VANCOUVER, BC, Aug. 5, 2021 /CNW/ - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F) ("Hillcrest'' or the "Company"), a clean tech innovation and e-mobility development company, is pleased to announce it has commenced manufacturing of the first Proof of Concept (PoC) prototype for the Company's next-generation High Efficiency Inverter (HEI). Having successfully completed engineering simulations more quickly than initially anticipated, expedited development efforts are expected to result in Hillcrest's HEI technology being ready for PoC testing in Q4 2021.
The Company's 10kW/800V PoC inverter is expected to deliver both significant power efficiency gains and substantial cost benefits for future Electric Vehicle (EV) and other e-mobility powertrains, as well as grid-connected renewable energy generation and storage systems.
Today's inverters are typically subject to various performance-limiting engineering trade-offs. Hillcrest's HEI will offer frictionless integration into any existing system and deliver superior performance over current inverter technologies by eliminating or reducing a number of these trade-offs, such as switching frequency versus efficiency, and electromagnetic interference (EMI) versus power density.
In addition, Hillcrest's high efficiency inverter is expected to reduce heat generated, thereby reducing system cooling requirements, which in turn results in higher power density, lower costs and increased range for EVs. Combined, these efficiency gains from Hillcrest's HEI technology are expected to shrink the size and weight of powertrains enabling future EVs to be lighter, simpler and more cost effective.
In renewable energy generation applications, such as wind and solar, higher inverter efficiencies would add significant value by converting more usable energy from renewable sources, thereby increasing power output.
"This will be an important milestone for our HEI project, and I credit our exceptional team for their vision to move quickly and deliver," said Hillcrest CEO, Don Currie. "As we turn our attention to manufacturing our first PoC inverter, we will continue to focus on target applications and commercialization paths. Extensive market opportunities and our proprietary technology offerings position Hillcrest to emerge as an industry leader of high-performance, high-value electrification solutions that support global sustainability objectives."
The Company is also pleased to announce that Jalal Amini, PhD, has joined the Hillcrest team as Power Electronics Engineer, with particular experience in power grid applications including embedded control software as well as energy storage systems.
"We are rapidly growing our Company's technical capability. Mr. Amini's extensive grid power systems design expertise, coupled with his experience designing energy storage systems and control software, greatly complements our existing capabilities with Systematec GmbH and will help further accelerate progress on both our current projects as well as those in the future," said Ari Berger, Hillcrest CTO.
About Hillcrest Energy Technologies
Hillcrest Energy Technologies is a clean tech innovation company developing transformative power conversion devices and control systems for next-generation powertrains and charging applications. The Company 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 performance of electric systems including electric vehicles, motors and electric generators. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power the future. Hillcrest is publicly traded on the CSE under the symbol "HEAT", on the OTCQB Venture Market as "HLRTF" and the Frankfurt Stock Exchange as "7HIA.F".
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended December 31, 2020 available at www.sedar.com for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance, or achievements expressed or implied by the forward looking information.. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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SOURCE Hillcrest Energy Technologies Inc.
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