Cenovus Energy joins RF XL pilot project as consortium member
Cenovus will provide funding of up to $2 million and technical expertise in support of the Pilot under the terms of an agreement with Acceleware.
Research & Development
Technology / IIoT
Mining & Resources
Oil & Gas
CALGARY — Acceleware Ltd., a developer of electrification technologies targeting low-cost, low-carbon and clean extraction of heavy oil and bitumen, announces that Cenovus Energy Inc. has joined the commercial-scale RF XL pilot project at Marwayne as a consortium member. Cenovus will provide funding of up to $2 million and technical expertise in support of the Pilot under the terms of an agreement with Acceleware.
In exchange for the funding, Cenovus will be able to provide input into Pilot designs and test specifications prior to completion, and will receive, along with the other Pilot participants, exclusive access to the full set of detailed technical data and test results for one year following completion of the Pilot. Acceleware has granted Cenovus prioritized rights to host a subsequent test of Acceleware’s RF XL technology, preferred pricing on pre-commercial products, and preferred access to RF XL products over operators who do not participate in the Pilot.
“Getting to a low-carbon energy future is complex and will require a multitude of solutions, a realization that this will be a transition over time, and a lot of players who are willing to actively participate. We are very pleased that Cenovus is coming on board as a third major oil sands partner in our Marwayne RF XL commercial pilot – particularly in light of their participation in the recently announced Oil Sands Pathways to Net Zero collaborative initiative,” said Geoff Clark, CEO of Acceleware. “While carbon capture technologies are a terrific and necessary innovation, it’s heartening to also see support for commercialization efforts for next generation technologies such as ours – one that is capable of near zero scope 1 and 2 GHG emissions.”
Cenovus joins two other major oil sands companies who have each agreed to provide technical assistance and up to $2 million in funding for the Pilot. In aggregate, Acceleware’s oil sands partners represent well over one million barrels of oil sands and heavy oil production per day. Acceleware has also received commitments for a total of $15.5 million in funding from Sustainable Development Technology Canada, Emissions Reduction Alberta, and Alberta Innovates.
With a successful Pilot, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL. Acceleware’s RF XL electromagnetic heating technology generates near-zero GHG emissions when it is powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, offering a cleaner and more sustainable solution to meet the world’s growing demand for energy.