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."
About Acceleware
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.
Disclaimers
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.