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Acceleware Announces $5M in New Funding from Alberta Innovates for Marwayne RF XL Pilot

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

· 03/17/2021 07:24

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/.