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Acceleware Secures $3 Million Non-Dilutive Funding from The Clean Resource Innovation Network

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Acceleware Secures $3 Million Non-Dilutive Funding from The Clean Resource Innovation Network

Acceleware Ltd. has announced an agreement to receive $3 million in non-dilutive grant funding from the Clean Resource Innovation Network (CRIN). The funding will support eligible project costs for the commercial-scale pilot of RF XL at Marwayne, Alberta. CRIN's funding aims to accelerate clean technology development and commercialization in the oil and gas industry. Acceleware's RF XL technology offers combustion-free heating through radio frequency energy, reducing GHG emissions and water usage while lowering operational costs.

Accelerating Clean Technology

The funding from CRIN is a significant boost for Acceleware's RF XL pilot project. It aligns with CRIN's vision of sustainable hydrocarbon development and exemplifies the integration of energy development and environmental stewardship. The support from CRIN will help Acceleware make progress in its clean technology development and contribute to Canada's climate targets.

Decarbonization and Cost Reduction

RF XL technology has the potential to revolutionize heavy oil and oil sands production. By eliminating direct GHG emissions, reducing water usage, and lowering operational costs, RF XL offers a compelling solution for decarbonization and cost reduction in the energy sector. The funding from CRIN will enable Acceleware to further develop and optimize this technology. In conclusion, Acceleware's receipt of $3 million non-dilutive funding from CRIN is a significant milestone in advancing clean technology in the oil and gas industry. The support will accelerate the development and commercialization of RF XL technology, contributing to environmental sustainability and economic benefits for Canada.

Hot Take: The Impact of Strategic Investment on Clean Technology

The recent announcement of Acceleware securing $3 million in non-dilutive funding from the Clean Resource Innovation Network (CRIN) is a game-changer for new businesses in the clean technology sector. This funding not only signifies a substantial financial boost for Acceleware's RF XL pilot project but also sets a precedent for other businesses seeking to develop and commercialize clean technologies.

Boosting Clean Technology

The CRIN's support is a clear endorsement of Acceleware's innovative RF XL technology, which promises to revolutionize heavy oil and oil sands production by reducing GHG emissions, water usage, and operational costs. This sends a strong message to new businesses about the potential rewards of investing in clean technology and the importance of aligning business strategies with global sustainability goals.

Driving Decarbonization and Cost Reduction

The RF XL technology's potential to significantly reduce carbon emissions and operational costs in the energy sector is a compelling proposition for new businesses. It demonstrates that sustainability and profitability can go hand in hand, challenging the traditional notion that environmental responsibility comes at the expense of financial performance. In conclusion, Acceleware's funding achievement is a significant milestone for the clean technology sector. It underscores the potential of clean technology to drive both environmental sustainability and economic benefits, providing valuable insights for new businesses navigating the clean technology landscape.
Story First Published at: https://financialpost.com/globe-newswire/acceleware-awarded-3-million-in-non-dilutive-funding-from-the-clean-resource-innovation-network
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