Hillcrest Announces Robust Tech Development and Commercialization Targets for 2023

January 11, 2023

CSE: HEAT

  • Substantial advancements expected in 2023 for grid-tied and multi-level inverters, Enhanced Powertrain Solution
  • Commitments for commercial revenues expected by the end of the year
  • Growth across multiple sectors is accelerating and is expected to provide Hillcrest with expanded market opportunities

VANCOUVER, BC, January 11, 2023 – Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF), a clean technology company developing transformative power conversion technologies and control system solutions for next-generation electrical systems, is pleased to provide an update on the company’s anticipated development and commercialization targets for 2023.

Hillcrest starts 2023 in a strong position established by last month’s completion of the company’s first commercial prototype, an 800-volt, 250-kilowatt traction inverter for the EV market.  This prototype validates the company’s zero voltage switching (ZVS) inverter technology and serves as the foundation upon which the company can now accelerate the pace of its building-block approach to product development. With the groundwork now complete, the company expects to deliver substantial advancements on several new applications in the coming year.

Anticipated technology development milestones for 2023 include:

  • Completion of proof-of-concept testing for a grid-tied inverter;
  • Proof-of-concept testing for an Enhanced Powertrain Solution; and
  • Proof-of-concept testing for a novel multi-level inverter technology.

 

Continued engagement with potential customers across multiple sectors will ensure all technologies and products continue to rely upon Hillcrest’s customer-centric development process to address the needs and resolve the specific pain points identified by each partner and customer.

“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.”

In 2023, Hillcrest expects to see substantial growth and maturation in its diversified intellectual property (IP) portfolio. The company’s technical team possesses decades of experience that translates directly into capabilities and know-how beyond most companies at a similar stage. Combined with its proprietary firmware and patent portfolio, consisting of four hardware patent applications, Hillcrest has established a robust IP foundation that will continue to expand over the coming year. The company expects its growing IP portfolio to have a noticeable impact on perceived market value and its maturing business strategy.

“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.”

Hillcrest’s focus on both the zero-emission vehicle and renewable energy markets allows the company to de-risk and diversify its revenue streams and potentially accelerate the path to commercial revenues. Recent projections suggest the global zero-emission vehicle inverter market will reach US$ 11.5 billion by 2027 (23% CAGR) with the total global inverter market expected to reach US$95B by 2028 (5% CAGR). The latest market reports suggest even stronger growth than previously anticipated:

 

“From EV to grid, IP progress to customer engagements, Hillcrest is looking forward to a promising 2023,” said CEO Currie. “The incredible efforts of our world-class technical team will continue to build momentum and bring meaningful contributions to lowering global emissions in the market segments that matter most.”

CONTACT INFORMATION

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

Or

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

Public Relations
Scott Worden
sworden@lambert.com
+1 313.309.9500

Hillcrest Announces Robust Tech Development and Commercialization Targets for 2023

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT 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 December 31, 2021, available at www.sedar.com 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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