Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced that it has engaged Powertech Labs to provide testing and consulting services to assist it with the development and validation of its Zero Voltage Switching (ZVS) inverter technology for grid-connected applications.
Surrey, British Columbia-based Powertech Labs is a wholly-owned subsidiary of BC Hydro.
"Our alliance with Powertech Labs signifies a momentous leap forward in bringing our grid inverter technologies to market,” Hillcrest chief commercialization officer James Bolen commented.
“Leveraging their cutting-edge test facilities, seasoned experts, and strong industry relationships, we are poised to accelerate the commercialization and certification of our groundbreaking ZVS technology for the rapidly expanding grid-connected market.”
Hillcrest is commercializing grid inverter solutions which it said can offer improved efficiency, in turn enhancing performance and reliability.
It said by improving power quality and minimizing harmonics, its technology is set to reduce current distortion injected into the grid, lowering system costs and requiring less effort from operators.
Pierre Poulain, Powertech Labs CEO, expressed enthusiasm over the collaboration with Hillcrest on its inverter technology.
“At Powertech Labs, our mission is to champion innovative solutions that propel electrification and clean energy forward for decarbonizing BC's industrial, commercial, and residential sectors,” Poulain said.
“With our expertise and state-of-the-art facilities, we stand prepared to support Hillcrest in the development of their revolutionary grid solutions."
Additionally, Hillcrest announced that it has closed the most recent drawdown from its previously announced $5 million equity facility.
The investor provided the company with $203,745 and the company issued the investor 1,072,342 units at $0.19 per unit.
Hillcrest said it intends to use the proceeds from the equity facility for technology and product development, commercialization and general working capital.