CALGARY, Alberta, Oct. 07, 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 Geoff Clark, Chief Executive Officer, has received Canada's Clean50 Award™. "Canada's Clean50 Awards are announced annually by Delta Management Group and the Clean50 organization to recognize those 50 individuals or small teams, from 16 different categories, who have done the most to advance the cause of sustainability and the clean economy in Canada over the past two years," said Gavin Pitchford, Delta Management Group CEO.
Mr. Clark was recognized in the Clean50 Research and Development category for Acceleware’s work in developing and commercializing RF XL - an electrification production technology for heavy oil and oil sands. Once commercialized, RF XL could eliminate Scope 1 and Scope 2 GHG emissions, eliminate fresh water use, and reduce capital and operating costs by an estimated 40 to 50 percent each. The Company is currently focused on completing a pilot project of RF XL near Marwayne, Alberta.
“The Clean50 program is delighted to feature the leader of a clean energy initiative that is working to decarbonize heavy oil and oil sands production. If successful, this technology could have a tremendous impact on achieving Canada’s environmental goals while opening the door to a more responsible future for the energy sector throughout the energy transition process,” added Pitchford.
“I am honoured to have been recognized by the Clean50 program, and I sincerely want to thank our entire team at Acceleware for their dedication in seeing our vision through from concept through to commercial-scale pilot,” said Geoff Clark. “RF XL can demonstrate how electrification can radically change the profile of an emissions intensive process such as oil extraction, and we believe virtually any industrial heating process can be electrified. Our goal is to make the Clean-Tech Inverter (the heart of RF XL) an electrification engine for multiple applications, and I look forward to seeing Acceleware play a major role in the energy transition.”
With a successful pilot and subsequent commercialization, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL. The Company also anticipates highly skilled job creation as well as skilled jobs transition opportunities.
For further information, to review prior news releases and learn more about Acceleware’s innovative RF XL technology, please visit the Company’s website at 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 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 Delta Management Group / Canada’s Clean50:
Leading ESG, sustainability and clean tech search firm Delta Management Group founded, and remains the steward of the Canada’s Clean50 awards, created in 2011 to annually identify, recognize and connect 50 sustainability leaders from every sector of Canadian endeavor, in order to facilitate understanding, collaboration and innovation in the fight to keep climate change impacts below 1.5 degrees C. Ancillary awards also recognize 20 Emerging Leaders and the Top Sustainability Projects of the year, as well as bestow Lifetime Achievement designations.
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 timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology, and the potential future applications of RF XL and Clean-Tech Inverter. Acceleware assumes that current timelines will not be delayed by either internal or external causes, and that research and development effort including the commercial-scale test plans will result in commercial-ready products.
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
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bbe591f-ac6d-4fdf-9e1e-af9e7a3f4d0b
https://www.globenewswire.com/NewsRoom/AttachmentNg/51608b41-5d2b-47d6-9db1-e44aeb429e40
