Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced that it is finalizing the terms of a deal with a European energy storage services (ESS) innovator for the delivery of 300kVa/800V Hillcrest Zero Voltage Switching (ZVS) inverters.
The company said it is working with the ESS innovator to finalize a joint development agreement.
The goal of the collaboration is to customize a ZVS inverter prototype to meet the client’s specific requirements, Hillcrest said.
The successful deployment of the prototypes is anticipated to lead to a commercial supply agreement.
Don Currie, Hillcrest CEO, said the project represented a “significant milestone” for the company.
“It marks the initial implementation of our ZVS technology beyond electric vehicle traction inverters. By deploying this technology in stationary, grid-connected applications, we aim to demonstrate its broader value proposition across various power conversion uses,” Currie said.
“This move not only expands our market reach but also reinforces our leadership in the clean technology sector.”
Hillcrest chief technology officer Ari Berger added: "Our technology provides exceptional efficiency and enhances power quality, especially in applications such as energy storage.”
He highlighted that in scenarios with frequent bidirectional charge and discharge cycles, the benefits of ZVS “are magnified.”
“Additionally, our ability to significantly reduce or potentially eliminate protective measures required to mitigate electromagnetic interference can lead to substantial system cost savings,” Berger said.
It is expected that Hillcrest and the ESS innovator will finalize the terms of the agreement in the coming weeks.
Additionally, Hillcrest announced the grant of incentives to various executives, directors and consultants. It said the incentives will be paid through the issuance of common shares priced at $0.25, resulting in the issuance of an aggregate of 7,297,025 shares.
It is also granting 2.41 million restricted share units and 4,663,867 stock options of the company to various executives, employees and consultants of the company. The restricted stock units have a three-year term and vest immediately. The stock options have an exercise price of $0.25, a five-year term, and are subject to vesting criteria.