Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F), a pioneering clean-technology company offering transformative power-conversion technologies and state-of-the-art control system solutions, has announced the completion of the design concept for its next-generation electric vehicle (“EV”) inverter, which is optimized with the company’s Zero Voltage Switching (“ZVS”)-enabled power module. According to the announcement, the new power module delivers an additional 100 kW of energy compared to the company’s previous prototype; the new design will also leverage 350-kilowatt silicon carbide (“SiC”) technology and is designed for applications up to 1,000 volts. The traction inverter converts a battery’s direct current (“DC”) into alternating current (“AC”) to power electric motors. Testing and simulation of the new design shows significant improvements in overall system efficiency, performance and reliability for electric systems, including electric vehicle, stationary energy generation and energy-storage systems. The company announced that Hillcrest CEO Don Currie will be participating on July 20, 2023, in an investor webinar showcasing the future of the electric vehicle marketplace that is hosted by the London Stock Exchange (“LSE”).
Hillcrest also closed its previously announced nonbrokered private placement. The private placement resulted in $12,540 gross proceeds and included an aggregate of 12,540,000 common share purchase warrants sold at $0.001 per warrant. In addition, on June 7, 2023, Hillcrest completed a consolidation of common shares in the capital of the company, which resulted in one post-consolidation common share being outstanding for every six preconsolidation common shares issued to shareholders. As a result, Hillcrest adjusted the offering size to one warrant issued for every six warrants subscribed for, with a postconsolidation offering size reaching 2,090,000 warrants. The company plans to use the offering proceeds ongoing technology development and commercialization activities along with general working capital.
“The first of its kind traction inverter is the result of Hillcrest’s relentless innovation and expertise in power electronics design and control systems,” said Hillcrest chief commercialization officer James Bolen in the press release. “We’ve optimized our next-generation SiC traction inverter with our own ZVS-enabled power module. This will be the only fully Zero Voltage Switching EV inverter in the world, creating a wider competitive advantage for Hillcrest. We firmly believe that our new traction inverter, available for customer demonstrations in Q4, will be the most innovative and unique option available in the market.”
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About Hillcrest Energy Technologies Ltd.
Hillcrest Energy Technologies is a clean-technology company focused on providing advanced power-conversion technologies and digital-control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. For more information about the company, please visit www.HillcrestEnergy.tech.
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