Calgary, AB, Canada – November 13, 2019 – Acceleware Ltd. (TSX-V: AXE) (“Acceleware” or the “Company”), a leader in the development of technologies enabling low-cost and environmentally-friendly extraction of heavy oil and bitumen, today announced that it has successfully completed a field test of its prototype Radio Frequency (“RF”) converter with record results, achieving another important milestone in the process of bringing the Company’s transformational RF XL technology to commercial reality.
“We are very pleased with the results achieved from our successful RF converter field test, given the positive implications for advancing RF XL toward commercialization and transforming the future of heavy oil production,” said Dr. Michal Okoniewski, cofounder and Chief Scientist of Acceleware. “The field test results confirm design requirements and clear the path for deployment of the complete converter at our commercial-scale RF XL test location.”
The prototype, developed in partnership with GE Research (“GE”), represents the Company’s continuous advancement towards the commercialization of its RF XL system, enabling a revolutionary low-cost, low-carbon method of heavy oil production. Acceleware’s partnership with GE includes initiatives and technologies to integrate GE's proprietary high-efficiency Silicon Carbide (“SiC”) critical power electronics technology with RF XL, and complete a multi-stage pilot test to advance the development and ultimate commercialization of this disruptive new heavy oil and oil sands production technology.
Successful Field Test Results
These positive test results demonstrate the synergies realized by incorporating GE’s SiC technology with the capabilities inherent in the RF XL technology. The field test was the largest and most effective assessment completed to date for the RF converter, and achieved the following outcomes:
150 kW of power was successfully injected into a simulated “ditch-test’ reservoir, a 75% increase over maximum power levels injected in previously completed field tests.
Converter efficiency was consistent with design expectations and demonstrated that the overall efficiency of the commercial-scale converter will exceed 97%, a critical requirement in ensuring RF XL’s successful economic and GHG-reduction performance.
The converter demonstrated seamless adaptability to a wide range of load impedance levels throughout the test, confirming the converter’s ability to perform under a variety of operating conditions.
“GE Research is excited to partner with Acceleware on this project, which demonstrates the clear impact of our industry-leading SiC power electronics can have in driving cleaner, more efficient energy solutions,” said Rajib Datta, Power Electronics Team Lead, GE Research in Niskayuna, NY. “Our partnership in this project provides an opportunity to meaningfully reduce the environmental footprint associated with upstream oil sands operations, while delivering a highly economic recovery technology.”
The application to proceed with the planned commercial-scale test of RF XL is awaiting regulatory approval, the timing of which remains uncertain. To accelerate the timeline of the test, Acceleware is continuing to speak with several interested producers regarding potential test sites and partnerships. As milestones are met and progress on the commercial-scale test confirmed, Acceleware will continue to provide updates.
The Company anticipates releasing its third quarter 2019 financial and operating results after markets close on November 26, 2019.
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 and location of the commercial-scale test of RF XL, the expectations for energy efficiency of RF XL converters, 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 receive the necessary approvals 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.
For further information:
Geoff Clark Tel: +1 (403) 249-9099 geoff.clark@acceleware.com
Acceleware Ltd. 435 10th Avenue SE Calgary, AB, T2G 0W3 Canada Tel: +1 (403) 249-9099 www.acceleware.com