AXE Acceleware Ltd

Acceleware Ltd. (TSXV:AXE) (“Acceleware” or the “Corporation”), a leading developer of technologies targeting the decarbonization of industrial heating, and Aurora Hydrogen, today announce the successful award to Aurora Hydrogen Inc. (“Aurora”) of $2 million from the Alberta Innovates Hydrogen Centre of Excellence as part of their ‘Advancing Hydrogen – Competition 1’ program. The funding is to be shared equally between Aurora and Acceleware to support a joint development project involving methane pyrolysis using radio frequency (“RF”) energy, subject to the execution of definitive agreements which are currently in progress.

In the $5.5 million project, Aurora and Acceleware will collaborate to develop what could become the most efficient, clean, and scalable hydrogen (“H2”) production process designed to-date, while supporting a transformative opportunity for Canada’s energy sector. As a complement to Aurora’s existing focus on the use of microwave energy in methane pyrolysis, this project will involve a novel approach – utilizing RF energy from Acceleware’s Clean Tech Inverter (“CTI”) to heat Aurora’s unique pyrolysis reactor. The intent of the project is to uncover even greater efficiency that might be realized over Aurora’s proven microwave-based reactor due to the extremely high energy conversion efficiency of the CTI and its ability to quickly and cost effectively scale up to 10 MW power levels.

“We are excited to begin working with Aurora on this application – we believe that our RF innovation could play a key role in a low cost, distributed, and scalable zero emissions hydrogen production process,” said Geoff Clark, Chief Executive Officer of Acceleware. “Adding to our current RF XL heavy oil pilot, this project will further develop our core area of expertise – decarbonizing industrial heating applications by replacing combustion with clean electricity-powered RF energy.”

Said Andrew Gillis, Chief Executive Officer of Aurora, “We are looking forward to expanding our current field of development to include RF as a complement to the microwave work that is already underway. We are keen to begin working with the Acceleware team and their CTI platform. If the project is successful, we see that the CTI can help us rapidly advance industrial-scale H2 production volumes while also driving down energy intensity.”

About The Project

The aim of the project is to further Aurora’s research and development for the creation of an extremely cost effective method to convert natural gas into H2 at point of use or in a distributed manner as an alternative to large scale and high capital cost centralized hubs, with their requirements for high energy intensity and long distance transportation of H2. Instead, existing natural gas infrastructure and distribution networks would be leveraged, paving the way for accelerated adoption of H2 into transportation, industry, and utilities sectors.

This ‘made in Alberta’ project targets one of the most promising and scalable H2 conversion methods trialed to date and aims to further Alberta’s position as a global leader in highly economic and zero-GHG H2 production. If successful, the two-year project intends to show Aurora’s and Acceleware’s integrated solutions combining in a 200 kilogram per day H2 production unit, and to validate methods to scale to 2 tonnes per day and then to 20 tonnes per day H2 systems. Integration of Acceleware’s CTI with Aurora’s pyrolysis reactor includes developing an RF energy delivery system, adapting and optimizing the reactor for RF, and scale-up to 200 kilograms per day production during the project timeline.

About Acceleware

Acceleware (www.acceleware.com) is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency (RF) Heating Technology and Seismic Imaging Software.   

Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.    

The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”. 

About Aurora   

Aurora Hydrogen Inc. is developing a clean hydrogen production technology that utilizes efficient microwave energy without generating any CO2 emissions or consuming water. The technology is highly scalable, units can be installed anywhere and can scale from small fueling stations to the largest industrial applications. Hydrogen production using Aurora's technology has the potential to reduce global CO2 emissions by over 900 million tonnes per year. The company was founded in 2021 and is based in Edmonton, Canada. For more information, please visit: www.aurorahydrogen.com. 

Disclaimers

This press release contains “forward-looking information” within the meaning of securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that is prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.

The forward-looking information in this press release can be identified by the terms “expects”, “intends”, and derivatives thereof, and includes information about the potential to use RF energy from the CTI to produce hydrogen via methane pyrolysis, the benefits of CTI for the Aurora hydrogen reactor, development project costs, total funding received by Acceleware, and project completion timelines.

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release unless it is required to do so under securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:Geoff Clark, CEOTel: +1 (403) 249-9099geoff.clark@acceleware.com

Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G 0W3 CanadaTel: +1 (403) 249-9099www.acceleware.com