Acceleware Ltd provides technology-based innovative solutions to oil and gas exploration companies.
The company operates under two reportable segments: Seismic Imaging Software and Radio Frequency enhanced oil recovery.
The firm claims its latest clean-tech innovation, RF XL, is a low-cost, low-carbon producing technology for oil sands and heavy oil operations. In addition, through its Seismic Imaging Software, the company provides imaging software solutions for oil exploration activities.
The tech firm was founded in 2004 to provide graphic processing unit (GPU) in computing services. The company claims that its pioneer product, AxFDTD, is still actively used by several Fortune 500 companies, including Blackberry, LG, Nikon, etc.
The FDA reportedly approved the product as the first electromagnetic modelling software that measures the absorption of radiofrequency energy by the human body.
In 2008, the company penetrated the seismic imaging market with various tech-based solutions, including Kirchhoff Time Migration Solution and Reverse Time Migration Library in 2009.
Since 2010, the company claims to have been working in association with several worldwide oil sand operators to develop a radio frequency-based technology for optimization in heavy oil and oil sands operations.
The firm further emphasizes that the technology solution can dramatically lower the impact of oil and oil sands production on the environment and also assist in reducing costs.
Reportedly, the company has been working on its RF XL technology for more than ten years. In 2016, it partnered with GE Global Research to develop, test, prototype and commercialize electronics for RF XL. As a result, the company has launched the product commercially in Alberta, and its commercialization is anticipated in 2023.
Acceleware further claims that global firms like Blackberry, LG, Samsung, Merk, Boeing and Lockheed Martin have relied upon its cutting-edge technology and software since its inception.
It also provides computing solutions for electronic, energy and medical industries. The company is an innovation-driven enterprise that develops high-performance electromagnetic modelling software (“EM”). In addition, it is presently focused on advancing GPU as a computational platform.
Firms like Samsung and Merk have reportedly used their technology platform in developing cell phones, wireless devices, MRI and other medical imaging, and aerospace machines. In addition, the technology is aimed at accurately simulating the use of electromagnetic (EM) energy in oil production, the firm claims.
It is listed on the Toronto Stock Exchange under the symbol ‘AXE’.