Acceleware

About Acceleware

Acceleware Ltd. is a clean-technology company that develops electromagnetic (EM) heating solutions for industrial applications. Founded in 2004 by Dr. Michal Okoniewski and Ryan M. Schneider and headquartered in Calgary, Canada, the company initially focused on using graphics processing units (GPUs) to accelerate scientific computing and seismic imaging software for the oil and gas, electronics, and medical industries. Dr. Okoniewski, a professor at the University of Calgary and an expert in computational electrodynamics, has been the driving force behind the company's scientific innovations. Geoff Clark joined as CEO in 2010, guiding the company's strategic shift towards clean energy technology.

The company is organized into two main business segments: RF Heating and High-Performance Computing (HPC). Its primary focus is the commercialization of its proprietary radio frequency (RF) heating technology, headlined by the patented Clean Tech Inverter (CTI). The CTI converts electricity to RF energy with high efficiency, enabling the electrification and decarbonization of industrial process heat. This technology underpins Acceleware's flagship product, RF XL, an enhanced oil recovery (EOR) method designed to produce heavy oil and oil sands with significantly lower emissions and costs compared to traditional steam-based methods like SAGD. RF XL works by using radio waves to heat water already present in the oil reservoir, mobilizing the oil for extraction without the need for external water, solvents, or steam generation, thereby reducing land use and eliminating GHG emissions when powered by renewables. A commercial-scale pilot of RF XL at Marwayne, Alberta, has demonstrated the technology's potential.

Acceleware's business model involves the direct sale of its RF XL solution to heavy oil producers and pursuing partnerships and licensing agreements for its CTI technology across other industries. Beyond oil and gas, the company is applying its EM heating solutions to other high-emission sectors, including potash and critical mineral drying, amine regeneration for carbon capture, and agricultural product drying. The company serves a global market, with partners and clients in the energy, engineering, and electronics sectors. Acceleware is a public company listed on the TSX Venture Exchange under the symbol AXE.