Latest news with #Acceleware
Hamilton Spectator
11 hours ago
- Business
- Hamilton Spectator
Acceleware Announces RF XL 2.0
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: 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announced non-dilutive grant in the amount of $1.31 million from the Clean Resource Innovation Network has been withdrawn due to timing constraints - eligible costs had to have been incurred between January 1, 2024, and September 30, 2025.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 . 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
Yahoo
12 hours ago
- Business
- Yahoo
Acceleware Announces RF XL 2.0
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 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Acceleware Announces Strategic Collaboration and Distribution Agreement with Scovan
CALGARY, Alberta, June 23, 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 a strategic collaboration and distribution agreement ('The Agreement'), with Scovan. Scovan is an industry leader specializing in innovation and expertise for energy sector projects by providing engineering, procurement, complete fabrication, construction and construction management services (EPFC). This Agreement supports Acceleware's broader strategy to rapidly evolve the Company from research and development to a cash flow generating business. It is also structured such that it could potentially expedite successful commercialization immediately upon demonstrated success with the Company's next RF XL 2.0 project. Among other terms, the Agreement establishes a collaboration that: Appoints Scovan as the exclusive distributor of RF XL in western Canada, once RF XL is commercialized; Provides Scovan as the preferred surface facility engineering and construction partner for RF XL 2.0. Is expected to expedite partnerships and sales both before and after successful commercialization of RF XL 2.0. Uses Scovan's EPFC expertise to potentially reduce lead time from regulatory approval to cash flow by a year or more. Scovan has strong relationships with a large number of heavy oil and oil sands producers and has made bringing innovation to market as commercial solutions a strategic priority, allowing for a quick ramp up from demonstration to multi-well pilot, and then to commercialization and sales. Scovan is a recognized leader in oil sands and heavy oil EPFC. The Acceleware team continues to actively look to acquire additional production rights to heavy oil assets in western Canada where they will deploy an RF XL 2.0 demonstration as an enhanced oil recovery method. This initiative provides an opportunity to deploy RF XL in a well-suited reservoir and earn oil production revenues, while offering the potential for multi-well expansion. 'This partnership is the first of several strategic steps to accelerate RF XL 2.0's path to market,' said Geoff Clark, CEO of Acceleware. 'With the federal government's 'One Canadian Economy' Act placing a clear priority on decarbonized oil, the time to act is now. By engaging Scovan to fast-track commercialization, we aim to demonstrate both the economic viability and emissions-reduction potential of RF XL 2.0 - bringing this breakthrough technology to large-scale deployment within two years, not decades. We strongly believe that this Agreement adds significant value to Acceleware and to our shareholders by increasing our project delivery credibility, and providing strong backing that RF XL 2.0 can deliver for the industry.' Added Donovan Nielsen, President of Scovan, 'This partnership supports Scovan's vision of the 'Facility of the Future' - one that is more sustainable, more efficient, smaller in footprint, faster to deliver, and more cost-effective. Innovation and calculated risk-taking are essential to unlocking new approaches to oil development and Scovan's collaboration with Acceleware reflects this mindset. While the technology is still proving its effectiveness in the field, we are excited by its potential and committed to supporting solutions that could reshape how in-situ oil sands extraction is done in the future.' About Acceleware: Acceleware is an advanced electromagnetic (EM) heating company with cutting-edge radio frequency (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 Clean Tech Inverter (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 TSXV under the trading symbol 'AXE'. About Scovan: Scovan is a cutting-edge EPFC firm that provides innovative, sustainable services for energy sector projects. Our proven track record, unique approach and turnkey offerings allow us to provide end-to-end solutions, from piloting to full-scale commercial development. Combining past experience, present opportunities, and future vision, we create long-term value for clients. Scovan is your trusted partner, providing you with the confidence and certainty needed for successful developments - A New Energy. 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' 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 future benefits arising from the Agreement; the Company's ability to successfully complete commercialization of RF XL 2.0; the potential acquisition by the Company of certain assets, deployment of RF XL 2.0; the initiatives to be implemented by Management to shift the Company's focus from research and development to cash flow generation; the timing to complete certain milestones in the Agreement; and the impact of the Agreement 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 ('MD&A') available on SEDAR+ at 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities 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. For more information:Geoff ClarkTel: +1 (403) in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
Acceleware Announces Board Appointments
CALGARY, Alberta, June 03, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), a leading innovator of transformative technologies using radio frequency (RF) technology targeting industrial process heat in the critical minerals and enhanced oil production industries, announces the strategic appointment of two seasoned energy executives to the Board of Directors (the 'Board'), and that two original members of the Board are stepping down. The new Board appointees, with their significant industry experience and knowledge, will be instrumental in assisting management in implementing a new strategic plan. Board Announcement: The Company announces the appointment of Peter (Pete) Sametz P. Eng. ICD.D as Executive Chairman of the Board of Directors and the appointment to the Board of Merle Johnson P. Eng. MBA, ICD.D, both effective June 3, 2025. Mr. Bohdan (Don) Romaniuk, Chairman of the Board, and Dr. Peter Neweduk, Director, have stepped down from the Board after over 19 years of service. Mr. Sametz and Mr. Johnson, whose appointments will fill the vacancies left by Mr. Romaniuk and Dr. Neweduk, will both also serve on the audit committee, with Mr. Johnson appointed as Chair of the Audit Committee. Said Mr. Romaniuk, 'I am thrilled that Mr. Sametz has agreed to serve as Executive Chair of Acceleware's board. Acceleware's technology offers outstanding potential. I wish him, and the Company all the best.' Added Geoff Clark, Acceleware CEO, 'On behalf of Acceleware, our shareholders, and our employees, I would like to extend our thanks to Don and Peter for their dedication and service over many years. Their efforts have been greatly appreciated – we've certainly had many successes along the way - and they've also helped see us through many challenges. We wish them all the best.' Both Mr. Romaniuk and Dr. Neweduk will remain available to provide support and knowledge transfer for as long as is required to ensure an efficient Board transition. 'I am extremely pleased to welcome Pete and Merle to the Acceleware board,' said Mr. Clark. 'Acceleware is implementing a new and transformative strategic plan intended to advance the business and create significant value for shareholders. Having Pete join us as Executive Chair and Merle as Director and Audit Committee Chair to drive development and execution of this strategy is invaluable.' Mr. Sametz' past several years have focused on change management and corporate restructuring. He has extensive experience in the energy sector at both the senior executive and board levels, managing growth from startup to intermediate status. He is recognized as a leader in innovation and an advocate for environmental responsibility in the energy industry. He has been a director of four public companies, as well as a volunteer in the community and with industry organizations. Mr. Johnson was the CEO of Connacher Oil and Gas from late 2015 up until his 2024 retirement and was the longest serving executive in the company's history. Prior to Connacher, Mr. Johnson worked for EnCana (now Cenovus) on its Christina Lake and Senlac Projects and for IMC Global (now The Mosaic Company) at Belle Plaine. Belle Plaine's potash solution mining technique was the inspiration for SAGD technology. Mr. Johnson is a member of the Metis Nation of Alberta. The appointments of Mr. Sametz and Mr. Johnson remain conditional on TSX Venture Exchange review pursuant to Policy 3.1. About Acceleware: Acceleware is an advanced electromagnetic (EM) heating company with highly scalable EM solutions for large industrial applications. The Company's solutions provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. Acceleware's RF XL is a patented low-cost, low-carbon EM thermal production technology for heavy oil that is materially different from any enhanced recovery technique used today. The Company is also working with a consortium of world-class potash partners on a pilot project using its patented and field proven Clean Tech Inverter (CTI) to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing partnerships for EM heating for other industrial process heat applications. Acceleware is a public company listed on Canada's TSX Venture Exchange 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' 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 appointment of Mr. Sametz and Mr. Johnson to the Board, the development and execution of a new strategic plan, the Company's ability to successfully execute that plan, and the impact of that plan 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 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; 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 ('MD&A') available on SEDAR+ at 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. For more information:Geoff ClarkTel: +1 (403) Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Acceleware Ltd. Reports First Quarter 2025 Financial and Operating Results
CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), an advanced electromagnetic ('EM') heating company with highly scalable solutions for large industrial applications, today announced its financial and operating results for the three months ended March 31, 2025 (all figures are in Canadian dollars unless otherwise noted). The Company's products are branded EM Powered Heat and provide a pathway to economically electrify and decarbonize industrial heating processes previously considered difficult to abate. EM Powered Heat technology is powered by the Company's proprietary Clean Tech Inverter ('CTI') for applications including enhanced oil recovery ('RF XL'), mining and mineral processing, carbon capture, cement and concrete, and agri-food. In addition to EM Powered Heat, the Company also provides specialized scientific high-performance ('HPC') software. This news release should be read in conjunction with the Company's unaudited interim condensed financial statements and the accompanying notes for the three months ended March 31, 2025 and management's discussion and analysis ('MD&A') thereto, together with the audited financial statements for the year ended December 31, 2024, notes and MD&A thereto, all of which are available on Acceleware's website at or on HIGHLIGHTS Financial highlights: Three Months Ended March 31, 2025 March 31, 2024 Revenue $ 431,226 $ 43,594 Comprehensive loss $ (382,195 ) $ (969,971 ) R&D expenditures $ 420,829 $ 501,115 Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the 'RF XL Pilot'). The RF XL Pilot successfully demonstrated the potential of the technology in an operational environment. RF XL is the first application of the Company's patent-protected CTI. Functionality of the CTI has been proven through scaled field tests conducted in 2019 and 2020, and over six months of operation at the RF XL Pilot. Please refer to the RF XL PILOT UPDATE section below for more information, and to the MD&A for a complete RF XL Pilot update. Based on positive results to date, Acceleware remains confident that RF XL will become viable as a critical technology in the effort to reduce production costs and decarbonize heavy oil and oil sands production. In 2024, the Company's operations team continued data analysis, 'history-matching' simulations and other analyses of operational data from tests in 2022. The analysis provides evidence that the operation of the RF XL Pilot resulted in sustained heating of the formation around the heating well prior to the pause in operations for maintenance and inspection. In particular, the Company successfully injected RF power into the heating well for over 200 days — a significant milestone and something that has never been achieved before. Also of note is that the CTI successfully operated for seven consecutive months at a variety of power levels and operating conditions during this time. In the three months ended March 31, 2025, the Company continued to work on the next iteration of the RF XL subsurface system to more concretely address technical issues that were illuminated during the first phase of heating at the RF XL Pilot. These iterations are also expected to significantly reduce the complexity of the subsurface structure, while reducing manufacturing and deployment costs once commercialized. This redesign work is now complete and ready for manufacturing and deployment. The Company is seeking funding for a second phase of heating at the RF XL Pilot incorporating the new subsurface design and existing surface facilities including the CTI. During 2024 the Company confirmed that the expected cost to redeploy the upgraded design at Marwayne would be approximately $5 million including contingency. Also in 2024, the Company announced that it had secured a total of up to $1.3 million in non-dilutive funding from the Clean Resource Innovation Network ('CRIN') for the next phase of the RF XL Pilot, contingent on the Company sourcing the remaining $3.7 million. The Company has identified several industry and government potential funders and has discussed the project with them. The purpose of the second phase of heating at the RF XL Pilot is to enable higher power to be distributed into the reservoir for a sustained period, resulting in higher reservoir temperatures and oil production, to advance the potential commercial viability of RF XL technology. In addition to development work, and with results gained from RF XL deployment in Marwayne to date, Management has also initiated a strategic review of the commercialization plan for RF XL. The process involved analyzing various heavy oil and bitumen reservoirs in western Canada, with the goal of identifying the optimal resources for the demonstration of commercial viability of RF XL. These reservoirs included not only the vast McMurray oil sands, but also heavy oil plays including the Clearwater in north-central Alberta, the Bluesky in west-central Alberta, and the Mannville Stack in eastern Alberta and western Saskatchewan. The review process has led Management to conclude that heavy oil plays offer the greatest near-term potential for commercializing RF XL, due to lower initial capital per well, ability to scale from one heating well to many, lower operating cost to effectively decrease viscosity, and the potential for significant incremental production and ultimate recovery to make uneconomic resources economic. Once proven in heavy oil, Management believes the oil sands will offer significant market expansion potential. In Q1 2025 Acceleware's board of directors approved an initiative proposed by Management to investigate (in parallel with continued effort to progress a second phase of heating at Marwayne) the opportunity for Acceleware, as an operator, to acquire rights to a suitable heavy oil property, and thereafter apply RF XL as a secondary recovery method to improve the property's production, cashflow, ultimate recovery and asset valuation. Under this scenario, Acceleware would benefit from the valuation enhancement brought about by RF XL. Management has commenced its investigation pursuant to this initiative as of the date of this news release. In the three months ended March 31, 2025 the Company's subsurface team refined its reservoir selection criteria and identified several promising locations for a commercial demonstration of RF XL. As of the date of this news release, the Company completed additional IMII-funded testing of a 100kg per hour prototype potash dryer with further promising results. IMII and its participating members had requested additional testing under various scenarios before considering the Company's Phase 3 proposal for the design, construction and testing of a new, larger-scale prototype. Acceleware expects to learn if IMII and its members will sanction a Phase 3 project later this year. IMII's minerals industry members include BHP, Cameco Corporation, Fission Uranium Corp., The Mosaic Company and Nutrien Ltd. During the three months ended March 31, 2025, Acceleware continued to invest in developing and protecting new intellectual property with the number of patents issued, allowed, applied for, or in development totalling 62. The Company has 28 patents granted or allowed to protect various proprietary technologies and 34 patent applications pending or under development. The Company uses an integrated strategy for IP protection involving a combination of patenting and trade secrets, working closely with the patent offices and intellectual property advisors. RF XL PILOT UPDATEAcceleware plans to initiate a second phase of heating after completing a proposed significant subsurface design upgrade to address the moisture ingress issue. Prior to the next phase of heating, all RF XL subsurface components will be removed, and substantially upgraded, and then redeployed. This plan was developed in consultation with industry partners and service providers and among the alternatives examined, it is expected to have the highest probability of achieving higher power injected into the reservoir for a sustained period. The subsurface design was further refined in Q1 2025 to more completely address the moisture ingress issue, to increase simplicity and to reduce costs for the commercial product. The refined design is not expected to materially impact the estimated cost for the second phase of heating at the RF XL Pilot. An estimated additional $5 million of funding is required to complete the redeployment including contingency, and Acceleware is actively working to raise these funds. Acceleware has secured $1.3 million partial funding for the redeployment conditional on securing the balance of the funds from industry partners or other sources. The final timing and cost of the redeployment and subsequent heating is uncertain and remains primarily dependent on financing, partner investment, the time required to source the remaining financing, and the successful deployment of repairs and components. Total direct funding received for the first phase of the RF XL Pilot was $24.4 million and included $5.9 million from Alberta Innovates, $5.5 million from Sustainable Development Technology Canada ('SDTC'), $5.0 million from Emissions Reduction Alberta ('ERA'), $3.0 million from CRIN and $5.0 million in aggregate from three oil sands operators. See discussion below in Financial Summary. In exchange for funding, the oil sands operators received exclusive access to detailed technical data and test results, prioritized rights to host a subsequent test, preferred pricing on pre-commercial products and preferred access to RF XL products. These major oil sands producers represent well over one million barrels of oil sands and heavy oil production per day. QUARTER IN REVIEWRevenue of $431 thousand was recorded in the three months ended March 31, 2025 ('Q1 2025') compared to $44 thousand in the three months ended March 31, 2024 ('Q1 2024') and $1.9 million in the previous quarter ended December 31, 2024 ('Q4 2024'). Revenue in Q4 2024 was substantially associated with deferred revenue recognized relating to a contract with one oil sands producer for the RF XL Pilot. Total comprehensive loss for Q1 2025 was $383 thousand compared to a comprehensive loss of $1.0 million for Q1 2024 and comprehensive income of $0.9 million for Q4 2024. The reduction in comprehensive loss in Q1 2025 compared to Q1 2024 was due to higher revenue and a significant reduction in R&D and G&A expenses. Comprehensive income in Q4 2024 was higher due to revenue related to the RF XL Pilot. Finance expense includes interest expense on convertible debentures and notes payable which are funding the Company's working capital. Comprehensive income in all periods was impacted by changes in value of the derivative financial instruments embedded within the convertible debenture. The changes in derivative value are driven primarily by the fluctuation in the Company's share price. R&D expenses incurred in Q1 2025 were $421 thousand compared to $501 thousand in Q1 2024 and $581 thousand in Q4 2024. R&D spending in Q1 2025 and Q4 2024 was related to the IMII dryer for potash ore and included lab engineering, designing and testing, data analysis, and partner consultations, and to further engineering on the next iteration of the RF XL Pilot. R&D spending in Q1 2024 was related to the RF XL Pilot. There was $nil government assistance received in Q1 2025, Q4 2024 and Q1 2024. G&A expenses incurred in Q1 2025 were $253 thousand compared to $452 thousand in Q1 2024 and $315 thousand in Q4 2024. There were lower non-cash payroll related costs incurred in Q1 2025 due to the timing of option grants and lower professional fees as the Company continues to prioritize cost control given uncertain economic conditions. As at December 31, 2024, Acceleware had negative working capital of $3.6 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $211 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the decrease in cash as well as an increase in short term notes payable, and an increase in deferred management compensation. In the interests of matching cash requirements with a combination of cash generated from operations, external funding, and capital raising activities, the Company actively manages its cash flow and investments in new products. Acceleware intends to maximize cash generated from operations through several initiatives which include continuing to focus on higher gross margin software products that are marketed through a combination of direct and reseller models; minimizing operating expenses where possible; and limiting capital expenditures. As the Company continues to develop its RF Heating technology, new R&D investments will be financed through a combination of internal cash flow from the HPC business, project funding agreements, government assistance and external financing, when available. ABOUT ACCELEWARE:Acceleware 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'. NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIESThis 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 expected commercialization of RF XL, the expected cost of the RF XL Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL Pilot redeployment, the anticipated economic and societal benefits of the RF XL technology, and the future development plans related to potash ore drying prototypes. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, 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 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. DISCLAIMERFor more information:Geoff ClarkTel: +1 (403) Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G 0W3CanadaTel: +1 (403) in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
