Hillcrest Energy Technologies Ltd. (CSE: HEAT) (OTCQB: HLRTF) Reveals MOU With Tier-1 Automotive Supplier; Simultaneously, Announces Chief Commercialization Officer Appointment

  • Hillcrest Energy Technologies announced that it had recently entered an MOU with a Tier 1 global automotive supplier centred around the development of the company’s inverter
  • The company’s silicon carbide traction inverter has been designed to be smaller, slighter, and more powerful than currently available inverters – allowing automotive companies to reduce EV weight whilst simultaneously, decreasing energy losses
  • Hillcrest eventually sees multiple applications for its inverter architecture, including within grid-tied renewables like wind and solar power, electricity charging and storage systems
  • The company also announced the appointment of James Bolen as Hillcrest’s new Chief Commercialization Officer

Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF), a clean technology company developing transformative power conversion technologies, recently revealed that it had signed a memorandum of understanding (“MOU”) with a global Tier 1 automotive leader in mobility innovation. The agreement marks yet another milestone for Hillcrest Energy Technology, which has seen the company recently file a patent for an enhanced powertrain solution offering the potential to simplify EV charging, whilst simultaneously pursuing the commercialization of their novel high-efficiency inverter product.

The agreement will see Hillcrest Energy and the Tier 1 supplier collaborate to integrate an optimized version of Hillcrest’s 250-kilowatt (“kW”), 800-Volt (“V”) inverter into a future powertrain system. Hillcrest’s revolutionary technology, which allows for a high level of optimization and seamless integration within potential partners’ product portfolios, has been designed to form the eventual cornerstone of the next generation of EV inverters.

The product, which is more powerful than the current generation of EV inverters whilst being simultaneously, lighter, and smaller relative to its peer group, will seek to transition the electric vehicle industry away from a current cycle characterized by larger and heavier batteries towards one of decreasing EV weight. Electric vehicle battery sizes have risen in proportion with the desire to boost EV range capacity; by achieving higher switching frequencies without switching losses, thereby boosting inverter efficiency levels, Hillcrest’s inverter solution is positioned to help eliminate traditional design trade-offs currently faced across the EV industry.

Hillcrest CEO, Don Currie remarked on the MOU, “Our partner is an early leader in electrification and has a shared understanding that efficiency is at the core of our electrified future. We are thrilled to collaborate on a project that could become the basis for many future products.”

Hillcrest Energy also seized the opportunity to announce that it had appointed James Bolen to the role of Chief Commercialization Officer (“CCO”) for the company (https://ibn.fm/dKQ3Q). Bolen had previously served as an advisor to Hillcrest for the past nine months, bringing with him decades of experience developing and commercializing products for the automotive and industrial power sectors.

“James’ extensive knowledge, experience and network will continue to be instrumental in the successful commercialization of our technologies,” stated Currie upon announcing Bolen’s appointment to the role.  “In James’ expanded role, his leadership within Hillcrest will continue to provide the company with valuable access and insights into customer needs and expectations.”

Meanwhile, James Bolen capitalized on the opportunity to discuss his strategic vision for the company as well as his aspirations for the role.

“Hillcrest is making strong advancements in the commercialization of its innovations, consistent with our technology and product development roadmap,” he stated. “Most critically, the development program is centered around a high level of customer intimacy to ensure strong customer requirements and product specifications, followed by application-specific customization.  I’m thrilled to be taking on this new role within the Hillcrest team and look forward to my expanded involvement in engaging and securing commercialization partners.”

Freshly off Hillcrest’s first MOU with Hercules Electric Mobility (https://ibn.fm/HfBof), the company announced their second partnership this month with a global Tier 1 automotive supplier, carrying out their commercialization plans to integrate their inverter technology into powertrain systems.

“This is the second MOU Hillcrest has announced this month. These combined opportunities are a tangible demonstration of customer interest in our inverter technology as well as our ability to move quickly into the next phase of the commercialization process,” added Currie (https://ibn.fm/LvyEV).

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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