Hillcrest Energy Technologies (CSE:HEAT, OTCQB:HLRTF) Ltd said it has ended its license agreement with Oropass Ltd, as the energy company pivots to developing and commercializing its own intellectual property.
Vancouver-based Hillcrest inked the agreement with Oropass in August 2020 to license technology related to “step change efficiency gains” for electric vehicles, wind turbines and other forms of sustainable technology.
Hillcrest and Oropass were aiming to monetize the technology through an incorporated joint venture known as ALSET Innovations Inc.
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However, a condition of the agreement stipulated that Hillcrest required independent testing of the technology by a third party, which was never obtained. As a result, the two companies mutually decided to terminate the agreement, according to a statement.
ALSET remains a wholly-owned subsidiary of Hillcrest.
“Moving forward, Hillcrest will develop and commercialize Hillcrest wholly owned IP and technology, moving away from being a licensee or agent for other technologies,” the company said in a statement.
Hillcrest has assembled power electronics, control methods and system design expertise, including proprietary control system firmware. The group also entered into a collaborative technology development agreement with Systematec GmbH, a well-respected German power electronics design firm, and built out a modern lab and research facility to help validate and expedite its commercialization plans.
The company has also started the process of assembling an internal team with technical and commercialization expertise, it added.
Hillcrest is transitioning from the production of fossil fuels from its West Hazel asset in Saskatchewan, to clean energy technologies that help unlock efficiencies in electrification and maximize the performance of electric systems including electric vehicles and grid-connected renewable energy systems.
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