Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a
leading developer of technologies targeting low-cost and clean
extraction of heavy oil and bitumen is pleased to announce that
Geoff Clark, Chief Executive Officer, has received
Canada's Clean50 Award™. "Canada's Clean50 Awards are
announced annually by Delta Management Group and the Clean50
organization to recognize those 50 individuals or small teams, from
16 different categories, who have done the most to advance the
cause of sustainability and the clean economy
in Canada over the past two years," said Gavin
Pitchford, Delta Management Group CEO.
Mr. Clark was recognized in the Clean50 Research
and Development category for Acceleware’s work in developing and
commercializing RF XL - an electrification production technology
for heavy oil and oil sands. Once commercialized, RF XL could
eliminate Scope 1 and Scope 2 GHG emissions, eliminate fresh water
use, and reduce capital and operating costs by an estimated 40 to
50 percent each. The Company is currently focused on completing a
pilot project of RF XL near Marwayne, Alberta.
“The Clean50 program is delighted
to feature the leader of a clean energy initiative that is working
to decarbonize heavy oil and oil sands production. If successful,
this technology could have a tremendous impact on
achieving Canada’s environmental goals while opening the door to
a more responsible future for the energy sector
throughout the energy transition process,” added Pitchford.
“I am honoured to have been recognized by the
Clean50 program, and I sincerely want to thank our entire team at
Acceleware for their dedication in seeing our vision through from
concept through to commercial-scale pilot,” said Geoff Clark. “RF
XL can demonstrate how electrification can radically change the
profile of an emissions intensive process such as oil extraction,
and we believe virtually any industrial heating process can be
electrified. Our goal is to make the Clean-Tech Inverter (the heart
of RF XL) an electrification engine for multiple applications, and
I look forward to seeing Acceleware play a major role in the energy
transition.”
With a successful pilot and subsequent
commercialization, numerous potential environmental benefits could
be realized by oil sands producers deploying RF XL. The Company
also anticipates highly skilled job creation as well as skilled
jobs transition opportunities.
For further information, 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 Delta Management Group / Canada’s
Clean50:
Leading ESG, sustainability and clean tech
search firm Delta Management Group founded, and remains the steward
of the Canada’s Clean50 awards, created in 2011 to annually
identify, recognize and connect 50 sustainability leaders from
every sector of Canadian endeavor, in order to facilitate
understanding, collaboration and innovation in the fight to keep
climate change impacts below 1.5 degrees C. Ancillary awards also
recognize 20 Emerging Leaders and the Top Sustainability Projects
of the year, as well as bestow Lifetime Achievement
designations.
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, and
the potential future applications of RF XL and Clean-Tech Inverter.
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
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bbe591f-ac6d-4fdf-9e1e-af9e7a3f4d0b
https://www.globenewswire.com/NewsRoom/AttachmentNg/51608b41-5d2b-47d6-9db1-e44aeb429e40
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