Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) has announced the appointment of James Bolen as the company’s new chief commercialization officer.
The clean energy company said Bolen brings decades of experience developing and commercializing products for the automotive and industrial power sectors, and has served as an advisor to Hillcrest for the past nine months.
“James’ extensive knowledge, experience and network will continue to be instrumental in the successful commercialization of our technologies,” Hillcrest Energy Technologies CEO Don Currie said in a statement.
READ: Hillcrest soft-switching technology leads to smaller, lighter inverters and better power quality
“In James’ expanded role, his leadership within Hillcrest will continue to provide the company with valuable access and insights into customer needs and expectations,” Currie added.
Hillcrest also noted that progress on the company’s first commercial prototype, a 250kW, 800V ZVS (Zero Voltage Switching) electric vehicle inverter, continues on schedule and the focus is now shifting toward the final high-power specifications identified by potential customers.
It added that delivery of the Hillcrest ZVS inverter commercial prototype remains on track for the fourth quarter of 2022.
As well, the company announced a non-brokered private placement in which it will issue up to 20 million Hillcrest units, at a price of C$0.12 per unit.
Each unit consists of 1.2 company common shares.
Hillcrest also revealed a temporary warrant exercise program intended to encourage the early exercise of up to 14.1 million outstanding company common share purchase warrants.
The program offers current holders of eligible warrants priced at C$0.25 that would expire on January 5, 2023, the ability to exercise their eligible warrants on economic terms identical to the offering such that each eligible warrant will entitle the holder to acquire a unit consisting of 1.2 Hillcrest common shares at an exercise price of C$0.12 for one warrant unit, according to the company.
All securities issued in connection with the offering will be subject to a four-month hold period from the closing date, in accordance with applicable securities laws.
In addition, Hillcrest said it has granted incentive stock options to certain company employees, officers and consultants to purchase up to 1,433,333 Hillcrest common shares, pursuant to the share option plan.
The options are exercisable on or before October 7, 2027, at an exercise price of C$0.15 per share, and are subject to various vesting criteria.
Hillcrest Energy Technologies is a clean energy company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.
Contact Sean at sean@proactiveinvestors.com