Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) is advancing its Zero Voltage Switching (ZVS) technology as it moves closer to securing commercial agreements with major automakers and Tier One suppliers.
The company said it has seen growing interest in its ZVS traction inverter and power factor correction (PFC) prototype, both of which offer significant advantages such as enhanced efficiency, elimination of switching losses, and improved electromagnetic compatibility.
It is actively showcasing the value of its ZVS-enabled products to potential customers and partners.
By year-end, the company aims to complete advanced demonstrations with various new customers, including three of the top 10 automakers and major Tier One suppliers.
"We believe we are on the verge of a major breakthrough, with our first commercial agreement potentially nearing fruition," Hillcrest CEO Don Currie said in a statement.
"Several potential deals are in the advanced stages, and our recent demonstrations and strategic collaborations, especially in Europe, are paving the way for formal partnerships. We are confident these ongoing discussions will soon translate into significant commercial transactions, driving long-term growth for Hillcrest."
Additionally, Hillcrest and its development partner Systematec GmbH have held a series of strategic meetings in Germany with potential customers and investors.
"The time spent in Germany resulted in significant commercial advancements with potential customers and was instrumental in accelerating the further development of our ZVS technologies," Currie said.
"The collaborative environment allowed us to push the boundaries of what our products can achieve while simultaneously building stronger connections with key industry stakeholders."
The company also noted that its Ocean Batteries project collaboration is progressing as planned.
Hillcrest is on track to deliver a 300kVA ZVS inverter prototype by early 2025, a solution designed to meet the demanding requirements of marine shore power applications.