Mr. Geoff Clark reports

ACCELEWARE AWARDED $3 MILLION IN NON-DILUTIVE FUNDING FROM THE CLEAN RESOURCE INNOVATION NETWORK

Acceleware Ltd. will receive $3-million in non-dilutive grant funding from the Clean Resource Innovation Network. The funding will be applied to eligible project costs incurred between Jan. 1, 2022, and March 31, 2024, for the commercial-scale pilot of RF XL at Marwayne, Alta. CRIN's funding is intended to accelerate clean technology development and commercialization for oil and gas industry challenges, and is made possible by the government of Canada's Strategic Innovation Fund. Funded projects are expected to accelerate solutions to significantly improve environmental performance, help meet climate targets, and provide economic and public benefits for Canada.

"We look forward to CRIN joining our ongoing collaboration with funding partners Sustainable Development Technology Canada, Alberta Innovates, Emissions Reduction Alberta and our three industry partners. These funds are critical in helping us proving out the RF XL technology," said Geoff Clark, Acceleware chief executive officer. "We are keenly aware of how important the decarbonization of heavy oil production is to the clean energy initiatives of Alberta and Canada."

"CRIN is pleased to provide this funding for Acceleware's RF XL pilot," said Glen McCrimmon, CRIN's director of operations. This project aligns well with CRIN's vision where Canada is the global leader in clean hydrocarbons from source to end use and exemplifies how oil and gas energy development and environmental stewardship can go hand-in-hand. We look forward to seeing Acceleware's progress in the coming months."

RF XL is a transformative electrification technology that could provide combustion-free heating via radio frequency energy for heavy oil and oil sands production. Not only could it eliminate direct GHG emissions generated during extraction and eliminate the need for any carbon capture, but RF XL would also eliminate the requirement for fresh water, water treatment facilities and significantly reduce land footprint. RF XL is also expected to lower capital costs by 50 per cent and operational costs by 40 per cent, providing the potential for this decarbonization technology to play an important and profitable role in the energy transition.

CRIN funding comes as a welcome addition to over $16.4-million already received from federal and provincial government funders, and will be an excellent complement to Acceleware's recently closed private placement.

RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also under way for decarbonization of other heavy emitting industrial heating applications, where Acceleware will leverage its in-house expertise in leading-edge electrification technologies to provide optimized, economic solutions for the reduction of GHG emissions in large-scale industrial heating processes.

About CRIN

The Clean Resource Innovation Network (CRIN) is a pan-Canadian network focused on ensuring Canada's hydrocarbon resources are sustainably developed and integrated into global energy systems. CRIN, as a network of networks, connects a vast array of skills, knowledge and experience from oil and gas and other industries to technology developers, researchers, government, investors, academia, entrepreneurs and youth. By identifying industry challenges, it creates market pull in order to accelerate the commercialization and widespread adoption of clean technology, leading to significant environmental, economic and public benefits to Canada. CRIN is supported in part by a $100-million investment from the government of Canada's Strategic Innovation Fund (SIF).

About Acceleware Ltd.

Acceleware is an innovator of clean-tech decarbonization technologies comprising 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/Kisastwew 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.

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