CALGARY, June 14, 2016 /CNW/ - Acceleware Ltd. (TSX-V:AXE) announced plans to test and commercialize its patent-pending "RF XL" heating technology that has the potential to save billions of dollars in oil sands production costs while significantly reducing GHG emissions and water use. Calgary-based Acceleware will partner with GE to develop critical power components and complete a pilot test of the disruptive new heavy oil production technology.
Acceleware's technology uses radio waves instead of steam, driving down the cost of oil sands production and lowering its environmental impact comparable to that of other global sources of crude oil. While RF XL provides a low-cost, low-carbon method to produce heavy oil and oil sands bitumen on its own, it can also improve production from existing and future SAGD projects.
Acceleware will adapt GE's next generation silicon-carbide (SiC) power electronics technology to meet the requirements of RF XL. Acceleware expects pilot testing will draw on the expertise of a consortium of oil producers, with technology deployment on a typical oil sands well pair slated for 2017. Due to the simplicity of the solution, the company believes it can be tested, commercialized, and ready for wide-scale deployment in three to five years.
"We believe RF XL has the potential to deliver operating cost savings of up to 50%, which is significant when compared to the current industry average operating cost of $14.39 for SAGD1," said Mike Tourigny, VP Commercialization of RF Heating for Acceleware. "We also see potential for capital cost reductions on the order of 66% when compared to the industry average for SAGD. In addition to compelling economic benefits, this technology requires no external water, uses no solvents or chemicals, and should reduce GHG emissions by 50% or more."
A key to achieving the operating and capital cost reductions from the Acceleware solution is the integration of GE's proprietary high-efficiency SiC power electronics.
"We are enthusiastic about contributing to the development of game changing oil sands recovery technologies that have the potential to dramatically lower the environmental footprint associated with upstream oil sands operations," said Brian Gregg, Manager for GE Global Research in Canada. Over the last several years, researchers at GE Global Research have been developing SiC-based high power, high frequency converters for various applications including renewable energy, marine DC transmission and offshore oil and gas. The collaboration with Acceleware will give us yet another application to demonstrate the capability of our unique power electronics technology.
The recently filed RF XL patent application adds to Acceleware's growing intellectual property asset base with additional applications expected to be filed in the coming months.
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 news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is any information about Acceleware that is prospective in nature, and often includes words such as "anticipates," "expects," "estimates," "intends," and words and terms of similar substance, in connection with discussions about Acceleware's future operations or financial performance.
Forward-looking information in this news release includes information regarding the proposed use of the funds and the development and testing of Acceleware's RF Heating Technology. Acceleware made certain material assumptions to develop this forward looking information including that the capital requirements of Acceleware shall remain consistent with Acceleware's current and anticipated needs.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include changes in prevailing economic conditions and changes in the development of Acceleware's RF Heating Technology.
Acceleware assumes no obligation to update or revise the forward-looking information in this presentation, unless it is required to do so under applicable securities legislation.
1 "Oil Sands Break-Even Challenges and Opportunities", McDaniel & Associates Consultants Ltd.
SOURCE Acceleware Ltd.
For further information: Mike Tourigny, Tel: +1 (403) 249-9099, Mike.email@example.com, Acceleware Ltd., 435 10th Avenue SE, Calgary, AB, T2G 0W3, Canada, Tel: +1 (403) 249-9099, www.acceleware.com