Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced that it has completed the design phase for the industry's first silicon carbide (SiC) power module optimized for the company's proprietary Zero Voltage Switching (ZVS) technology.
The clean technology firm said its ZVS power modules are being developed in collaboration with the company's strategic partner, Systematec GmbH, with Hillcrest retaining all intellectual property.
“Our current ZVS-enabled traction inverter is already delivering industry-leading results in e-mobility applications,” Hillcrest Energy Technologies chief technology officer Ari Berger said in a statement.
“The ability to integrate and build our own, ZVS-enabled power modules for applications up to 1,000 volts will allow us to achieve ever more impressive levels of system efficiency, reliability, reduced cost and performance,” he added.
Hillcrest noted that the power modules have the potential to reduce or even eliminate the need for electromagnetic interference (EMI) filters and shielding that could save manufacturers hundreds of dollars per vehicle and reduce the overall weight of the powertrain.
Power modules, which are a critical component in all high energy-density power conversion equipment such as automotive traction inverters, consist of a substrate containing power semiconductor devices (silicon carbide dies) connected to form a circuit that provides excellent electrical and thermal contact and insulation, according to the company.
As well, Hillcrest reported that it has granted incentive stock options to certain employees of the company to purchase up to 287,967 Hillcrest Energy common shares, which vest immediately and are exercisable on or before June 14, 2028, at an exercise price of C$0.57 per share.
The company also stated that it has granted restricted stock units (RSU) to certain employees, officers, directors, and consultants of the company to purchase up to 3,351,126 Hillcrest common shares.
It added that 1,426,317 of the RSUs vest immediately, 210,527 vest on July 3, 2023, and the remaining 1,714,282 vest over a three-year period; 20% will vest after one year, 30% after two years and the remaining 50% vest after three years.
All RSUs are exercisable on or before December 1, 2026.
Hillcrest Energy Technologies is a clean energy technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.
Contact Sean at sean@proactiveinvestors.com