Hillcrest Energy Technologies Books 2024 Demonstration Slots Amid Surging Interest in ZVS Inverter

Rhea-AI Summary

Hillcrest Energy Technologies has announced that all demonstration slots for its Zero Voltage Switching (ZVS) inverter technology for 2024 have been booked, with new requests being scheduled into early 2025. The company attributes the surge in interest to the superior efficiency (up to 99.7%) and electromagnetic compatibility (EMC) of its ZVS inverters. Hillcrest's technology is expected to offer up to $2,200 in cost savings per electric vehicle and improve power quality in grid-connected applications. The company sees significant market potential for its technology, particularly in renewable energy and energy storage sectors. Additionally, Hillcrest has extended its agreement with Outside the Box Capital for investor marketing services until March 31, 2025, at a cost of $250,000.

Positive

• Demonstration slots for 2024 fully booked, indicating strong market interest.
• ZVS inverters offer up to 99.7% efficiency and significant cost savings ($2,200) per EV.
• Substantial improvement in EMC, reducing additional costs and weight for EV manufacturers.
• Potential to enhance power quality and lower LCOE in stationary applications.
• Extended agreement with Outside the Box Capital for increased investor outreach.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - June 24, 2024) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI), an innovative clean technology company specializing in power conversion technologies, is pleased to announce that demonstration slots for 2024 are now reserved for existing customer engagements.

"The demand from potential customers in both electric vehicle ("EV") and stationary applications is accelerating as we continue to adapt to customer feedback, improve our technology and generate even more impressive test results," states Hillcrest CEO, Don Currie. "Between the burgeoning pipeline of demonstration requests and our product development efforts with partners like Ocean Batteries AS and several European automotive manufacturers, we are approaching full capacity this year. New customer demonstrations not already in our pipeline are being scheduled into early 2025, a very positive indicator of the expanding interest in our technology."

Hillcrest's inverters, utilizing the proprietary Zero Voltage Technology ("ZVS") platform, offer superior electromagnetic compatibility ("EMC") and industry-leading efficiency of up to 99.7%. These combined benefits translate into expected cost savings of up to US$2,200 per vehicle in EV traction applications. In stationary, grid-connected applications, Hillcrest's ZVS inverter provides exceptional efficiency and enhances power quality, especially in applications such as energy storage where frequent bi-directional charge and discharge cycles magnify the benefits.

"When we first presented our ZVS inverter technology to EV manufacturers, we highlighted its exceptional efficiency and the overall improvements it could bring to powertrain systems," says Hillcrest CCO James Bolen. "We have since realized that manufacturers also place high value on the vast improvement ZVS offers in EMC. Currently, EV manufacturers incur substantial costs and add extra weight to mitigate the negative impacts of EMC. Our ZVS technology can greatly reduce or even eliminate these costs. By combining these EMC benefits with our efficiency gains, we can revolutionize the future of electric vehicles."

Mr. Bolen continues, "In stationary applications, such as grid-tied energy generation and storage, our exceptional efficiency, improvements in power quality and minimization of harmonics will enhance power production and storage capabilities and contribute to a substantial reduction in the levelized cost of energy (LCOE). For example, the use of Hillcrest ZVS inverters in solar power generation could yield efficiency improvements of 2% or more. This could allow a 250MW solar farm to deliver 5MW more power to the grid and enable system operators to generate millions of dollars in additional revenues over the life of the solar farm. With the addition of storage and the associated bi-directional charge and discharge cycles, this same solar farm could deliver as much as 4% more power and realize even greater potential revenues. The sheer scale of new renewable power generation and storage slated to come on-line in the next few years offers an incredible market opportunity for our ZVS inverter technology. The future looks very promising!"

The Company is also pleased to announce it has extended its agreement with Outside the Box Capital Inc. ("OBC"), located at 2202 Green Orchard Place, Oakville, Ontario L6H 4V4. OBC will provide the Company with investor marketing services, including publication and dissemination of information about the Company on social media and other community-driven platforms, such as YouTube, Reddit, Discord and Telegram (collectively, the "Services"). OBC's CEO, Jason Coles (jason@outsidethebox.capital and 289-259-4455), will be the primary individual providing the Services for the Company. Both OBC and Mr. Coles are arm's length from the Company.

The Company has extended its engagement of OBC, which began on January 1, 2024, until March 31, 2025. As consideration for the provision of the Services, the Company will pay OBC $250,000 in cash, approximately $150,000 of which will be used to pay fees for influencer campaigns.

About Hillcrest Energy Technologies Ltd.

Hillcrest Energy Technologies is a clean technology company focused on providing advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF" and on the Frankfurt Exchange as "7HI". For more information, please visit: https://hillcrestenergy.tech/.

CONTACT INFORMATION

Investor Relations
Don Currie
info@hillcrestenergy.tech
O: +1 604-609-0006
Toll-free: 1 855-609-0006

Or

Walter Frank/Jennifer Belodeau
IMS Investor Relations
hillcrest@imsinvestorrelations.com
O: +1 203-972-9200

Public Relations
Jamie L. Hogue
jhogue@hillcrestenergy.tech
O: +1 602-793-9481

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2023, available at https://www.sedarplus.ca/ for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214106

FAQ

What is the efficiency rate of Hillcrest's ZVS inverters?

Hillcrest's ZVS inverters have an efficiency rate of up to 99.7%.

How much cost savings can Hillcrest's ZVS inverters provide per electric vehicle?

Hillcrest's ZVS inverters can provide up to $2,200 in cost savings per electric vehicle.

What is the market interest in Hillcrest's ZVS inverters for 2024?

All demonstration slots for Hillcrest's ZVS inverters for 2024 are fully booked, with new requests scheduled into early 2025.

What are the benefits of Hillcrest's ZVS inverters in stationary applications?

In stationary applications, Hillcrest's ZVS inverters offer exceptional efficiency, improved power quality, and reduced levelized cost of energy (LCOE).

Until when has Hillcrest extended its agreement with Outside the Box Capital?

Hillcrest has extended its agreement with Outside the Box Capital until March 31, 2025.