- Hillcrest – an innovative developer of next-gen technologies for EV powertrains and grid-connected renewable energy systems – is looking forward to a promising 2023 as its target market remains buoyant: sale of zero-emission vehicles continues to exceed expectations, and renewables appear on track to become the largest global source of electricity by 2025
- Aligned with these market developments, the company remains committed to building momentum gained in 2022; looks to expand its focus to include grid-tied applications while maintaining and growing relationships in the automotive sector;
- Hillcrest eyes engagement with potential customers across multiple sectors, aiming to position itself to secure commitments for commercial revenues by year-end; expects its growing IP portfolio to give a strong boost to the company’s perceived market value and maturing business strategy
Against the backdrop of a strong industry outlook, Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF), a clean technology developer of next-gen technologies for EV powertrains and grid-connected renewable energy systems, appears to be gearing up for another banner year as it released an update unveiling the company’s development and commercialization targets for 2023 (https://ibn.fm/J7IUc). With zero-emission vehicles expected to make up 42% of the 2040 global fleet (https://ibn.fm/MicuM) and renewables now anticipated to become the largest global source of electricity by 2025, Hillcrest looks into expanding across these segments with a view to de-risk and diversify its revenue streams and potentially to accelerate the race to commercial revenues.
Due to their efficiency and lower environmental impact, electric vehicles soared in popularity over recent years (https://ibn.fm/8LWdM). As the battery-electric vehicle sales continue to outpace the overall market, 2023 is set to be a watershed year for the sector, with a new milestone fast approaching: 1 million EVs sold in the U.S. this year (https://ibn.fm/frVAr). More and more car makers are adding electric vehicles to their lineup, racing to make electric cars cheaper and more affordable. In 2022, established car manufacturers, including Mercedes, Ford, and General Motors, unveiled dozens of new electric vehicles, with mass production of most of them expected to step up in 2023 and 2024 (https://ibn.fm/3noFF). The auto industry is gushing more than $1 trillion into this historical shift from combustion engines to electric vehicles to provide cleaner and safer transportation.
As market penetration and growth for zero-emissions vehicles beat previous expectations, new market opportunities continue to open up for Hillcrest, which the company appears poised to seize as it plans to broaden the focus of its ZVS inverter technology to target both the zero-emission vehicle and renewable energy applications. The company expects the growth pace of the global zero-emission vehicle inverter market to exceed previous projections of 23% CAGR until 2027– in contrast to the total global inverter market which is expected to grow at 5% CAGR over a similar period.
As the previous year drew to a close, this developer of transformative power conversion technologies and control system solutions for modern electrical systems, validated its zero-voltage switching (“ZVS”) inverter technology for the EV market that the company intends to use as the launchpad to accelerate its building-block product development approach. After laying the groundwork for success in 2022, Hillcrest now eyes ambitious technology development milestones in 2023, including completing several proof-of-concept tests for solutions the company has been developing, such as a grid-tied inverter, enhanced powertrain solution, and novel multi-level inverter technology.
“2023 marks a transitional year in our story, with the focus shifting to the application of our core ZVS inverter technology into new products and end uses. We are expanding our focus to include grid-tied applications while maintaining and growing relationships in the automotive sector,” said Hillcrest CEO Don Currie. “Our near-term objective is to engage up to two additional EV customers and ramp up new customer agreements for our grid-tied renewable energy generation and Energy Storage System (‘ESS’) segments. Combined, we believe these development and commercialization activities will position us well to secure commitments for commercial revenues by the end of the year,” he continued.
In 2023, Hillcrest expects its diversified intellectual property (“IP”) portfolio to grow and mature, boasting proprietary firmware and four hardware patent applications. With technical experience and expertise that transcends what most companies possess at that stage and a robust IP foundation, Hillcrest appears to have created a powerful foundation that will continue to advance over the coming year.
“Our ZVS inverter technology is setting a new standard of expected performance and efficiency for the next era of power conversion technologies,” said Hillcrest CTO Ari Berger. “We believe the industry-leading advancements we’ve achieved with our core ZVS inverter technology can provide significant, cost-effective efficiency and performance improvements for the rapidly expanding markets for zero-emission vehicles and renewable energy generation and storage systems.”
Boasting a world-class technical team and a robust IP portfolio, Hillcrest remains committed to building momentum gained in 2022 as the company continues to work to deliver innovative high-performance power conversion technologies and digital control systems for modern powertrains and grid-connected renewable energy systems.
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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