Calgary, Alberta--(Newsfile Corp. - June 10, 2026) - Acceleware Ltd. (TSXV: AXE) ("Acceleware" or the "Company") is pleased to announce it has been awarded up to $2 million in non-dilutive grant funding from the Clean Resource Innovation Network ("CRIN") under its Accelerating Cleantech Innovation Competition. The grant will support deployment of RF XL 2.0 in a heavy oil reservoir in the Saskatchewan Mannville Stack (the "Project"), with funding applied to eligible project costs from January 1, 2026 to September 30, 2027. The program is funded by Canada's Strategic Innovation Fund. Funding is conditional on execution of an Ultimate Recipient Agreement with CRIN and securing the remaining project funding.

The objective of the Project is to demonstrate that RF XL 2.0 can help unlock bypassed heavy oil resources in Canada, by effectively and economically heating a heavy oil reservoir and materially increasing production relative to primary conventional production. As an all-electric heating technology, RF XL 2.0 has the potential to produce heavy oil that is too viscous to produce conventionally and it can also be a low emission alternative to other methods. The Project builds on learnings from Acceleware's previous RF XL deployment at Marwayne, Alberta, guiding both the technical approach and execution strategy.

"We greatly appreciate CRIN's continued support for the technology as we deploy RF XL 2.0. Proving commerciality of RF XL 2.0 is the goal of Acceleware's next project, and this funding is critical to getting us there," said Geoff Clark, Acceleware CEO. "RF XL 2.0 opens a category of heavy oil resource that the industry had effectively written off. Stranded and bypassed reservoirs that were never considered economically viable are now back on the table, and that could have major implications for Canada's long-term energy future."

"CRIN is proud to continue supporting Acceleware's RF XL 2.0 project," said Bryan Helfenbaum, CRIN's Chief Operating Officer. "This next phase exemplifies how innovative clean technologies can drive environmental and economic benefits. We are excited to see the advancements this project could bring to convert Canada's hydrocarbon resources into viable low-emissions reserves."

RF XL 2.0 is the first of several electrification of industrial heating applications that Acceleware is commercializing with CTI, including mineral processing and carbon capture.

About Acceleware

Acceleware is an advanced electromagnetic (EM) heating technology company offering proprietary radio frequency (RF) power-to-heat solutions that increase production, reduce energy consumption and lower operating costs in large-scale industrial heating.

Its core innovation, the Clean Tech Inverter (CTI), is field-proven through an initial commercial-scale pilot of RF XL, Acceleware's thermal enhanced oil recovery technology designed to increase heavy oil production.

Acceleware is leveraging CTI expertise across sectors, with three mining projects underway for major operators and an amine regeneration project intended to dramatically reduce energy and costs also in progress.

Acceleware is publicly listed on the TSX Venture Exchange under the symbol AXE.

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, we create 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 $110-million investment from the Government of Canada's Strategic Innovation Fund (SIF).

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 RF XL 2.0, CTI electrification, project funding, and future development plans and timing. 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 RF XL and CTI technology to heavy oil production and industrial applications are accurate, third party estimates of market size are correct, the balance of project funding will be secured, 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 are described in detail in Acceleware's continuous disclosure documents, which are filed on SEDAR+ at www.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300980

Source: Acceleware Ltd.