Acceleware Provides RF XL Commercial-Scale Pilot Update and Announces Non-Brokered Private Placement of Units

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CALGARY, Alberta, June 06, 2023 (GLOBE NEWSWIRE) -- Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), is pleased to provide an update on the status of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”). The Company is also announcing a non-brokered private placement of units (the “Units”), at a price of $0.23 per Unit (the “Unit Price”), for gross proceeds of up to $2,000,000 (the “Private Placement”).

Pilot Update

The RF XL team has continued to work through the heating well workover project since closing the last financing of the Company for $1.8 million in November 2022. At that time, the Company was also seeking non-dilutive financial support from partners and funders. As a result, Acceleware was able to secure $900,000 in non-repayable funding from Alberta Innovates (announced December 2022) to help cover the cost of the workover. The Company continues to actively source additional non-dilutive funding.

During the Pilot workover project, the team was able to complete an inspection of the removable and non-removeable components of the proprietary down-hole RF XL system. The inspection activities included visual inspection, various electrical and mechanical measurements, down-hole video analysis and other engineering techniques to obtain detailed data on the condition of the components. This inspection enabled the team to identify several opportunities that are expected to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without pausing operations to perform the replacement of the distributed temperature sensing system (“DTS”) and have resulted in the addition of valuable IP.

“The Acceleware team has performed extensive analysis and planning, working closely with service partners and operating partners to develop an appropriate rework and upgrade plan for this final stage of repairs,” said Geoff Clark, Chief Executive Officer of Acceleware. “Having proven our Clean Tech Inverter functionality for over six months at the RF XL pilot site in 2022, we are keen to get the downhole portion of the RF XL system back up and heating as soon as possible to accomplish our goals for the pilot.”