CALGARY, March 13, 2019 /CNW/ - Acceleware Ltd. (TSX-V:
AXE) ("Acceleware" or the "Company"), a leading developer of radio
frequency (RF) heating technology to facilitate cost-effective and
environmentally-friendly extraction of heavy oil and bitumen, is
pleased to announce the filing of a patent application on the use
of RF XL in shipping bitumen by rail, and an update on the
commercialization of its RF XL enhanced oil recovery method. The
update includes new information on: (i) the design and production
of a prototype silicon carbide ("SiC") RF generator with partner
GE Global Research ("GE"); (ii) incremental intellectual
property development for RF XL; and (iii) ongoing work on the
commercial-scale field test of the RF XL technology with partner
Prosper Petroleum Ltd. ("Prosper"), as announced on July 17, 2018.
New Application for RF Heating to Increase Safety and
Profitability of Crude-by-Rail
Acceleware has filed a provisional patent application for a new
use case pertaining to its proprietary RF heating technology. The
new submission contemplates using the same RF XL generator
platform, designed and developed with GE, to heat cooled bitumen
within rail cars at the destination terminal. This would enable
undiluted (neat) bitumen to be shipped safely in rail cars and then
heated with RF energy at the destination, providing producers with
the opportunity to lower costs, enhance profitability and
significantly improve the safety of transporting bitumen by rail.
In addition, this application could potentially reduce greenhouse
gas emissions through higher efficiency heating, higher volume of
bitumen in each train, and the potential use of renewable
electricity.
Prototype Silicon Carbide RF Generator Module Completes
Factory-Acceptance Testing
GE and Acceleware have jointly completed the assembly and
factory-acceptance testing for the initial module of the RF XL
prototype, SiC RF generator. GE is now working on the assembly of
all eight modules which together will comprise the full 2 MW
generator to be used in the commercial-scale test. GE and
Acceleware expect to complete assembly and testing of this
generator in April, 2019. The generator is specifically designed to
be used in a wide variety of oil bearing reservoirs including oil
sands, heavy oil, and potentially difficult-to-produce deposits
such as carbonates. The 2 MW generator is extendable by design,
allowing two or three generators to be combined as needed based on
the properties of a given reservoir, resulting in total maximum
power of 4 or 6 MW, respectively.
Incremental Intellectual Property Development for RF XL
Further Extends Applicability
Consistent with the Company's strategy for the long-term
commercialization of its innovative technologies, Acceleware has
continued to develop intellectual property for the RF XL platform,
and has recently been awarded a second patent. Claims from the new
patent detail an antenna for RF heating applications that can
intrinsically match the impedance across a wide variety of
materials including air, sand, hydrocarbon formation materials, and
water, thereby maximizing power. In addition, the claim details
that the antenna is also capable of functioning at very high
temperatures.
The antenna's broad applicability range, combined with inherent
design flexibilities, eliminates the need for matching circuits,
which are both complex and expensive when used in high-power
applications. Eliminating matching circuits is very significant as
it can result in greater efficiencies, lower capital and operating
costs, as well as increased operating range. This innovation could
also provide the potential for utilization in entirely new
applications, such as industrial processing.
Acceleware now has two patents granted, 13 patents pending, and
has another nine applications in progress. The Company views
intellectual property development as critical to the ongoing
success of its commercialization plan and its ability to deliver
value for shareholders.
Field Test of RF XL Advances with Engineering Design
Completion and Regulatory Submission
Complementing the test agreement with Prosper, Acceleware has
signed a $2 million project funding
agreement with a major oil sands producer and was awarded
$10 million in non-repayable funding
under contribution agreements with Sustainable Development
Technology Canada ("SDTC") and Emissions Reduction Alberta ("ERA")
for the commercial-scale test. Progress payments received to date
under all three agreements have contributed to material
advancements in the project.
Design and engineering work is substantially complete for the
commercial-scale test of RF XL. Acceleware and engineering partner,
Scovan Engineering, have completed the front-end engineering design
for the surface facilities required for the test, while the
Company's drilling and completions consultants, including
Codeco-Vanoco Engineering Inc., have substantially completed
designs for the proprietary RF XL heater wells, along with the
industry standard producer wells.
Acceleware continues to await the necessary regulatory approvals
to proceed with the commercial-scale test of RF XL. To date, the
Company has provided all required information and materials to the
Alberta Energy Regulator (AER) that has been requested for the
Experimental Scheme application submitted by Prosper for the pilot
test.
Acceleware will continue to provide updates as milestones are
met and the commercial-scale test progresses.
About Acceleware
Acceleware (www.acceleware.com) is an innovator of clean-tech
oil and gas technologies comprised of two business units: Radio
Frequency (RF) Enhanced Oil Recovery; and Seismic Imaging Software
and Software Acceleration Services.
Acceleware is developing RF XL and Modular RF, its patented and
patent-pending low-cost, low-carbon production technologies for
heavy oil and oil sands that are materially different from any
heavy oil recovery technique used today. They are designed to have
significantly lower operating and capital costs, will use no water,
require no solvent, have a small physical footprint, can be
redeployed from site to site, and can be adapted to a multitude of
reservoir types, while expected to greatly reduce and eventually
eliminate production greenhouse gas emissions (GHGs). With
Acceleware's RF technologies, tailings ponds are not required.
Our seismic imaging software solutions are state of the art for
high fidelity imaging, providing the most accurate and advanced
imaging available for oil exploration in complex geologies.
Acceleware's professional services team accelerates computationally
intense applications for clients to speed up product design,
analyze data and help them make better business
decisions.
Acceleware is a public company listed on Canada's TSX Venture Exchange under the
trading symbol "AXE".
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 can be
identified by the term "expect" and derivatives thereof, and
includes information about the commencement of the commercial-scale
test of RF XL, the expectations for future intellectual property
development, RF XL technology development, and the commercial
availability of RF XL technology. Acceleware assumes that the
current research and development effort including the
commercial-scale test plans will result in commercial-ready
products, and that Acceleware will conclude the necessary
agreements related to the commercial-scale test of RF
XL.
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.