HILLCREST ENERGY TECH LTD - HLRTF STOCK NEWS

Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) has submitted a drawdown notice for $540,000 from its $5 million equity drawdown facility. The company will issue units consisting of one common share and half a warrant at a price based on market conditions. Warrants will be exercisable for three years at 125% of the issue price or the CSE minimum. A 12% drawdown fee is payable in shares or deducted from the advance. The drawdown is expected to close around August 2, 2024, subject to conditions. Proceeds will fund technology development, commercialization, investor relations, and working capital. Securities issued will have a four-month hold period.

Hillcrest Energy Technologies has launched a testing and demonstration program for its new Zero Voltage Switching (ZVS) technology application aimed at power factor correction (PFC). The prototype showcases the efficiency and cost-saving potential of their ZVS technology in improving PFC, with current discussions underway with five clients. The ZVS technology promises efficiency exceeding 99% and significant reductions in electromagnetic interference and filter size, enhancing power quality and grid stability. This advancement could lead to substantial operating and capital cost savings, particularly for grid-connected electrical equipment and various industrial applications.

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.

Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced a joint development agreement with Ocean Batteries AS to deliver 300kVA | 800V ZVS inverter prototypes. These inverters will be integrated into Ocean Batteries' onshore energy storage systems. Ocean Batteries, known for their high-efficiency marine electrification systems, aims to expand into onshore energy storage. This partnership marks Hillcrest's first deployment of ZVS inverter technology into grid-connected applications, targeting the rapidly growing European energy storage market, projected to grow at over 18% CAGR through 2029. Successful integration could lead to significant annual sales revenues for Hillcrest.

Hillcrest Energy Technologies has announced the results of its Annual General Meeting (AGM) held on June 5, 2024. Shareholders voted in favor of all items, including the re-election of the current seven-member Board and the appointment of DeVisser Gray LLP as the company’s auditor. Additionally, shareholders approved the company's 10% rolling restricted share unit plan and the 10% rolling stock option plan with proposed amendments. David Farrell was re-elected as the Independent Chair.

Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced the completion of a non-brokered private placement, raising gross proceeds of $882,500. The offering involved 3,530,000 units priced at $0.25 each, including one common share and one share purchase warrant. Each warrant allows the purchase of another share at $0.30 for 36 months, with an accelerated expiry clause. Additionally, Hillcrest issued 36,000 compensation warrants to an arm's length service provider under similar terms. The raised funds will support marketing, investor relations, technology development, and general working capital. Notably, a director and officer involved, subscribing to 600,000 units, making it a related party transaction under MI 61-101. All issued securities are subject to a four-month hold period.

Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced an investor relations agreement with Gold Standard Media (GSM) effective May 31, 2024. The agreement involves GSM and affiliates providing marketing services such as digital marketing, email marketing, and influencer marketing over a twelve-month period starting June 3, 2024. Hillcrest will pay GSM $250,000, Future Money Trends (FMT) $375,000, and Wealth Research Group (WRG) $375,000 upfront. The contract also allows for an additional $300,000 in advertising services. The services will be managed by GSM's team, led by Kenneth Ameduri, Juliet Ameduri, and Lior Gantz.

Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced a joint development opportunity with a European energy storage services innovator (ESS Innovator) to deliver 300kVA | 800V Hillcrest ZVS inverters. This collaboration aims to customize a ZVS inverter prototype, potentially leading to a commercial supply arrangement. The European energy storage market is projected to grow at over 18% CAGR through 2029.

Hillcrest's ZVS technology boosts efficiency and minimizes electromagnetic interference costs, broadening applications beyond EV traction inverters to include stationary, grid-connected uses.

CEO Don Currie stated that this project marks a significant milestone for the company.

Hillcrest also announced the issuance of 7,297,025 shares as incentives and the grant of 2,410,000 RSUs and 4,663,867 stock options to executives, employees, and consultants. Additionally, corrections were made to a previous news release regarding an equity drawdown facility.

Hillcrest Energy Technologies (HLRTF) is expanding its business in the UK, focusing on clean technology and power conversion. CEO Don Currie is engaging with potential partners in the region. The company closed the third drawdown of a $5 million equity facility, receiving $156,435 in funding. Hillcrest plans to use the proceeds for technology development and general working capital.