- Acceleware is a Calgary based company involved in decarbonizing heavy oil and oil sands production via (Discover RF XL) and industrial heating via clean tech (Discover CTI) next-gen electrification technology. They are approaching commercialization. Their heavy oil technology eliminates fresh water use, lowers immediate GHG’s by 25-100%, and uses a smaller footprint. Energy efficient improvement is seen as 40-60% compared to SAGD. It lowers capital intensity by 50% and lowers operating costs by 40% versus conventional SAGD. To commercialize they are working with four major heavy oil energy producers including Cenovus.
- Their business model is to sell equipment and also related services for recurring revenue from heavy oil producers.
- AXE has 106M shares outstanding with a market capitalization of $38M. Inside ownership is 19% and they have two institutional investors owning 13%.
Mike is an accomplished executive with over 30 years of international experience building high-growth, disruptive and innovative businesses in the energy, utilities, telecommunications and technology sectors. Mike started his career in the oil and gas industry before pivoting to technology, where he worked to commercialize several diverse and ground-breaking innovations. He joined Acceleware in 2013 after being attracted by the enormous decarbonization potential for several heavy emitting industries via radio frequency (RF) heating. Mike’s unique aptitude for navigating the barriers associated with business growth across a wide range of industries makes him well-suited to spearhead the process of commercializing Acceleware’s RF heating applications. He holds a Masters of Business Administration from the University of Calgary and a Bachelor of Commerce in Finance from the University of British Columbia.