Investors
The Acceleware Opportunity
Acceleware's vision is to be the global leader in decarbonizing industrial heating through its Clean Tech Inverter (CTI).
Acceleware’s patent pending CTI technology is an electrification engine for scalable, on-demand, decarbonized industrial heat. Developed to eliminate GHG emissions and fresh water use in heavy oil and oilsands production, the CTI uses cutting edge Silicon Carbide (SiC) technology that results in greater than 97% efficiency, compared to typical microwave or RF generators at only 70%-80% efficiency. This results in highly efficient heat at very low cost.
CTI has been deployed in the RF XL commercial-scale heavy oil pilot project at Marwayne, Alberta. Acceleware's patented disruptive 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.
Acceleware is also involved in projects to apply CTI to decarbonize other GHG intensive industrial heating processes such as agricultural drying, methane pyrolysis for hydrogen production, and mining applications.
July 26, 2023
AXE provides investors:
Exposure to a clean-tech energy innovator developing low-cost, low-carbon extraction solutions for the oil industry
Cash flow-positive software platform to support the high-impact potential of our ground-breaking RF solution
Experienced and dedicated team with a history of value creation and commitment to environmental sustainability
Line of sight to commercialization with near-term catalysts offers an attractive entry point for investors
About Acceleware
Acceleware is an innovator of clean-tech enhanced heavy oil recovery technology and a developer of software solutions for the oil industry. We are comprised of two business units: Radio Frequency (RF) Heating; and Seismic Imaging Software.
Our History
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 and has been used by many Fortune 500 companies such as Apple, 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 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 began aggressively developing this game-changing innovation, working with several heavy oil and oil sands operators around the world.
In 2013, Acceleware introduced to the seismic market AxWAVE™, a full featured forward modelling product, and 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 AxWAVE for survey design, and synthetic seismic wave 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 Clean Tech Inverter (CTI) platform for RF heating.
After announcing the successfully completed 1/20th commercial-scale test for RF XL, Acceleware was awarded a $10 million non-repayable contribution from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA).
Acceleware announced the grant of a key radio frequency heating patent, covering the core elements of its Modular RF technology, as well as announcing a commercial-scale pilot. Building on the $10 million in grants with SDTC and ERA, Acceleware also secured investment from a major oil sands producer for the RF XL commercial-scale pilot.
In Q4, Acceleware signed an agreement with Advanced Micro Devices (AMD), receiving US$2.51 million in exchange for Acceleware's custom software engineering resources and consulting services business.
Acceleware's prototype of the CTI was succesful in the largest and most effective field test assessment completed to date.
In 2020, Acceleware announced that the RF XL Commercial-Scale Pilot test site would be located near the town of Marwayne, Alberta, as well as being granted a key RF XL patent from the United States Patent and Trademark Office. This was followed by Acceleware receiving support from two major oil sands producers, including Suncor Energy, and the creation of Acceleware | Kisâstwêw, a partnership between Acceleware and Saa Dene.
Acceleware entered an agreement with Alberta Innovates (AI), providing up to $5 million for the RF XL commercial-scale pilot test, being distributed at designated milestones over the course of the pilot. Cenovus Energy Inc was announced as a third major financial supporter of the pilot, and the drilling/completions program was completed before year end.
Heating of the RF XL Commercial-Scale Pilot started, representing a landmark milestone in the execution of the pilot and the demonstration of RF XL’s potential. Additional funding for the pilot was provided by AI in the amount of $900,000. The RF XL pilot was paused when the fibre optic distributed temperature sensing (DTS) system was damaged.
In Q1, Acceleware and Aurora Hydrogen announced $2 million in shared funding from Alberta Innovates Hydrogen Centre of Excellence for turquoise hydrogen collaboration.
Acceleware completed a project with Saskatchewan’s International Minerals Innovation Institute, validating the potential of CTI-powered drying of potash and other mineral commodities. IMII has invited Acceleware to submit a proposal for subsequent project phases which could lead to the development of a commercial-scale drying platform with lower capital and operating costs than fossil fuels, and lower GHG emissions levels too.
As part of the repair of the DTS at the Marwayne pilot, Acceleware embarked on a heating well workover program that includes repair and upgrades to subsurface components. The final phase of the workover at the RF XL commercial-scale pilot commenced August 8, 2023.
Acceleware continues to invest in developing and protecting new intellectual property with a total of 52 patents currently issued, allowed, applied for, or in development.
