Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced that it has signed a memorandum of understanding (MOU) with German engineering firm Systematec GmbH to explore a collaborative partnership focused on distributing Hillcrest's Zero Voltage Switching (ZVS) inverter technology for automotive applications in Europe.
This initiative aims to leverage Hillcrest's innovative power conversion solutions and Systematec's European presence and expertise to drive the adoption of efficient technologies in the electric vehicle market, the company said in a statement.
Don Currie, Hillcrest CEO, described the MOU as an important milestone for the company’s growing relationship with Systematec.
"A distribution agreement is just one of the joint opportunities we are exploring. This partnership is about much more," he said.
“By leveraging Systematec's engineering capabilities, reputation and market reach, we are building a foundation to deliver our ZVS technology at scale and help European automakers achieve superior system performance and efficiency."
Harald Hengstenberger, Systematic GmbH managing director, added: "Hillcrest's ZVS technology is a game-changer for the EV market, and we are proud to deepen our collaboration.”
He believes the partnership can deliver advancements in efficiency, reliability, and overall system performance.
“Our shared efforts will not only focus on distribution but also on integrating this transformative technology into systems that meet the unique needs of European automotive manufacturers and suppliers,” Hengstenberger said.