07:11 AM EST, 12/05/2024 (MT Newswires) -- Acceleware ( ACWRF ) , a maker of technologies targeting the decarbonization of industrial process heat, overnight Wednesday said it won up to $1.31 million in a non-dilutive grant from the Clean Resource Innovation Network (CRIN) to speed up clean technology development and commercialization for the oil and gas industry.

The funding will be applied to eligible costs for the redeployment of upgraded subsurface components and the next phase of heating at the Marwayne, Alberta RF XL pilot, the company said.

"RF XL not only has the potential to materially lower the cost of heavy oil production while cutting emissions, but could also enable the production of barrels that were previously not considered viable for development, which would be a boon to Albertan and Canadian economies," said Acceleware ( ACWRF ) Chief Executive Geoff Clark.

Acceleware ( ACWRF ) estimates the project, including refining redeployment and test plans, will cost $5 million. The company said it has also secured a portion of the matching funds for the CRIN funding and is actively sourcing the balance of the $5 million.

CRIN is partly supported by a $100-million commitment from the Government of Canada's Strategic Innovation Fund.