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 been awarded Phase 2 of a potash ore drying project by the
International Minerals Innovation Institute (IMII). The new project
phase will advance Phase 1 work and is intended to further validate
the use of radio frequency (RF) energy from Acceleware’s Clean Tech
Inverter (CTI) to dry potash ore and other minerals. 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. IMII’s minerals
industry members include BHP, Cameco Corporation, Fission Uranium
Corp., The Mosaic Company and Nutrien Ltd..
Following a successful IMII Exploring
Innovations Program project, which validated the potential for RF
energy from the CTI to dry potash ore, Acceleware was invited to
submit a subsequent proposal for additional project work. Phase 2
development includes the design, construction, and testing of
prototype CTI-powered dryers at increasing scale. Objectives
include validating the effectiveness of the technology and
optimizing the dryer design. Subsequent phases will focus on
increasing the scale of the systems to support commercial
production levels. The initial stage of Phase 2 includes the
construction and testing of a 100 kilogram per hour drying system,
and the final stage involves the development and testing of a
larger (maximum 5 tonnes per hour) dryer upon successful completion
of the 100 kilogram per hour tests. The overall project is intended
to confirm that RF energy from the CTI can effectively and
efficiently dry potash ore.
Acceleware’s CTI drying platform is expected to
lower operating costs while significantly reducing greenhouse gas
(GHG) emissions levels. Upon successful completion of Phase 2, IMII
may continue development into Phase 3, which could include
construction and testing of a small commercial scale dryer with a
30 tonne per hour capacity. A subsequent Phase 4 could include the
construction and testing of a full commercial scale dryer with a
capacity of up to 130 tonnes per hour.
Published reports put the industrial dryer
market at US$3.5 billion in 2022, growing to US$4.7 billion in
20261. Acceleware’s analysis of the dryer market for the mining
sector indicates a US$1 billion opportunity for low emissions
dryers over the next 10 years.
“The Acceleware team is excited to get to work
on the next phase of this project, which will essentially prove out
the concept of CTI electrification to decarbonize the drying of
potash ore and other mineral commodities at large-scale,” said
Geoff Clark, Chief Executive Officer of Acceleware. “We believe
that we have cracked the code, so to speak, for the use of
solid-state electromagnetic energy for industrial scale heating and
drying applications and are looking forward to demonstrating the
many benefits resulting from this game-changing decarbonization
project. The CTI could make significant GHG emissions reductions,
alongside economic benefits for the mining industry. We look
forward to next steps and are specifically pleased to be working
with IMII and its world-class potash members.”
“As a member of IMII, we are pleased to support
Phase 2 of the pilot. Achieving net zero scope 1 emissions is one
of the largest decarbonization challenges for conventional potash
producers. The CTI technology being developed has the potential to
play an exciting role in decarbonizing potash processing and could
provide a pathway to reduced scope 1 emissions,” said Kathlene
Jacobson, Principal Innovation, BHP. Added Al Shpyth, IMII’s
executive director, “A CTI commercial-scale drying platform with
lower operating costs could present an opportunity for a
sustainability win for the minerals industry, reducing energy and
improving economics, while lowering GHGs. 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.”
Acceleware’s patented CTI is unique in its
ability to economically decarbonize industrial heating applications
even at very large scale. A commercial scale drying platform for
mining will 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.
About IMIIIMII is a non-profit organization
jointly funded by industry and government and is committed to
developing and implementing innovative education, training,
research and development partnerships for supporting a world-class
minerals industry.
IMII serves as an Innovation Steward to strengthen the
Saskatchewan minerals industry’s competitiveness and growth through
Research, Development & Demonstration and Education &
Training to drive the future’s Qualified & Representative
Workforce.
About AccelewareAcceleware is
an advanced electromagnetic (EM) heating company with highly
scalable EM solutions for large industrial applications. The
Company’s solutions provide an opportunity to economically
electrify and decarbonize industrial heating processes previously
considered difficult to abate, which could have a significant
impact on global GHG emissions.
Acceleware is piloting RF XL, its patented
low-cost, low-carbon EM thermal production technology for heavy oil
and oil sands that is materially different from any heavy oil
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 minerals. Acceleware is
actively developing partnerships for EM heating of other industrial
applications in mining, steel, agriculture, cement, hydrogen and
other clean fuels.
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 partnership is
intended to improve the environmental and economic performance of
industry by supporting ideals that are important to Indigenous
peoples, including respect for land, water, and clean air.
Acceleware is a public company listed on
Canada’s TSX Venture Exchange under the trading symbol “AXE”.
Disclaimers
This 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 CTI electrification, future development plans and timing,
prospective applicability of CTI drying to mining and other
industries, application and market potential of CTI, and market
size. 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 initial studies of
applicability of CTI technology to mining applications are
accurate, third party estimates of market size are correct, and the
timeline estimates are reasonable. 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
Acceleware Ltd.435 10th Avenue SECalgary, AB,
T2G 0W3 CanadaTel: +1-403-249-9099www.acceleware.com
1 Valuates Reports: “Global Industrial Driers Market Research
Report 2023”
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