Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) told investors it has seen surging interest for its Zero Voltage Switching (ZVS) inverter, with all of its 2024 demonstration slots now reserved for existing customer engagements.
"The demand from potential customers in both electric vehicle (EV) and stationary applications is accelerating as we continue to adapt to customer feedback, improve our technology and generate even more impressive test results," Hillcrest CEO Don Currie commented.
"Between the burgeoning pipeline of demonstration requests and our product development efforts with partners like Ocean Batteries AS and several European automotive manufacturers, we are approaching full capacity this year. New customer demonstrations not already in our pipeline are being scheduled into early 2025, a very positive indicator of the expanding interest in our technology."
The company highlighted that its inverters offer “superior” electromagnetic compatibility (EMC) and industry-leading efficiency of up to 99.7%, translating into expected cost savings of up to US$2,200 per vehicle in EV traction applications.
It added that its ZVS inverter also enhances power quality, notably in applications such as energy storage where frequent bi-directional charge and discharge cycles magnify the benefits.
Hillcrest chief commercial officer James Bolen said the company’s ZVS technology could reduce or eliminate the substantial costs incurred by EV manufacturers related to the negative impacts of EMC.
“By combining these EMC benefits with our efficiency gains, we can revolutionize the future of electric vehicles,” Bolen said.
He added: “The sheer scale of new renewable power generation and storage slated to come online in the next few years offers an incredible market opportunity for our ZVS inverter technology. The future looks very promising!"
Shares of Hillcrest traded higher on the update, adding about 7% at US$0.31 in early trade on Monday.
Hillcrest is focused on providing advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.