CALGARY, Alberta, March 17, 2021 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, is pleased to announce that the Company has entered into an investment agreement (the “Agreement”) with Alberta Innovates, the province of Alberta’s largest research and innovation agency. Under the terms of the Agreement, Alberta Innovates agrees to provide Acceleware with a contribution of up to $5 million for the RF XL commercial pilot test at Marwayne, Alberta (the “Pilot”). The funding is provided in accordance with the Alberta Innovates mandate and the mandate of the TIER Economic Recovery Program. The funds will be distributed at designated milestones over the course of the Pilot.
Acceleware is pleased to share that execution of the Pilot is now well underway. The site was cleared in early 2021, long-lead equipment and materials for the test have been ordered, and service company partners have been selected and contracted. Subject to weather or other unforeseen delays, Acceleware anticipates construction at the site will be complete before the end of June 2021, followed by heating which is expected to commence in early Q3 2021. While the initial heating phase is anticipated to run for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology. Given current estimates, the Company believes that the Pilot is fully funded, as Acceleware has successfully raised over $19 million in direct funding to date. This includes the recently secured $5 million from Alberta Innovates, $5.25 million from Sustainable Development Technology Canada (“SDTC”) and $5 million from Emissions Reduction Alberta (“ERA”), and an additional $4 million provided by two major oil sands producers, including Suncor.
“We are extremely proud to realize another key milestone in our development of RF XL. With this funding from Alberta Innovates, Acceleware has secured all of the resources we need to complete the commercial demonstration of RF XL at Marwayne,” said Geoff Clark, CEO of Acceleware. “We look forward to Alberta Innovates joining our ongoing collaboration with funding partners SDTC and ERA, as well as our operating company partners.”
With a successful Pilot, numerous potential environmental benefits of deploying RF XL could be realized. RF XL eliminates the need for fresh water, reduces greenhouse gas emissions, uses no added solvents, and requires less land use, all of which offer a cleaner and more sustainable solution to meet the world’s growing demand for energy. For further information about the Pilot, to review prior news releases, or to learn more about Acceleware’s innovative RF XL technology, please visit the Company’s website at https://www.acceleware.com/.
ABOUT ACCELEWARE:
Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.
Acceleware is developing RF XL, its patented and patent-pending 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. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen 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. In shallow oil sands implementations, no tailings ponds will be required.
Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create 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 ALBERTA INNOVATES (AI):
Alberta Innovates invests in research, innovation and entrepreneurship to drive provincial economic growth and diversity. We ignite the power of innovation through our work with researchers, industry and entrepreneurs to move Alberta to a lower-carbon future, promote the responsible use of land and water, and contribute to the improved health and well-being of Albertans.
Alberta Innovates provides technical expertise, entrepreneurial advice and support, opportunities for partnerships, and funding to advance the best ideas. We support a broad range of research and innovation activity – from discovery to use. Collaboration is at the heart of what we do – bringing together bright minds and great ideas.
ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC)
SDTC helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water and clean soil.
By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming.
As an independent federal foundation and flagship program, SDTC’s funding of Canadian entrepreneurs has created jobs, growth and long-term prosperity for Canada. Since inception, SDTC has invested over $1.28 billion in 450 companies, creating 14,600 jobs. SDTC companies have reduced greenhouse gas emissions by an estimated19.3megatonnes annually, that is equivalent to taking almost 6 million cars off the roads every year.
ABOUT EMISSIONS REDUCTION ALBERTA (ERA):
For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $646 million toward 204 projects worth $4.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 37.7 million tonnes of CO₂e by 2030.
NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are 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 terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the expected cost of the RF XL pilot at Marwayne, the timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.
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 Canadian securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
DISCLAIMER
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 more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com