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To: Goose94 who wrote (146089)	6/7/2023 11:38:45 AM
From: Goose94	Read Replies (2) \| Respond to of 202367

Acceleware (AXE-V) Dear Investor I’m pleased to share some updates on our progress with the RF XL Marwayne pilot project, initiatives to expand the reach of the CTI technology into new markets, and a new financing round that we are launching, per a news release that was disseminated yesterday evening. Acceleware has continued to work through the heating well workover project since closing our last financing of $1.8 million in October 2022. At that time, we had been actively seeking non-dilutive financial support from our partners and funders. As a result, we were able to secure $900,000 from Alberta Innovates to partially cover the cost of the workover which we announced in December 2022. We continue to actively source additional non-dilutive funding. During the Pilot workover project, we were able to complete an inspection of the removable and non-removeable components of the proprietary down-hole RF XL system. Among other activities we performed visual inspection, various electrical and mechanical measurements, down-hole video and other techniques to obtain detailed data on the condition of the components. This turned out to be an invaluable 'silver-lining' of the DTS break as the team was able to identify several opportunities to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without having stopped operations and performed the inspection of the components. The Acceleware team has done extensive analysis, planning, de-risking, and testing, working closely with our service providers and operating partners to develop an appropriate repair and upgrade plan that will be completed as soon as possible in conjunction with the original DTS replacement work. Upon completion of this work, we expect to be able to restart heating at the site. We have a high degree of confidence that the planned work will allow us to achieve our goal of demonstrably increasing the amount of power we can inject into the reservoir and showing a meaningful increase in temperature within a few months of restarting operations. Our major oil sands partners support the workover plan and are excited to see us achieve this goal. As mentioned above, we continue to actively pursue additional non-dilutive funding for the RF XL pilot, and are involved in discussions to this end. On the heels of having successfully tested the Clean Tech Inverter (CTI) over six months of operation at the Marwayne heavy oil pilot, Acceleware is now also busy developing applications for the CTI outside of our important and ongoing work in the heavy oil sector. The CTI, as you’ll likely recall, is essentially Acceleware’s electrification ‘engine’ that provides clean heat and allows for the decarbonization of heavy emitting industries. As announced in February, we are now working on a collaboration with Aurora Hydrogen to design a CTI based heating system for their hydrogen production technology based on methane pyrolysis. The goal of this project is for Aurora to have a scalable low cost method of producing hydrogen relative to competitors, and for CTI to be the engine that powers it. Acceleware will continue to develop the CTI specifically for the hydrogen production space to ensure that we maximize the opportunity for the CTI to be part of the hydrogen economy. We have started working on projects for agriculture and food drying, where partnership development is underway, and are also working on the drying of mining ore using the CTI. Acceleware has begun early stage project work as announced by our client, International Minerals Innovation Institute (IMII), on May 17, 2023. For background, IMII is a non-profit funded by BHP, Mosaic Co., Nutrien, and Cameco to support innovation for the mining industry in Saskatchewan. The intention of the project would be to validate the potential to use radio frequency (RF) energy from the CTI to dry potash and other mineral commodities. The size of the potential market to electrify heat production for industrial processes is truly staggering. We have been talking about this for years, and were extremely pleased to see energy transition expert and founder of Bloomberg NEF Michael Liebreich label this the next half-trillion dollar market - for his full story click here. Going forward you will see Acceleware using a new term, "Intelligent Electric Heating (IEH)." IEH describes the optimization approach that we will use in the electrification of large-scale industrial heating applications. We are very excited about further fleshing out this work, and will share more detail in coming months. Here's a link to a new information sheet that we believe communicates the magnitude of the opportunity for Acceleware to grow. Again – we are working hard to secure as much non-dilutive funding as possible to advance these technologies. Having found success with RF XL on this front, and more recently on the hydrogen collaboration with Aurora, we plan to continue that trend in the industrial drying space. As mentioned earlier, we have also just announced our new private placement to support the next stage of commercialization for RF XL in the oil sector, as well as development work in hydrogen and drying. Please let me know if you are interested in this financing, and I will forward you a term sheet and subscription agreement. Your support to date is greatly appreciated, and if you are not interested in participating at this time I understand entirely and am grateful for your past support. Regards, Geoff Clark CEO, Acceleware Ltd. Copyright © 2023 Acceleware, All rights reserved. You are receiving this email because you opted-in to our email list. If you no longer wish to receive news and information from Acceleware Ltd. you can unsubscribe at any time. Our mailing address is: Acceleware 435 10th Ave SE Calgary, AB T2G 0W3 Canada