Vancouver, BC – December 17, 2024 – Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HI), a leader in high-performance power conversion technologies, is pleased to announce the signing of a Memorandum of Understanding (MOU) with Systematec GmbH, a Germany-based engineering firm specializing in power electronics design and system integration.
This MOU underscores the companies’ commitment to strengthening their collaborative partnership and identifies multiple avenues for deepened cooperation, including the potential establishment of a distribution agreement. Under the terms being explored, Systematec would distribute Hillcrest’s proprietary Zero Voltage Switching (ZVS) inverter technology for automotive applications in Europe.
Strengthening a Shared Vision
The expanded collaboration reflects the companies’ shared vision of delivering cutting-edge power conversion solutions to the electric vehicle (EV) market. Combining Hillcrest’s industry-leading ZVS technology with Systematec’s robust presence in Europe and extensive technical expertise, the partnership aims to accelerate the adoption of high-efficiency, cost-effective solutions by automotive manufacturers and suppliers.
“This MOU marks an important milestone in our growing relationship with Systematec,” said Don Currie, CEO of Hillcrest Energy Technologies. “A distribution agreement is just one of the joint opportunities we are exploring. This partnership is about much more. By leveraging Systematec’s engineering capabilities, reputation and market reach, we are building a foundation to deliver our ZVS technology at scale and help European automakers achieve superior system performance and efficiency.”
Harald Hengstenberger, Managing Director of Systematec GmbH, added, “Hillcrest’s ZVS technology offers considerable advancements for the EV market, and we are proud to deepen our collaboration. Our shared efforts will not only focus on distribution but also on integrating this transformative technology into systems that meet the unique needs of European automotive manufacturers and suppliers. This partnership has the potential to deliver significant advancements in efficiency, reliability, and overall system performance.”
About Hillcrest ZVS Technology
Hillcrest’s ZVS inverter technology achieves an industry-leading efficiency of 99.7%, virtually eliminates switching losses, reduces electromagnetic interference (EMI), and lowers overall system costs. These capabilities provide a significant competitive advantage in automotive applications and beyond.
About Systematec GmbH
With over two decades of experience in power electronics design and system integration, Systematec GmbH serves the automotive and industrial sectors with tailored, innovative solutions. Based in Germany, the company is a trusted partner for engineering services and system implementation.
Next Steps in Collaboration
The companies plan to finalize the terms of the potential distribution agreement in the coming months. Beyond distribution, Hillcrest and Systematec intend to collaborate on broader initiatives that leverage their complementary expertise to advance the adoption of efficient, sustainable power conversion solutions across Europe.
The Company also announces the grant of 758,656 restricted shares units of the Company (“RSUs”) to a consultant and director of the Company. The RSUs have a 3-year term. 593,656 of the RSU’s vest immediately with the remaining 165,000 vesting based on performance criteria.
CONTACT INFORMATION
Investor Relations
Don Currie
+1-604-609-0006
Toll-free: 1-855-609-0006
Public Relations
Jamie Hogue
+1 602-793-9481
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.
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