EDMONTON, Nov. 3, 2017 /CNW/ - 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.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer's business, capital, or operations that is prospective in nature, and includes disclosure about the issuer's prospective financial performance or financial position.
The forward-looking information in this press release includes information about the conditions precedent to and availability of grant funding, the economics of RF XL, the possibility of completing a commercial scale test, and the GHG reduction potential of RF XL technology. Acceleware assumes that the funding will be available as indicated by the funding sources, that it will be able to complete the necessary agreements to access the funding, including agreements with partners, that its technical and economic simulations conducted to date will be confirmed in testing and with the eventual commercial products, and that it will be able to complete the commercial-scale test as currently planned.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware's continuous disclosure documents, which are filed on SEDAR at www.sedar.com.
Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Acceleware Ltd.
For further information: Geoff Clark, Tel: +1 (403) 249-9099, [email protected]; Acceleware Ltd., 435 10th Avenue SE, Calgary, AB, T2G 0W3, Canada, Tel: +1 (403) 249-9099, www.acceleware.com