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The phrase "accelerate its development" is correct and usable in written English.
It can be used when discussing the process of speeding up the progress or growth of a project, product, or initiative.
Example: "The company aims to accelerate its development of new technologies to stay competitive in the market."
Alternatives: "speed up its progress" or "hasten its advancement".
Exact(26)
For its part, Ford said it intended to accelerate its development of electric cars as part of a broader business strategy that will be laid out for Wall Street on Tuesday by its new chief executive, Jim Hackett.
In a statement today recommending Thales' offer, CEO Philippe Vallée said: "I am convinced that the combination with Thales is the best and the most promising option for Gemalto and the most positive outcome for our company, employees, clients, shareholders and other stakeholders," adding that it would enable Gemalto to "accelerate its development and deliver its digital security vision".
Asohan revealed that the company wasn't looking for money but it sees this as an opportunity to accelerate its development.
Analysts contend that G.M. needs to accelerate its development of global vehicle platforms that yield a variety of different models.
"In particular, Simon Calver's e-commerce expertise has allowed Mothercare to accelerate its development as a multichannel retailer in the UK.
Systematic study of this drug with well-designed randomized multi-center clinical trials is needed to accelerate its development and incorporation into clinical practice.
Similar(34)
Indeed, Iran has, it appears, responded to the warnings and economic sanctions by accelerating its development of nuclear weapons.
IBM accelerated its development efforts.
But Volkswagen's chief executive, Martin Winterkorn, said at last week's Frankfurt auto show that the company was now accelerating its development of hybrids, plug-ins and electric models.
Otto co-founder Anthony Levandowski, one of the founding fathers of Google's autonomous technology, will join Uber instantly infusing self-driving expertise into the company's efforts and accelerating its development of autonomous systems.
As Bhutan – a nation best known for valuing GNH, gross national happiness, above GDP – accelerates its development, its government and people have engaged in a new fight to preserve its culture and keep its unique identity alive.
More suggestions(14)
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to expedite development
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accelerate its implementation
accelerate its progress
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com