Just four months after announcing a key deal with junior Prosper Petroleum to use the company’s leases to test its radio-frequency extraction technology, Acceleware Ltd. says it has new financial support from a “major oilsands producer.”
As an electrically driven process, Acceleware believes that its waterless technology can provide a clear pathway to zero-GHG production of heavy oil and oilsands.
The unnamed company has committed up to $2 million toward the field pilot, Acceleware said on Tuesday. Together with $10 million from Sustainable Development Technology Canada and Emissions Reduction Alberta and other funds, this brings the total capital financing raised to date to an excess of $15 million.
“In exchange for the funding, the producer 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 said.
The tech developer has also granted the producer prioritized rights to host a subsequent test of its technology, preferred pricing on pre-commercial products, and preferred access to products over operators who do not participate in the pilot.
Acceleware announced in July that its field test will be completed at Prosper’s Rigel property in the Athabasca oilsands north of Fort McMurray. The pilot has an estimated capital cost of $16 to $20 million.