AXE Acceleware Ltd

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 that it has successfully concluded an Exploring Innovations project with the International Minerals Innovation Institute (IMII), which validated the potential to use radio frequency (RF) energy from Acceleware’s Clean Tech Inverter (CTI) to dry potash and other mineral commodities.

IMII is a non-profit organization jointly funded by industry and government that is committed to developing and implementing innovative education, training, research and development partnerships for supporting a world-class minerals industry. Established in 2012 to support and sustain the Saskatchewan minerals industry, IMII has sponsored more than 50 industry driven projects valued at more than $24 million in its first ten years, and in doing so has leveraged more than $11 million in project funding from outside of its mineral industry and government members.

The IMII is ramping up consideration of new energy-related technologies on behalf of its minerals industry members. With the success of the Exploring Innovations project, IMII has announced that they have invited Acceleware to submit a proposal for subsequent project phases which could lead to the development of a CTI commercial scale drying platform with lower capital and operating costs than fossil fuels, alongside much lower greenhouse gas (GHG) emissions levels.

“The Acceleware team is very keen to further validate the use of CTI for the drying of potash and other mineral commodities,” said Geoff Clark, Chief Executive Officer of Acceleware. “The electrification of large-scale heating applications such as the drying of potash and other minerals could lend itself well to decarbonization efforts for the sector. We believe that the CTI could not only make material GHG emissions reductions in the mining industry but could improve economics as well. We are excited to prove that out in the next steps with IMII.”

“This project, to date, has taken important steps to understanding and validating the potential that the CTI technology holds as a clean-tech solution for the industry’s heating needs. A CTI commercial-scale drying platform with lower capital and operating costs could present an opportunity for a sustainability win for the minerals industry, reducing energy and improving economics, while lowering GHGs,” said Al Shpyth, IMII’s executive director. “As the minerals industry shifts focus to innovative solutions for a lower environmental footprint, we see economic benefits and sustainability going hand-in-hand in many instances and are actively seeking out those opportunities.”

The patent-pending CTI is unique in its ability to economically decarbonize industrial heating applications even at very large scale. A commercial scale drying platform for mining would augment Acceleware’s portfolio of decarbonization applications. Currently, Acceleware is in final phases of testing at its commercial scale pilot for electrification of heavy oil production via RF XL, the first of several industrial heating applications that Acceleware is commercializing.

Additional work is underway at Acceleware for decarbonization of other heavy emitting industrial heating applications that will play a critical role in a successful energy transition, including agricultural drying and the production of hydrogen via methane pyrolysis.

You can learn more about the CTI here https://www.acceleware.com/cti/technology.html.

CTI E-house at Acceleware's RF XL Commercial-Scale Pilot Test at Marwayne, AB. July 2023

About AccelewareAcceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.  

Acceleware is piloting 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. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands 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. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created 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”.

DisclaimersThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations or negatives of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might”, “shall” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, statements relating to the benefits of electrification of industrial heating via Acceleware’s Clean Tech Inverter, future development programs, and efficiency and economic performance of CTI drying. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include the viability of electrification as a path to decarbonization of industrial heating, that future development projects will be undertaken, and that initial indications of efficiency and costs of CTI-powered heating will be confirmed in commercialization. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. The Company cautions the reader that the above list of risk factors is not exhaustive and additional risk factors risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information:Geoff Clark, CEOTel: +1 (403) 249-9099geoff.clark@acceleware.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/258f1924-d61a-4418-9a92-4e999daab6cd