CALGARY, Alberta, June 25, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of cutting-edge radio frequency (“RF”) power-to-heat technologies targeting process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production, is pleased to announce details of the next generation of RF XL, (“RF XL 2.0”) and a new demonstration plan (the “Demonstration”).
“RF XL”, Acceleware’s enhanced oil recovery (“EOR”) technology that uses RF heating to energize oil formations, is a major innovation that could potentially decarbonize heavy oil and oil sands production effectively and efficiently by materially lowering costs compared to other EOR techniques, increasing the recovery factor, and potentially stimulating investment.
The RF XL Marwayne deployment was supported by three major operators and progressed from Technology Readiness Level (“TRL”) 4 to TRL 8, with its core technology, the Clean Tech Inverter (“CTI”) progressing to TRL 9. This deployment successfully demonstrated RF XL’s potential by heating the reservoir and increasing temperatures in the production well while achieving the highest power level and longest continuous run time for any RF based EOR technology.
Buoyed by the initial results at Marwayne, and the promise of increased oil production with higher power, Acceleware was encouraged by funders and industry partners to upgrade and improve to next generation RF XL 2.0.
Key components of the RF XL 2.0 development process included:
- Confirmed industry support for a sub-surface energy delivery system incorporating multiple technical advances over the previous RF XL design.
- Completed a ‘ground-up’ redesign program of the subsurface RF transmission lines, culminating in a hermetically sealed energy delivery system that eliminates the possibility of water ingress.
- Resulting benefits are a robust leak-proof design, reduced manufacturing costs, reduced well design and well completion costs, quicker well completion time, simpler and less costly wellhead design, and safer wellhead operating environment.
Acceleware is currently seeking funding for the RF XL 2.0 Demonstration: a commercial-scale project that builds on work performed to date and could showcase RF XL’s ability to enhance recovery in heavy oil reservoirs – particularly in the Lloydminster area – and increase production while decarbonizing. A previously announced non-dilutive grant in the amount of $1.31 million from the Clean Resource Innovation Network has been withdrawn due to timing constraints – eligible costs had to have been incurred between January 1, 2024, and September 30, 2025. However, multiple non-dilutive funding calls from both provincial and federal agencies are currently available and are being pursued.
Said Acceleware’s CEO Geoff Clark, “Combining the potential to economically produce more oil faster while decarbonizing is a compelling scenario for industry and governments alike. Once proven at commercial scale, RF XL 2.0 could serve to support Canada’s ambition to lead as a G7 energy innovator and superpower. We have a bold strategy in place to progress the technology as quickly as possible – we are keen to show the world what RF XL 2.0 can do.”
About Acceleware:
Acceleware is an advanced electromagnetic heating company with cutting-edge RF power-to-heat solutions for large industrial applications. The Company’s technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs.
The Company is working to use its patented and field proven CTI to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating.
Acceleware’s RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today.
Acceleware is a public company listed on the TSX Venture Exchange (“TSXV”) under the trading symbol “AXE”.
Cautionary Statements
This news release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “will”, “anticipates”, “believes”, “intends”, “expects”, “could” and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware’s current expectations regarding future events, including, but not limited to: the potential benefits and commercialization of RF XL and CTI, the development and execution of a the Demonstration; the Company’s ability to successfully execute the Demonstration; the expected benefits of the Demonstration; the ability of the Company to raise sufficient capital to execute the Demonstration; potential restructuring efforts of the Company’s business lines; the potential acquisition by the Company of certain assets, deployment of RF XL 2.0; and related potential for multi-well expansion; the initiatives to be implemented by management to shift the Company’s focus from research and development to cash flow generation; the receipt of applicable approvals (including board, shareholder, and approvals of the TSXV) to implement key components of the Demonstration; the timing to complete certain increments of the Demonstration; and the impact of the Demonstration on Acceleware’s business and shareholder value.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company’s December 31, 2024, year-end Management Discussion and Analysis available on SEDAR+ at http://www.sedarplus.ca.
Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
