Hillcrest and Equipmake Expand Partnership Talks to Include Commercial Licensing of ZVS Technology
Commercial licensing terms would be negotiated alongside development rather than left for a later stage; no definitive agreement has been finalized.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Hillcrest Energy Technologies (HLRTF) has expanded negotiations with Equipmake to include commercial licensing of its Zero Voltage Switching inverter technology.
The proposed definitive agreement would combine joint development with licensing terms for the resulting product. The July 9, 2026 non-binding letter of intent initially covered integrating Hillcrest's technology into a defined Equipmake powertrain product line, with licensing to be negotiated later.
Hillcrest expects completion in October 2026, modestly beyond the original target of 90 days from the letter of intent, reflecting the expanded scope. Terms remain under negotiation and have not been finalized. Commercialization would follow successful development. Hillcrest plans to announce material terms if and when the agreement is executed.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed Equipmake agreement now includes commercial licensing terms alongside joint development of Hillcrest's technology.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Hillcrest expects to complete the definitive agreement in October 2026.
Negative
- Moderate pointEquipmake arrangement remains based on a non-binding letter of intent; definitive terms are not finalized.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Expected completion extends beyond the original 90-day target because of the expanded agreement scope.
- Minor point. Forward-looking: it has not happened yet and may not happen.Commercialization of the resulting product depends on successful development.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / October 5, 2026 / Hillcrest Energy Technologies Ltd. (CSE:HEAT)(OTCQB:HLRTF)(FSE:7HI) ("Hillcrest" or the "Company") today provided shareholders with an update on negotiations toward a definitive agreement with Equipmake plc ("Equipmake") for Hillcrest's Zero Voltage Switching ("ZVS") inverter technology. The scope of the agreement under negotiation has expanded beyond joint development to include commercial licensing terms. The Company expects to complete the agreement in October 2026.
On July 9, 2026, Hillcrest announced a non-binding Letter of Intent ("LOI") with Equipmake, a UK-based developer and manufacturer of high-performance electric motors and inverters. The LOI set out a joint development program to integrate Hillcrest's proprietary ZVS technology into a defined Equipmake powertrain product line. The parties agreed to use commercially reasonable efforts to execute a definitive agreement within 90 days of the LOI date.
Since the LOI was signed, the scope of the proposed agreement has expanded. The LOI contemplated negotiating licensing terms at a later stage. The parties are now negotiating a single definitive agreement that would cover both the joint development program and the commercial licensing terms for the resulting product. Addressing commercialization now is intended to give both companies a defined path from development to market.
Negotiations are advancing, and the Company expects to complete the definitive agreement in October 2026. This timeline extends modestly beyond the original 90-day target to reflect the expanded scope of the agreement. The terms of the agreement remain subject to negotiation and have not been finalized. There is no assurance that a definitive agreement will be executed within the anticipated timeframe, on the terms described in this news release. Hillcrest will announce the material terms of the agreement if and when it is executed.
"When we signed the LOI, the focus was on a joint development program. As our discussions with Equipmake progressed, both companies saw the value in agreeing now on the commercial terms that would follow successful development, rather than leaving them for a later negotiation," said Don Currie, CEO of Hillcrest. "That is a meaningful step up in scope, and it is the right structure for a long-term partnership. We are taking the time needed to get it right, and we expect to complete the agreement in October."
"Hillcrest's ZVS technology has characteristics we believe could take the performance of our inverters to the next level for our customers," said Ian Foley, Founder and CEO of Equipmake. "As our discussions progressed, it made sense to set out the commercial framework alongside the development program, so there is a clear route from engineering to market if the program succeeds. We are making good progress and look forward to completing the agreement with Hillcrest."
About Hillcrest Energy Technologies
Hillcrest Energy Technologies Ltd. is a Canadian clean technology company developing advanced power conversion technologies and digital control systems for next-generation energy applications, including AI data centres, energy storage, industrial motor drives, microgrids, and electric-vehicle powertrains. The PCS1000 is Hillcrest's newest product platform, currently in the A-Sample prototype stage. For more information: https://hillcrestenergy.tech/
CONTACT INFORMATION
Investor Relations
Don Currie
info@hillcrestenergy.tech
O: +1 604-609-0006
Toll-free: 1-855-609-0006
Public Relations
Jamie L. Hogue
jhogue@hillcrestenergy.tech
O: +1 602-793-9481
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING INFORMATION
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 Dec. 31, 2025, available at https://www.sedarplus.ca/ 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.
SOURCE: Hillcrest Energy Technologies Ltd.
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What would Hillcrest's proposed Equipmake agreement cover?
The proposed agreement would cover both joint development and commercial licensing for the resulting product. Development would integrate Hillcrest's Zero Voltage Switching inverter technology into a defined Equipmake powertrain product line. Licensing terms were originally intended for a later negotiation.
When does Hillcrest expect to finalize its agreement with Equipmake?
Hillcrest expects to complete the definitive agreement in October 2026. That timing extends modestly beyond the original 90-day target from the July 9, 2026 letter of intent because the scope has expanded. Terms remain under negotiation and have not been finalized.