The Acceleware Opportunity
Acceleware's vision is to be the global leader in clean-tech enhanced oil sands and heavy oil production. With over 165 billion barrels of oilsands reserves in Alberta alone, and a total addressable market of over 8 trillion barrels of heavy oil deposits globally, Acceleware's disruptive and proprietary RF XL technology is poised to revolutionize how this oil gets produced, enabling energy companies to cleanly and economically increase production levels while reducing carbon emissions.
Following commercial testing of RF XL, Acceleware will apply its technology to decarbonize other GHG intensive industrial processes.
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Acceleware was founded in 2004 and pioneered the use of the graphics processing unit ("GPU") as a compute platform. The first product, AxFDTD™, continues to be sold to many Fortune 500 companies such as Blackberry, Samsung, LG, Nikon, Merck, Boeing and Lockheed Martin.
In 2008, Acceleware entered the seismic imaging market with a GPU accelerated Kirchhoff Time Migration solution, followed by a Reverse Time Migration (“RTM”) library, AxRTM™ in 2009.
Acceleware identified a growing need to dramatically reduce the cost of production and the environmental impact of heavy oil and oil sands production. In 2010, Acceleware began working to develop new ways to apply RF energy to mobilize heavy oil and oil. With very promising test results, the company has been aggressively developing this game-changing innovation, working with several heavy oil and oil sands operators around the world.
In 2013, Acceleware introduced AxWAVE™, then AxFWI™, the current ‘state-of-the-art’ full waveform inversion solution in 2014.
Acceleware continues to expand the reach of these solutions by making them accessible via the cloud, starting with the AxWAVE seismic forward modelling application for survey design, and synthetic seismic modeling.
Having completed numerous tests and filed several patent applications for two different technology platforms between 2010 and 2015, Acceleware announced a partnership with GE Global Research in 2016 to further test and commercialize its patent-pending RF heating technology. We have now successfully completed an initial field test and are focused on completing initial stages of our commercial pilot test at Marwayne, Alberta by Q1 2022. Full-scale commercialization is slated for 2023.