Acceleware announces strategic collaboration with Scovan

Acceleware (TSX-V: AXE), a leading innovator in cutting-edge radio frequency (RF) power-to-heat technologies, directly targets process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production. The company has announced a strategic collaboration and distribution agreement with Scovan, an industry leader specializing in engineering, procurement, fabrication, construction, and construction management services (EPFC) for energy sector projects.

This agreement aims to rapidly transition Acceleware from research and development into a cash flow-generating business. It includes provisions to expedite commercialization immediately after the next successful RF XL 2.0 project.

Under its terms, the agreement:

• Assigns Scovan as the exclusive distributor of RF XL in Western Canada once commercialization occurs;
• Designates Scovan as the preferred surface facility engineering and construction partner for RF XL 2.0;
• Accelerates partnerships and sales both before and after RF XL 2.0’s commercialization;
• Leverages Scovan’s EPFC expertise to shorten lead times from regulatory approval to cash flow by at least a year.

Scovan actively harnesses its strong relationships with numerous heavy oil and oil sands producers to prioritize innovation as commercial solutions. This partnership allows rapid scaling from demonstration to multi-well pilot projects and further toward full commercialization. Scovan stands as a recognized leader in oil sands and heavy oil EPFC.

The Acceleware team continues to pursue additional production rights for heavy oil assets in western Canada. By deploying RF XL 2.0 demonstrations as enhanced oil recovery methods, the company seeks to generate oil production revenues while paving the way for multi-well expansions.

Geoff Clark, CEO of Acceleware, said: “This partnership is the first of several strategic steps to accelerate RF XL 2.0’s path to market. 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.”

Donovan Nielsen, President of Scovan, added: “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.”

More information is posted on www.Acceleware.com and www.Scovan.ca.