Acceleware Ltd. (TSX-V:AXE) is pleased to announce it has signed an agreement  with a Canadian affiliate of Advanced Micro Devices, Inc. (NASDAQ: AMD). Over the next four months, Acceleware will receive cash compensation of US$2.51 million from AMD in exchange for custom software engineering resources and consulting services.  Acceleware has amassed extensive parallel computing software development expertise and GPU accelerated HPC applications knowledge as a result of its numerous software products and the provision of custom software development services to the oil and gas industry.  As part of the Agreement, the Company’s custom software development team will transition to a new AMD site in Calgary, expanding AMD’s existing footprint in Canada. Acceleware will also provide consulting services to AMD.

Acceleware will use the US$2.51 million largely to finance its previously announced RF XL commercial-scale test, scheduled to break ground in the first quarter of 2019. 

“With this non-dilutive capital injection, Acceleware will be able to sharpen our focus on our RF XL heating technology going forward and continue to advance our RF XL commercial-scale test,” said Geoff Clark, CEO of Acceleware.

“The agreement with Acceleware further strengthens our machine learning software expertise and we are excited to establish an additional center of software excellence in Calgary,” said Ajit Mathews, Corporate Vice President, Compute and Machine Learning Software at AMD.

Acceleware remains committed to providing best-in-class support for its existing software products and will retain both of its core seismic and electromagnetic teams to ensure continuity and uninterrupted service for its customers.  This Agreement represents another important milestone for Acceleware as its business is further centered around the commercialization of its radio frequency heating technology and the marketing and support of high-performance computing software products. 

About Acceleware

Acceleware is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.

Acceleware is developing RF XL and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production greenhouse gas emissions (GHGs). In shallow oil sands implementations, no tailings ponds will be required.