. Correspondence between Department of Justice officials, obtained by Mr Ó Broin under Freedom of Information, shows new regulations under the multi-unit development act 'will be made… to ensure that OMCs are financially sustainable'. This will see regulations introduced requiring OMCs to 'provide for expenditure of a non-recurring nature (ie, sinking fund expenditure)', it states. ADVERTISEMENT They will also set out the class of items which may be subject to annual service charges, and set procedures around setting, levying and paying these charges. Mr Ó Broin said he would like to see reforms of the sector go further. There needs to strong regulation of the property services sector 'There needs to be a regulator of the multi-unit development act, where it would oversee and regulate the OMCs and also produce mechanisms where if there is a dispute between OMC members it could be resolved outside of the courts. That is necessary,' he added. 'The PSRA will move to the Department of Housing. 'That should have happened a long time ago and that is relevant because the OMCs — which represent the owners and owner directors — often appoint agents who run complexes. 'They are regulated by the PSRA which has a voluntary code of conduct and no enforcement powers. 'There needs to be not only a regulator for the OMCs, but strong regulation of the property services sector.' A Department of Housing spokesman said the Programme for Government commits to transferring responsibility for the multi-unit development act from the Department of Justice 'to streamline support for owners' management companies and improve oversight'. He added that work collaborating with the Department of Justice in preparing new regulations around service charges and establishing sinking funds 'are now at an advanced stage'.
