Business
Acceleware Announces Strategic Collaboration and Distribution Agreement with Scovan
CALGARY, Alberta, June 23, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware...
About this update from Acceleware Ltd.
[{"type":"text","content":"Acceleware Announces Strategic Collaboration and Distribution Agreement with Scovan\n\n\n\n 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).\n \n\n 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.\n \n\n Among other terms, the Agreement establishes a collaboration that:\n \n\n\n Appoints Scovan as the exclusive distributor of RF XL in western Canada, once RF XL is commercialized;\n \n\n Provides Scovan as the preferred surface facility engineering and construction partner for RF XL 2.0.\n \n\n Is expected to expedite partnerships and sales both before and after successful commercialization of RF XL 2.0.\n \n\n Uses Scovan’s EPFC expertise to potentially reduce lead time from regulatory approval to cash flow by a year or more.\n \n\n\n 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.\n \n\n 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-s...