A Calgary-based company is receiving additional funds for a pilot project aimed at creating a low-cost and clean extraction process for heavy oil and bitumen.
Through Alberta Innovates, the province’s largest research and innovation agency, Acceleware Ltd is getting up to $5 million to put towards their RF XL commercial pilot test.
It focuses on using radio waves to heat water in reservoirs to efficiently mobilize heavy oil and bitumen.
Estimates suggest this technology could reduce production costs by around 40 per cent, when compared to steam-assisted gravity drainage technology, and cut emissions to nearly zero.
“We are extremely proud to realize another key milestone in our development of RF XL,” said Geoff Clark, CEO of Acceleware. “With this funding from Alberta Innovates, Acceleware has secured all of the resources we need to complete the commercial demonstration of RF XL at Marwayne.”
Construction on this project is now underway with all long-lead equipment and materials already ordered and service company partners chosen.
Acceleware expects it to be operational sometime during the third quarter.
In total, the company has raised over $19 million for the project. This includes $2 million from Suncor Energy.
“We’re continuously innovating to meet evolving energy needs while tackling pressing environmental challenges like climate change,” added Sandy Martin, senior vice president, in situ, Suncor.
“There isn’t an easy or quick solution to transform to a low carbon energy future. It will take original thinking, collaboration, and commitment – Acceleware’s Marwayne Pilot is one example of how we’re investing in the development of leading-edge technologies that have the potential to change the way the world generates and uses energy.”