Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a
leading developer of electrification technologies targeting
low-cost, low-carbon and clean extraction of heavy oil and bitumen,
is pleased to announce that Cenovus Energy Inc. (“Cenovus”) has
joined the commercial-scale RF XL pilot project at Marwayne (the
“Pilot”) as a consortium member. Cenovus will provide funding of up
to $2 million and technical expertise in support of the Pilot under
the terms of an agreement with Acceleware.
In exchange for the funding, Cenovus 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 Cenovus 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.
“Getting to a low-carbon energy future is
complex and will require a multitude of solutions, a realization
that this will be a transition over time, and a lot of players who
are willing to actively participate. We are very pleased that
Cenovus is coming on board as a third major oil sands partner in
our Marwayne RF XL commercial pilot – particularly in light of
their participation in the recently announced Oil Sands Pathways to
Net Zero collaborative initiative,” said Geoff Clark, CEO of
Acceleware. “While carbon capture technologies are a terrific and
necessary innovation, it’s heartening to also see support for
commercialization efforts for next generation technologies such as
ours – one that is capable of near zero scope 1 and 2 GHG
emissions.”
Acceleware has moved further into the execution
phase of the Pilot. With the Marwayne site cleared in early 2021,
barring unforeseen delays, construction at the site is scheduled to
be complete in Q3 2021, with power up and heating following shortly
thereafter. 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.
Cenovus joins two other major oil sands
companies who have each agreed to provide technical assistance and
up to $2 million in funding for the Pilot. In aggregate,
Acceleware’s oil sands partners represent well over one million
barrels of oil sands and heavy oil production per day. Acceleware
has also received commitments for a total of $15.5 million in
funding from Sustainable Development Technology Canada, Emissions
Reduction Alberta, and Alberta Innovates.
With a successful Pilot, numerous potential
environmental benefits could be realized by oil sands producers
deploying RF XL. Acceleware’s RF XL electromagnetic heating
technology generates near-zero GHG emissions when it is powered
entirely by renewable electricity, nuclear, or other clean power
sources. In addition, RF XL eliminates the need for fresh water,
which in turn means fewer surface facilities and less land
disturbance, offering 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 and learn more about
Acceleware’s innovative RF XL technology, please visit the
Company’s website at acceleware.com.
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.
Acceleware is developing RF XL, its
patented low-cost, low-carbon production technology for heavy oil
and oil sands that is materially different from any heavy oil
recovery technique used today. Acceleware's vision is that
electrification of heavy oil and oil sands production can be made
possible through RF XL, supporting a transition to much
cleaner energy production that can quickly bend the emissions curve
downward. Further, Acceleware’s RF XL technology could be
a key component of an end-to-end integrated carbon management
system that can eliminate greenhouse gas (GHG) emissions associated
with heavy oil and oil sands production, whether for fossil fuels,
or for future clean bitumen by-products such as petrochemicals,
carbon fibre, and blue or green hydrogen production.
RF XL uses no water, requires no solvent, has a small
physical footprint, can be redeployed from site to site, and can be
applied to a multitude of reservoir types. In shallow oil sands
implementations, no tailings ponds will be required.
Acceleware has partnered with Saa Dene
Group (co-founded by Jim Boucher) to create
Acceleware | Kisâstwêw to raise the profile, adoption,
and value of Acceleware technologies. The shared vision of the
partnership is to improve the environmental and economic
performance of the energy sector
by supporting ideals that are important to Indigenous
peoples, including respect for land, water, and clean
air.
The Company’s 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 is a public company listed on
Canada’s TSX Venture Exchange under the trading symbol
“AXE”.
ABOUT ALBERTA INNOVATES
(AI):
Alberta Innovates is the province’s largest
research and innovation agency. From funding to commercialization,
we are Alberta’s innovation engine.
We are working to solve today’s challenges,
create new opportunities and forge a healthy, sustainable and
prosperous future for Albertans today and for generations to
come.
We are where innovation happens, and we touch
every corner of the province for the benefit of all Albertans.
ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY
CANADA (SDTC):
Sustainable Development Technology Canada (SDTC)
helps Canadian companies develop and deploy competitive, clean
technology solutions, to help solve some of the world’s most
pressing environmental challenges: climate change, clean air, clean
water, and clean soil. By taking a cross-Canada approach, from seed
to scale, and in partnership with the best peers and experts, SDTC
is the global benchmark for sustainable development innovation
programming. Learn more at sdtc.ca.
ABOUT EMISSIONS REDUCTION ALBERTA
(ERA):
For more than 10 years, ERA has been investing
the revenues from the carbon price paid by large final emitters to
accelerate the development and adoption of innovative clean
technology solutions. Since ERA was established in 2009, they have
committed $646 million toward 204 projects worth $4.5 billion that
are helping to reduce GHGs, create competitive industries and are
leading to new business opportunities in Alberta. These projects
are estimated to deliver cumulative reductions of 37.7 million
tonnes of CO₂e by 2030.
NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER
ADVISORIES
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 “believes”, “estimates”,
“plans”, “potential”, and “will”, and includes information about
the timing of the execution of the Pilot,
and the anticipated benefits of the RF XL technology.
Acceleware assumes that current timelines will not be delayed
by either internal or external causes, and that research and
development effort including the commercial-scale test plans will
result in commercial-ready products.
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.
DISCLAIMER
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For more information:Geoff ClarkTel: +1 (403)
249-9099geoff.clark@acceleware.com
Acceleware Ltd.435 10th Avenue SECalgary, AB,
T2G 0W3CanadaTel: +1 (403) 249-9099www.acceleware.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/414709b4-e99c-4e83-9250-a53a869a5e9c
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