Acceleware receives support for Marwayne RF XL Pilot from a second major oil sands producer

CALGARY, Alberta, Dec. 22, 2020 (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, including enabling the development of low-carbon initiatives, is pleased to announce that a second major oil sands producer (the “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.”

With the advancements achieved thus far in 2020, 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 (SDTC) and $5 million from Emissions Reduction Alberta (ERA) 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.