Acceleware receives support from a second major oil sands producer

Acceleware receives support from a second major oil sands producer
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CALGARY – Acceleware® Ltd. (TSXV: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, announced that a second major oil sands producer has agreed to provide financial and technical support for the commercial-scale pilot test of its RF XL radio frequency heating system at Marwayne, Alberta. The Producer will provide funding of $2 million and technical expertise in support of the Marwayne RF XL pilot under the terms of an agreement with Acceleware.

In exchange for the funding, the Producer will be able to provide input into pilot designs and test specifications prior to completion, and will receive, along with the other pilot participants, exclusive access to the full set of detailed technical data and test results for one year following completion of the pilot. Acceleware has granted the Producer prioritized rights to host a subsequent test of Acceleware’s RF XL technology, preferred pricing on pre-commercial products, and preferred access to RF XL products over operators who do not participate in the pilot.

“Securing a total of $4 million in financial support plus valuable technical input from two major oil sands operators is a real testament to the potential benefits of RF XL.” said Geoff Clark, CEO of Acceleware. “We are well underway with the execution of the pilot at Marwayne, and we are excited to have secured investment from an industry leader who is committed to reducing the carbon footprint, water use and land disruption of oil sands and heavy oil.”

Acceleware has moved into the execution phase of the Pilot, which includes ordering long-lead equipment and materials. Currently, Acceleware estimates construction will begin as early as January 2021, followed by heating as early as March 2021. While the initial heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology. The cost of the Pilot is expected to be between $16 and $20 million, of which $18 million has been raised by the company. This includes $5.25 million in funding from Sustainable Development Technology Canada and $5 million from Emissions Reduction Alberta in addition to the $4 million provided by two major oil sands producers. Receipt of funding presumes the achievement of milestones required for receipt of such funding. Acceleware continues to seek additional sources of funding for the Pilot.

With a successful Pilot, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL. Acceleware’s RF XL electromagnetic heating technology generates near-zero GHG emissions given it can be powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, and requires less land use, offering a cleaner and more sustainable solution to meet the world’s growing demand for energy.

Acceleware is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency 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”.

We seek safe harbor.

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