Hillcrest Energy Technologies Ltd. (CSE: HEAT) (OTCQB: HLRTF) Assisting EV Manufacturers in Reducing Costs; Company Announces Appointment of Samuel Yik as CFO

  • The manufacture of lower cost electric vehicles is conditional on the decrease of component costs, with battery packs forming one of the largest parts of their cost structure
  • Hillcrest Energy Technologies’ revolutionary inverter technology, which forms an integral part of an electrical vehicle’s powertrain, allows EV’s to improve thermal management and reduce switching losses
  • Improved power quality resulting from more efficient power inverters can enable automakers to obtain higher powertrain efficiency and consequently, reduce their battery packs
  • Hillcrest Energy Technologies separately seized the opportunity to announce the appointment of Samuel Yik as their new CFO

One of the world’s most inexpensive electric vehicles, the Changli Freeman, currently has a listing price of approximately $1,000. It weighs 323 kilograms, packs up to a 1.2 kW motor, can reach 35km/h and has a claimed range of 40-100 kilometers (https://ibn.fm/ay2wL). By contrast and as of 2018, a Tesla Model 3’s inverter alone was estimated to cost the manufacturer upwards of $1,100 per unit. Hardware costs have come down dramatically in ensuing years; as of 2020, a Model Y inverter was reported to cost approximately $700 per unit, a $400 reduction relative to the 2018 Model 3 version. Nevertheless, component costs remain a key constraint to the further reduction of automotive manufacturing costs, a challenge which Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) is seeking to take on.

Hillcrest Energy Technologies, a clean technology company focused around developing transformative power conversion technologies, has centered its energies on creating solutions which have the potential to unlock efficiencies in electrification and maximize the performance of integrated electric systems. “While we have a focus on traction inverter technology for electric vehicles (‘EVs’), the technologies we are developing can also be applied to a wide range of industries to make electrical systems more efficient,” said Hillcrest Chief Technology Officer Ari (https://ibn.fm/Imzjh).

In effect, Hillcrest’s revolutionary technology seeks to eliminate traditional design tradeoffs faced across the power industry – in which deploying higher switching frequencies has historically resulted in a greater increase in losses.

Since Hillcrest’s inverter technology materially eliminates switching losses, it makes higher switching frequencies feasible, enabling improved output power quality and a reduction in DC-link capacitor size. In turn, this can assist electric vehicle manufacturers by enabling them to reduce motor size, lower torque ripple, and benefit from the increased lifespan of mechanical parts utilized within their traction applications.

Over the years, electric vehicle manufacturers have been subject to an accelerated version of Moore’s Law. By some accounts, it costs Tesla $84,000 to manufacture a single vehicle as of 2017 – a cost which has been since been reduced to a reported $36,000 (https://ibn.fm/D3vZ5). Whilst inverters account for less than 2 percent of the total manufacturing cost, they are a crucial component within EV powertrains; a more efficient and lighter inverter could drive cost reductions within the overall battery pack cost structure. Moreover, and with battery systems currently the single most expensive element within most EVs, the manufacture of lower-cost, high-performance battery packs are key to producing affordable electric cars that can go toe to toe with combustion-engine rivals on sticker prices. With Tesla for instance, CEO Elon Musk’s promised improvements in battery cost – which he has pledged to more than half – are seen by investors as critical to the automaker’s quest to usher in an era where it can sell a $25,000 EV for a profit.

Hillcrest Energy Technologies has positioned itself and its revolutionary product suite to form part of the cornerstone for the upcoming generation of electric vehicles. As part of its ongoing evolution, Hillcrest recently announced the appointment of Samuel Yik as the company’s Chief Financial Officer (“CFO”). Yik, a Chartered Professional Accountant by training, brings over 10 years of CFO experience in managing publicly listed companies in Canada and the United States and will be instrumental towards contributing to Hillcrest Energy’s future success.

“We look forward to having Samuel’s skill and experience on our team,” said Don Currie, CEO of Hillcrest. “We anticipate an acceleration of our progress over the coming year, and Samuel’s extensive knowledge coupled with his ‘can do’ attitude and team-based approach will be key to our continued success.”

For more information, visit the company’s website at www.HillcrestEnergy.tech.

NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://ibn.fm/HLRTF

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