Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) said it has successfully completed dynamic load bench tests involving its cutting-edge 250-kilowatt, 800-volt SiC inverter with a prominent European automotive original equipment manufacturer (OEM).
In an update to shareholders, the clean technology company said testing evaluated the impacts of Hillcrest's revolutionary Zero Voltage Switching (ZVS) technology on a high-power dynamic load using a high-efficiency motor of the European OEM, confirming the integration of Hillcrest's technology with their motor.
It added that the OEM is currently analyzing the results and will propose the next phase of co-development activities over the coming weeks.
Additionally, the company said it continues to progress on the joint development project for a powertrain system incorporating a customized version of its traction inverter, which leverages Hillcrest's proprietary ZVS inverter technology to solve many common challenges faced by today's EV powertrain. The first milestone was reached in April 2023.
Definitive commercial agreements seen ahead
Next, the second milestone, consisting of maximum-load demonstration testing with a specialized motor provided by the Global Tier One Automotive Supplier, is scheduled to start and on completion will be followed by a third milestone which includes a series of on-site demonstrations at the customer's facilities later this year.
“Upon successfully completing all milestones, the companies anticipate entering into a definitive commercial agreement,” the company said in a statement.
Hillcrest said that upon completion of the milestones outlined in its memorandum of understanding with Hercules Electric Mobility, the companies anticipate entering into a definitive commercial agreement.
"We have successfully demonstrated the core value and the potential of the Hillcrest ZVS traction inverter with two customers, with another demonstration scheduled to be completed within a few weeks," stated Hillcrest's chief executive officer, Don Currie.
"In the months ahead, Hillcrest will continue to demonstrate the remarkable capabilities of our proprietary ZVS inverter by conducting a series of progressively advanced testing protocols with various customer systems. This strategic approach is designed to address a variety of industry needs and will showcase the efficiency, reliability and performance of our innovative technology."
"The completion of these demonstrations in the months ahead with an expanding list of customers will enable us to accelerate and broaden our pursuit of co-development and definitive commercial agreements,” he said further.
The company said its previously announced engagement with Craig-Hallum Capital Group (Craig-Hallum) as capital markets advisory and investment banking firm in the US is progressing through the due diligence process.
Additionally, Hillcrest announced the addition of Market One as a new provider of investor marketing services across North America. The company has also expanded its marketing and investor relations initiatives over the past year to create greater exposure to a global audience. Current service providers include Connecticut-based IMS Investor Relations, Munich, Germany-based General Research, and Vancouver-based Jemini Capital.
Hillcrest Energy Technologies is a clean technology company delivering high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.
Contact the author at jon.hopkins@proactiveinvestors.com