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Hillcrest Partners with Ocean Batteries to Deploy ZVS Inverter in Grid-Connected Energy Storage Systems

Jun 17, 2024

CSE: HEAT

VANCOUVER, BC, June 17, 2024 – Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HI), an innovative clean technology company specializing in power conversion technologies, is pleased to announce the completion of a joint development agreement with Ocean Batteries AS (“Ocean Batteries”) for the delivery of 300kVA | 800V Hillcrest ZVS inverter prototypes.

Hillcrest will work with Norway-based Ocean Batteries on the design and testing of a ZVS inverter for integration into their onshore energy storage systems (“onshore ESS”) and completion of a definitive supply agreement.

Ocean Batteries is already delivering the highest efficiency and most dependable marine electrification systems to their customers and now they are looking to expand their offering to include next-generation ultra-efficient onshore ESS solutions. With the rapid transition towards electrification, there’s a burgeoning demand for energy storage solutions. The European energy storage market is forecasted to grow at a compounded annual growth rate exceeding 18% through 2029.

“Marine applications demand unparalleled efficiency, uptime, and safety,” stated Ocean Batteries CEO, Kent Thoresen. “We design our systems to consistently deliver superior uptime, performance, and reliability. We make sure we understand the end user’s application and tailor-make the solution to match the needs of the individual vessel. Through our partnership with Hillcrest Energy Technologies, we are aiming to set a new benchmark in the energy storage sector, contributing to a cleaner, more sustainable future.”

“Our partnership with Ocean Batteries marks the first deployment of our ZVS inverter technology into stationary, grid-connected applications as we look to accelerate future revenues,” stated Hillcrest CEO, Don Currie. “The sheer size of the ESS market represents a phenomenal opportunity for the integration of our technology. Upon successful demonstration and integration of our ZVS inverter prototype, a commercial supply agreement with Ocean Batteries could result in attractive annual sales revenues.”

Currie continued, “Kent and his team at Ocean Batteries possess the highly specialized experience and know how necessary to serve the marine market and we look forward to working with them to deliver best-in-class onshore ESS systems.”

 

About Ocean Batteries SA

Ocean Batteries AS deeply understands the intricate demands of marine applications, leading them to develop the highest efficiency and most dependable marine electrification systems available. Our efforts are now extending into innovative onshore energy storage solutions (onshore ESS), aimed at supporting the rapid transition towards electrification. Our commitment to safety, sustainability, and technological excellence drives every aspect of our operations, ensuring we not only meet but exceed the stringent requirements of both marine and onshore environments.

 
About Hillcrest Energy Technologies Hillcrest Energy Technologies is a clean technology company developing high value, high performance 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 the Frankfurt Stock Exchange as “7HI.” For more information, please visit: https://hillcrestenergy.tech/.

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 Jamie Hogue jhogue@hillcrestenergy.tech +1 602-793-9481

Hillcrest Partners with Ocean Batteries to Deploy ZVS Inverter in Grid-Connected Energy Storage Systems

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

The securities of the Company referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.