CALGARY, Sept. 27, 2018 /CNW/ - Acceleware Ltd.
(TSX-V: AXE) ("Acceleware" or the "Company") is pleased to announce
the completion of contribution agreements with both Sustainable
Development Technology Canada ("SDTC") and Emissions
Reduction Alberta ("ERA"). Acceleware can now access up to a
total of $10 million in
non-repayable, joint funding from SDTC and ERA to complete a
commercial-scale RF XL pilot of Acceleware's radio frequency
heating technology at Prosper Petroleum Ltd.'s ("Prosper")
Rigel property in northeast Alberta. Acceleware estimates the cost to
complete the RF XL pilot will range between $16 to $20 million,
and over the next 15 months, will execute its plan to fund the
remaining $6 to $10 million with a combination of financing from
additional industry partners and other activities.
Acceleware has been advancing the development of its proprietary
and patented RF XL technology since 2010. The Company believes RF
XL has the potential to save billions of dollars in oil sands
production costs by reducing both capital and operating costs,
while offering major environmental benefits, including immediate
greenhouse gas ("GHG") emission reductions, a substantial reduction
in land use, no requirement for external water or solvents and no
tailings ponds. As an electrically driven process, Acceleware also
believes that RF XL technology can provide a clear pathway to
zero-GHG production of heavy oil and oil sands.
"We are proud to have the support of both federal and
provincial funders, along with the commitment of an industry
partner like Prosper. That support will be instrumental as we take
our cleantech innovation to market and highlights the importance of
this technology to the future of the oil industry in Canada," said Geoff Clark, CEO of Acceleware. "Improving
the sustainability of heavy oil and oil sands production is vitally
important to the industry, and all stakeholders. It is through the
application of innovative technology solutions, like Acceleware's
RF XL, that the industry can sustainably grow, responsibly develop
resources, and ultimately benefit all Canadians."
Acceleware is poised to build on its successful Q1 2017
1/20th scale test with the deployment of a
commercial-scale (1,000 meter) prototype RF XL system. Under the
terms of its previously announced agreement with Prosper,
Acceleware will add new wells to an existing well site to expedite
construction times and reduce project costs. Acceleware anticipates
Prosper will provide sufficient road access to the site during the
first quarter of 2019, and in the event of any delays to road
construction Acceleware will utilize winter access roads to begin
site preparations. The Company expects to complete the final
engineering design for the pilot before the end of 2018 and
anticipates the completion of all site upgrades and drilling during
the first six months of 2019.
Upon start-up, Acceleware plans to test key operational aspects
of the RF XL technology, including overall system efficiency and
oil production rates. The initial heating phase is scheduled to run
for six months utilizing a 2-megawatt silicon carbide prototype
generator developed in partnership with General Electric.
Acceleware owns the design and IP specific to this new generator
which will improve power delivery, and cost per watt by a factor of
ten times versus existing technologies. These performance and
efficiency gains are key to RF XL's potential to reduce operating
and capital costs for oil producers. The first working module of
the prototype generator is on-track for delivery and testing in
November 2018.
Engagement of Investor Relations Firm
Acceleware has engaged 5 Quarters Investor Relations, Inc.
("5QIR") to provide financial communications, investor relations
("IR"), and corporate communications services. 5QIR will work with
Acceleware's leadership team to advance its broad communications
goals and support continued growth. 5QIR will provide support at
levels that will vary depending on Acceleware's needs, billed on an
hourly basis, including IR, financial communications, and enhancing
engagement with shareholders and other stakeholders. The engagement
can be cancelled at any time by either party with 30 days' written
notice. 5QIR acts at arm's length to Acceleware and does not have
any interest, directly or indirectly, in the Company or its
securities, or any right or intent to acquire such an interest.
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 and Software Acceleration Services.
Acceleware is developing RF XL and Modular RF, its patented and
patent-pending low-cost, low-carbon production technologies for
heavy oil and oil sands that are materially different from any
heavy oil recovery technique used today. They will use no water,
require no solvent, have a small physical footprint, can be
redeployed from site to site, and can be adapted to a multitude of
reservoir types, while expected to greatly reduce and eventually
eliminate production greenhouse gas emissions (GHGs). In shallow
oil sands implementations, no tailings ponds will be required.
Our 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's professional services team accelerates computationally
intense applications for clients to speed up product design,
analyze data and help them make better business
decisions.
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
About Sustainable Development Technology Canada
Sustainable Development Technology Canada (SDTC) is a foundation
created by the Government of Canada to advance clean technology innovation
in Canada by funding and
supporting small and medium-sized enterprises developing and
demonstrating clean technology solutions.
About Emissions Reduction Alberta
ERA works with industry, government and the innovation community
to invest in and advance the solutions Alberta needs to reduce greenhouse gas
emissions and build a stronger, more diversified economy. To date,
ERA has committed to more than $375
million in funding to 128 projects with a total value of
over $2.6 billion.
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 "anticipates", "believes" "potential",
"would" and "will", and includes information about the timeline of
the commercial-scale test of RF XL, the expectations for future
intellectual property development and the commercial availability
of RF XL technology, as well as the anticipated benefits of that
technology, and the likelihood of Acceleware raising additional
financing. Acceleware assumes that the current timeline for the RF
XL pilot is achievable, that research and development effort
including the commercial-scale test plans will result in
commercial-ready products, and that future capital raising efforts
will be successful.
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.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Acceleware Ltd.