- Acceleware (AXE) has received $900,000 in additional grant funding for its Marwayne radio frequency (RF) XL Pilot
- The funding, provided by Alberta Innovates, will expedite an ongoing workover program, as well as analysis of the pilot’s power transmission system
- The company’s RF extraction method uses radio frequency heating to extract bitumen and heavy oil with a radically reduced environmental footprint
- Acceleware is an innovator of clean-tech decarbonization technologies
- Acceleware (AXE) is down by 10.29 per cent, trading at $0.305 per share
Acceleware (AXE) has received $900,000 in additional grant funding for its Marwayne RF XL Pilot.
The funding provided by Alberta Innovates will not dilute existing shareholders.
Recent pilot developments include progress on the heating well workover program, which is in response to damage incurred to the fibre optic distributed temperature sensing (DTS) system in the heating well during a maintenance operation in late July 2022.
The DTS is important to data gathering and power regulation to ensure the system operates within specified parameters.
The company also plans to remove and inspect certain downhole components of the RF XL system to document the initial performance of the RF power transmission system.
Heating operations and further testing will resume after the workover program.
Heavy oil and bitumen extraction through RF XL radio frequency heating technology hold the potential to bring near-zero-emissions to the industry. RF XL eliminates the need for freshwater and requires less land use, offering a cleaner and more sustainable solution to meet global energy demand once demonstrated at scale.
Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: radio frequency heating technology and seismic imaging software.
Acceleware (AXE) is down by 10.29 per cent, trading at $0.305 per share as of 2:24 pm ET.