Hillcrest Energy Technologies (CSE:HEAT, OTCQB:HLRTF) Ltd told shareholders that the company expects to have a Proof of Concept (PoC) ready for its next-generation High Efficiency Inverter (HEI) by the end of the fourth quarter thanks to testing, which exceeded expectations.
The Vancouver-based clean tech innovation and e-mobility development company said its HEI is showing great “promise” as testing continues.
In August, Hillcrest said it has started manufacturing of the first Proof of Concept prototype for its HEI. “Two functioning 10kW/800V PoC inverters were produced for lab testing,” said the company.
READ: Hillcrest Energy accelerates development of its next-generation High Efficiency Inverter (HEI)
Hillcrest explained that the first inverter is based on SiC technology and will test power efficiency gains and cost benefits for electric vehicles (EVs) and other e-mobility powertrains. In the meantime, the second inverter based on IGBT technology will test the potential for improved performance and increased energy production capability in grid-connected renewable energy generation, storage, and EV charging applications.
“Testing of the first PoC is well underway in our Vancouver lab facility and in Systematec’s lab in Germany,” said the company. Results to-date are “promising” and in line with efficiency objectives, said the company.
The global inverter market is pegged at $72 billion by 2024, according to the company. While Hillcrest’s HEI is adaptable for all segments, the initial focus will be on the traction motor drives and EV charging sectors that make up 55% of the inverter market.
Hillcrest chief technology officer Ari Berger said: “The testing is meeting or exceeding expectations with the estimated time frame to have proof of concept in place by the end of the 4Q. The technical team is excited about the impact our HEI may have both commercially and technologically.”
Electric powertrain systems
Hillcrest is committed to advancing multiple technologies with a second initiative well underway. Hillcrest said it will leverage the efficiency from its HEI technology to develop robust electric powertrain systems. The company plans to provide additional updates on this emerging system technology as successful simulation results are completed and advanced to PoC stages in the first half of next year.
EV Deal Co
In April, Hillcrest said it has signed a Memorandum of Intent (MOI) to acquire an initial 30% equity interest in a privately held EV equipment supplier (EV Deal Co) based out of British Columbia, Canada.
“Recent technology and corporate advancements now have Hillcrest in a stronger position to consider an expanded arrangement beyond what was originally contemplated with EV Deal Co,” said the company. It added that it is in discussions with EV Deal Co and both parties have agreed to expedite the process.
Impact programs
Hillcrest told investors it has “evolved” from a company pursuing synergistic relationships to one where “we have acquired commercial IP and in-house development capabilities by purchasing ANIGO Technologies Ltd.” Subsequently it has solidified its partnership with Systematec GmbH which extends Hillcrest’s capabilities into all aspects of motor drive control systems.
In addition, it has filed its first provisional patent application and plans to file an additional application by the end of the year. This sets up Hillcrest to control future values through development and ownership of its technologies rather than to be licensing third party technology.
“Previously announced LOI’s or MOU’s such as the one announced in November 2020 with Extreme Vehicle Battery Technologies are no longer a company focus,” said the firm.
West Hazel Oil Field
Hillcrest has successfully completed a short lateral oil well in its West Hazel oil field with cash on hand to complete the drilling operations.
“Early fluid production numbers were positive with the well initially producing an average of approximately 100 barrels of oil per day before subsequently stabilizing at between 30 and 60 barrels of oil per day,” said the company. Hillcrest is now evaluating the future options for the West Hazel oil field.
Hillcrest will hold a webinar on November 2 with updates from CTO Ari Berger and Systematec CEO Harald Hengstenberger. It will be followed by a question-and-answer session.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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