Acceleware Awarded $3 Million in Non-Dilutive Funding from The Clean Resource Innovation Network - Seite 2

CRIN funding comes as a welcome addition to over $16.4 million already received from federal and provincial government funders, and will be an excellent complement to Acceleware’s recently closed private placement.

RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also underway for decarbonization of other heavy emitting industrial heating applications, where Acceleware will leverage its in-house expertise in leading-edge electrification technologies to provide optimized, economic solutions for the reduction of GHG emissions in large-scale industrial heating processes.

E-house at Acceleware's RF XL Commercial-Scale Pilot Test at Marwayne, AB. July 2023

About CRIN

The Clean Resource Innovation Network (CRIN) is a pan-Canadian network focused on ensuring Canada’s hydrocarbon resources are sustainably developed and integrated into global energy systems. CRIN, as a ‘network of networks,’ connects a vast array of skills, knowledge and experience from oil and gas and other industries to technology developers, researchers, government, investors, academia, entrepreneurs, and youth. By identifying industry challenges, we create market pull in order to accelerate the commercialization and widespread adoption of clean technology, leading to significant environmental, economic, and public benefits to Canada. CRIN is supported in part by a $100-million investment from the Government of Canada’s Strategic Innovation Fund (SIF).

About Acceleware

Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.  

Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.