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Alberta-based Acceleware Awarded Funding to Test RF XL
Alberta-based Acceleware Awarded Funding to Test RF XL Canada NewsWire EDMONTON,...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAlberta-based Acceleware Awarded Funding to Test RF XL\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, Nov. 3, 2017\n\n\n\nEDMONTON, 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. \n\n\"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.\"\n\nOn 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...