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Hillcrest Energy reports substantial progress with OEM development projects

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Hillcrest Energy Technologies [CSE:HEAT/OTCQB: HLRTF] is an innovative clean technology company redefining power conversion technologies. It is developing high value, high performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.

The Hillcrest traction inverter, powered by the company’s proprietary ZVS technology platform, has demonstrated substantial improvements in system-level efficiency, performance, and reliability for electric systems such as electric vehicles and stationary energy generation and storage systems.

Based on these results, Hillcrest Energy anticipates the combined benefits of its ZVS technology could generate up to US$2,200 per vehicle in EV cost of materials savings, realized through a potential reduction in a vehicle’s battery pack and reducing or eliminating other components and materials in the EV.

Hillcrest Energy says it is moving forwards with demonstration testing programs and joint development projects on multiple commercial fronts.

European OEM co-development activity

Hillcrest Energy has successfully concluded the latest phase of previously announced co-development activities with a prominent European automotive Original Equipment Manufacturer (OEM) for example.

Hillcrest said the results of these recent demonstration tests met or exceeded the expectations laid out in the pre-testing criteria by the OEM concerned. Future development and proposed testing is expected to include broader system development and in-vehicle focuses.

In addition to these demonstration activities, Hillcrest and the as yet undisclosed OEM are actively engaged in discussions regarding the potential structure of a joint development agreement.

Dynamic load demonstration R&D

The next phase of dynamic load demonstration testing with a global Tier One automotive supplier is set to commence in January 2024, when the specialized motor provided by the car manufacturer will be returned to Hillcrest’s Vancouver R&D lab.

Earlier this year, Hillcrest successfully completed the first two milestones with this client and says it will now begin the third testing milestone, which aligns with the previously announced joint development project. Upon completion of this phase, the companies will proceed to on-site demonstrations at the customer’s facilities. Successful completion of all milestones is expected to lead to a definitive commercial agreement with the Global Tier One Automotive Supplier.

Demonstration testing with Hercules Electric Mobility

Preparations are also underway for advanced demonstration testing of the Hillcrest ZVS-enabled traction inverter with a global motor supplier and Hercules Electric Mobility Inc. Earlier this year, Hillcrest expanded the scope of the opportunity with Hercules through the introduction and inclusion of the global motor supplier.

The revised testing and development plan now offers two potential commercial opportunities for Hillcrest and includes testing at the global motor supplier’s facility as well as integration and demonstration of the Hillcrest traction inverter in a Hercules recreational e-boat.

The two-phase demonstration program, supported by advisory services and research and development funding of up to C$130,000 from the National Research Council of Canada Industrial Research Assistance Program, is expected to be completed by the end of Q1 2024.

Hillcrest Energy expansion into UK market

Recent business trips to the UK have expanded Hillcrest’s pipeline of new commercial engagements. Exploratory discussions are underway with several electric vehicle manufacturers and suppliers in Britain.

Hillcrest Chief Executive Officer, Don Currie, explained: “The United Kingdom has established very aggressive zero emission vehicle requirements, and we intend to position Hillcrest’s ZVS technology as a key enabler for manufacturers looking to meet these requirements. Now is the time to leverage the incredible momentum we’ve achieved with our new potential commercialization partners in the United Kingdom, and we intend to continue aggressively pursuing these opportunities.”

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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