Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a
leading innovator of transformative technologies targeting the
decarbonization of industrial heating, is pleased to announce an
agreement for $3 million in non-dilutive grant funding with the
Clean Resource Innovation Network (“CRIN”). The funding will be
applied to eligible project costs incurred between January 1, 2022
and March 31, 2024 for the commercial-scale pilot of RF XL at
Marwayne, Alberta (“the Pilot”). CRIN’s funding is intended to
accelerate clean technology development and commercialization for
oil and gas industry challenges, and is made possible by the
Government of Canada’s Strategic Innovation Fund. Funded projects
are expected to accelerate solutions to significantly improve
environmental performance, help meet climate targets and provide
economic and public benefits for Canada.
“We look forward to CRIN joining our ongoing
collaboration with funding partners Sustainable Development
Technology Canada, Alberta Innovates, Emissions Reduction Alberta,
and our three industry partners. These funds are critical in
helping us proving out the RF XL technology, said Geoff Clark,
Acceleware CEO. “We are keenly aware of how important the
decarbonization of heavy oil production is to the clean energy
initiatives of Alberta and Canada.”
“CRIN is pleased to provide this funding for
Acceleware’s RF XL pilot,” said Glen McCrimmon, CRIN’s Director of
Operations. This project aligns well with CRIN’s vision where
Canada is the global leader in clean hydrocarbons from source to
end use and exemplifies how oil and gas energy development and
environmental stewardship can go hand-in-hand. We look forward to
seeing Acceleware’s progress in the coming months.”
RF XL is a transformative electrification
technology that could provide combustion-free heating via radio
frequency energy for heavy oil and oil sands production. Not only
could it eliminate direct GHG emissions generated during extraction
and eliminate the need for any carbon capture, but RF XL would also
eliminate the requirement for fresh water, water treatment
facilities and significantly reduce land footprint. RF XL is also
expected to lower capital costs by fifty percent and operational
costs by forty percent, providing the potential for this
decarbonization technology to play an important and profitable role
in the energy transition.
CRIN funding comes as a welcome addition to over
$16.4 million already received from federal and provincial
government funders, and will be an excellent complement to
Acceleware’s recently closed private placement.
RF XL is the first of several electrification of
industrial heating applications that Acceleware is commercializing,
largely since the near-term decarbonization of heavy oil and oil
sands production will play a critical role in a successful energy
transition. Work is also underway for decarbonization of other
heavy emitting industrial heating applications, where Acceleware
will leverage its in-house expertise in leading-edge
electrification technologies to provide optimized, economic
solutions for the reduction of GHG emissions in large-scale
industrial heating processes.
E-house at Acceleware's RF XL Commercial-Scale
Pilot Test at Marwayne, AB. July 2023
About CRIN
The Clean Resource Innovation Network
(CRIN) is a pan-Canadian network focused on ensuring
Canada’s hydrocarbon resources are sustainably developed and
integrated into global energy systems. CRIN, as a ‘network of
networks,’ connects a vast array of skills, knowledge and
experience from oil and gas and other industries to technology
developers, researchers, government, investors, academia,
entrepreneurs, and youth. By identifying industry challenges, we
create market pull in order to accelerate the commercialization and
widespread adoption of clean technology, leading to significant
environmental, economic, and public benefits to Canada. CRIN is
supported in part by a $100-million investment from the Government
of Canada’s Strategic Innovation Fund (SIF).
About Acceleware
Acceleware is an innovator of clean-tech
decarbonization technologies comprised of two business units: Radio
Frequency 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 is
also actively developing partnerships for RF heating of other
industrial applications using the Company’s proprietary CTI.
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”.
Disclaimers
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, “anticipates”, “plans”,
“continues”, “budget”, “scheduled”, “forecasts”, “estimates”,
“believes” or “intends” or variations or negatives of such words
and phrases or stating that certain actions, events or results
“may” or “could”, “would”, “might”, “shall” or “will” be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking statements.
In this news release, forward-looking statements
relate to, among other things, statements relating to the benefits
of RF XL, future operation of the Pilot, prospective performance of
the Company, the status and advancement upgrades and repairs, the
anticipated development, application and market potential of CTI,
the receipt of regulatory approvals for the Private Placement
(including TSXV approvals) and the timing thereof, statutory hold
periods, the terms and conditions of the Private Placement, the
Closing Date for the Private Placement, the anticipated use of
proceeds from the Private Placement and the participation of
related parties in the Private Placement. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to the Company. The material facts and assumptions
include obtaining approval of the TSXV of the proposed Private
Placement, the availability of certain prospectus exemptions in
respect of the Private Placement and the intended use of proceeds
remaining in the best interests of the Company. Actual results may
vary from the forward-looking information in this news release due
to certain material risk factors. The Company cautions the reader
that the above list of risk factors is not exhaustive and
additional risk factors risk factors are described in detail in
Acceleware’s continuous disclosure documents, which are filed on
SEDAR at www.sedar.com. The forward-looking information contained
in this release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Due to the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) 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) 249-9099}www.acceleware.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/48e927be-1546-46f2-99a2-08f547705412
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