Acceleware Ltd (TSX-V: AXE), a Calgary provider of oil recovery technology and energy software solutions, has been awarded a $10 million non-repayable contribution from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA). The funds raised will be used to complete a commercial-scale field test of the company’s clean technology for bitumen and heavy oil extraction. Acceleware plans to conduct the test in partnership with one or more oil sands producers. Founded in 2004, Acceleware is backed by Resource Merchant Capital, a Canadian energy private capital firm.
Alberta-based Acceleware Awarded Funding to Test RF XL
Edmonton, November 3, 2017 – Acceleware Ltd. (TSX-V:AXE) is pleased to announce it has been awarded a $10 million non-repayable contribution to complete a commercial-scale field test of its ground-breaking clean energy technology for bitumen and heavy oil extraction. The funding will be provided by Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA) in accordance with their mandates to bring clean technologies to market that are economically viable and reduce GHG emissions. The funding is contingent upon the execution of contribution agreements with both SDTC and ERA and a partnership with an oil sands producer to complete the commercial scale field test. Acceleware is in the process of finalizing a partnership with one or more oil sands producers as required to complete this commercial-scale field test in an oil sands reservoir.
“We are extremely appreciative of the vote of confidence SDTC and ERA is giving our RF XL technology,” says Geoff Clark, CEO of Acceleware. “Today’s announcement is confirmation that RF XL is a potential game-changer for Alberta’s oil industry. We look forward to working with SDTC, ERA and our other partners in this vital next step in commercializing our technology. RF XL supports the goals set out by the federal and provincial governments to reduce GHG emissions while creating the economic opportunity to usher in a shale oil style revolution of competitiveness and clean growth for Alberta’s oil industry.”
On the heels of a successful 1/20 scale field test earlier this year, Acceleware will complete a commercial-scale field test of its patent pending RF XL technology. RF XL efficiently mobilizes heavy oil and bitumen by using radio waves to heat the water already present in the reservoir. RF XL requires no chemicals or solvents, no external water, utilizes a smaller surface footprint, and can reduce GHG emissions by 50-100%, compared to steam assisted gravity drainage (SAGD). Acceleware estimates that RF XL has the potential to reduce capital costs by as much as 70 percent and operating costs by up to 40 percent when compared to SAGD. If successful, RF XL will allow Alberta oil to compete even in today’s low oil price environment, as it is commercially viable one well at a time allowing both large and small operators to explore new deposits, and produce them profitably and cleanly. The commercial-scale test will utilize electronics developed in partnership with GE.
“SDTC is incredibly proud to support Acceleware,” said Leah Lawrence, President and CEO of SDTC. “Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. RF XL is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and people around the world.”
“ERA helps accelerate promising technologies that will lead to both economic and environmental benefits,” said ERA CEO Steve MacDonald. “Funding for this commercial-scale field test provides the support and investment innovators like Acceleware need to develop and commercialize promising new technologies. It is technologies like this that pave the way for cleaner, more sustainable energy sources.”
Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware’s professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware’s products and services are used by some of the world’s largest energy and engineering companies.
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Photo courtesy of Reuters/Todd Korol