Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced it had delivered 300kVa/800V Hillcrest Zero Voltage Switching (ZVS) inverter prototypes to Ocean Batteries, completing a joint development agreement.
The clean technology company specializing in power conversion said it will now work with Ocean Batteries to design and test a ZVS inverter to be integrated into their onshore energy storage systems (ESS) and on the completion of a definitive supply agreement.
"Our partnership with Ocean Batteries marks the first deployment of our ZVS inverter technology into stationary, grid-connected applications as we look to accelerate future revenues," Hillcrest CEO Don Currie said.
"The sheer size of the ESS market represents a phenomenal opportunity for the integration of our technology. Upon successful demonstration and integration of our ZVS inverter prototype, a commercial supply agreement with Ocean Batteries could result in attractive annual sales revenues."
Norway-based Ocean Batteries already offers dependable marine electrification systems to its customers and is looking to expand its offering to include next-generation, ultra-efficient onshore ESS, Hillcrest said.
“Through our partnership with Hillcrest Energy Technologies, we are aiming to set a new benchmark in the energy storage sector, contributing to a cleaner, more sustainable future,” Ocean Batteries CEO Kent Thoresen said.
"Marine applications demand unparalleled efficiency, uptime, and safety. We design our systems to consistently deliver superior uptime, performance, and reliability.”
The update was positively received by investors, with shares of Hillcrest adding more than 9% at about US$0.20 on Monday morning.