Acceleware Awarded $3 Million in Non-Dilutive Funding from The Clean Resource Innovation Network

Additional Funding for RF XL Commercial-Scale Pilot

CALGARY, Alberta, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of transformative technologies targeting the decarbonization of industrial heating, is pleased to announce an agreement for $3 million in non-dilutive grant funding with the Clean Resource Innovation Network (“CRIN”). The funding will be applied to eligible project costs incurred between January 1, 2022 and March 31, 2024 for the commercial-scale pilot of RF XL at Marwayne, Alberta (“the Pilot”). CRIN’s funding is intended to accelerate clean technology development and commercialization for oil and gas industry challenges, and is made possible by the Government of Canada’s Strategic Innovation Fund. Funded projects are expected to accelerate solutions to significantly improve environmental performance, help meet climate targets and provide economic and public benefits for Canada.

“We look forward to CRIN joining our ongoing collaboration with funding partners Sustainable Development Technology Canada, Alberta Innovates, Emissions Reduction Alberta, and our three industry partners. These funds are critical in helping us proving out the RF XL technology, said Geoff Clark, Acceleware CEO. “We are keenly aware of how important the decarbonization of heavy oil production is to the clean energy initiatives of Alberta and Canada.”

“CRIN is pleased to provide this funding for Acceleware’s RF XL pilot,” said Glen McCrimmon, CRIN’s Director of Operations. This project aligns well with CRIN’s vision where Canada is the global leader in clean hydrocarbons from source to end use and exemplifies how oil and gas energy development and environmental stewardship can go hand-in-hand. We look forward to seeing Acceleware’s progress in the coming months.”

RF XL is a transformative electrification technology that could provide combustion-free heating via radio frequency energy for heavy oil and oil sands production. Not only could it eliminate direct GHG emissions generated during extraction and eliminate the need for any carbon capture, but RF XL would also eliminate the requirement for fresh water, water treatment facilities and significantly reduce land footprint. RF XL is also expected to lower capital costs by fifty percent and operational costs by forty percent, providing the potential for this decarbonization technology to play an important and profitable role in the energy transition.