CALGARY, Alberta, July 09, 2021 (GLOBE NEWSWIRE) — Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a leading developer of electrification technologies targeting low-cost, low-carbon and clean extraction of heavy oil and bitumen, is pleased to announce that Cenovus Energy Inc. (“Cenovus”) has joined the commercial-scale RF XL pilot project at Marwayne (the “Pilot”) as a consortium member. Cenovus will provide funding of up to $2 million and technical expertise in support of the Pilot under the terms of an agreement with Acceleware.
In exchange for the funding, Cenovus 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 Cenovus 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.
“Getting to a low-carbon energy future is complex and will require a multitude of solutions, a realization that this will be a transition over time, and a lot of players who are willing to actively participate. We are very pleased that Cenovus is coming on board as a third major oil sands partner in our Marwayne RF XL commercial pilot – particularly in light of their participation in the recently announced Oil Sands Pathways to Net Zero collaborative initiative,” said Geoff Clark, CEO of Acceleware. “While carbon capture technologies are a terrific and necessary innovation, it’s heartening to also see support for commercialization efforts for next generation technologies such as ours – one that is capable of near zero scope 1 and 2 GHG emissions.”
Acceleware has moved further into the execution phase of the Pilot. With the Marwayne site cleared in early 2021, barring unforeseen delays, construction at the site is scheduled to be complete in Q3 2021, with power up and heating following shortly thereafter. 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.
Cenovus joins two other major oil sands companies who have each agreed to provide technical assistance and up to $2 million in funding for the Pilot. In aggregate, Acceleware’s oil sands partners represent well over one million barrels of oil sands and heavy oil production per day. Acceleware has also received commitments for a total of $15.5 million in funding from Sustainable Development Technology Canada, Emissions Reduction Alberta, and Alberta Innovates.
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 when it is powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, offering 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 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 ALBERTA INNOVATES (AI):
Alberta Innovates is the province’s largest research and innovation agency. From funding to commercialization, we are Alberta’s innovation engine.
We are working to solve today’s challenges, create new opportunities and forge a healthy, sustainable and prosperous future for Albertans today and for generations to come.
We are where innovation happens, and we touch every corner of the province for the benefit of all Albertans.
ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC):
Sustainable Development Technology Canada (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. Learn more at sdtc.ca.
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 timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology. 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/414709b4-e99c-4e83-9250-a53a869a5e9c
