Welcome to our dedicated page for Hillcrest Energy Tech news (Ticker: HLRTF), a resource for investors and traders seeking the latest updates and insights on Hillcrest Energy Tech stock.
Hillcrest Energy Technologies develops advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected energy systems. The Canadian clean technology company is commercializing its proprietary Zero Voltage Switching, or ZVS, platform across applications that include AI data center power infrastructure, microgrids, electric vehicle powertrains, and grid-connected renewable energy systems.
Company news commonly covers ZVS product engineering, PCS1000 power conversion system development, customer and partner demonstration activity, commercialization structures such as CleanPath Distribution, and participation in power electronics markets. Updates also include capital actions, shares-for-debt transactions, exchange trading references for HEAT, HLRTF, and 7HI, and changes to Canadian venture issuer reporting practices.
Hillcrest Energy Technologies has announced that all demonstration slots for its Zero Voltage Switching (ZVS) inverter technology for 2024 have been booked, with new requests being scheduled into early 2025. The company attributes the surge in interest to the superior efficiency (up to 99.7%) and electromagnetic compatibility (EMC) of its ZVS inverters. Hillcrest's technology is expected to offer up to $2,200 in cost savings per electric vehicle and improve power quality in grid-connected applications. The company sees significant market potential for its technology, particularly in renewable energy and energy storage sectors. Additionally, Hillcrest has extended its agreement with Outside the Box Capital for investor marketing services until March 31, 2025, at a cost of $250,000.
Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced a joint development agreement with Ocean Batteries AS to deliver 300kVA | 800V ZVS inverter prototypes. These inverters will be integrated into Ocean Batteries' onshore energy storage systems. Ocean Batteries, known for their high-efficiency marine electrification systems, aims to expand into onshore energy storage. This partnership marks Hillcrest's first deployment of ZVS inverter technology into grid-connected applications, targeting the rapidly growing European energy storage market, projected to grow at over 18% CAGR through 2029. Successful integration could lead to significant annual sales revenues for Hillcrest.
Hillcrest Energy Technologies has announced the results of its Annual General Meeting (AGM) held on June 5, 2024. Shareholders voted in favor of all items, including the re-election of the current seven-member Board and the appointment of DeVisser Gray LLP as the company’s auditor. Additionally, shareholders approved the company's 10% rolling restricted share unit plan and the 10% rolling stock option plan with proposed amendments. David Farrell was re-elected as the Independent Chair.
Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced the completion of a non-brokered private placement, raising gross proceeds of $882,500. The offering involved 3,530,000 units priced at $0.25 each, including one common share and one share purchase warrant. Each warrant allows the purchase of another share at $0.30 for 36 months, with an accelerated expiry clause. Additionally, Hillcrest issued 36,000 compensation warrants to an arm's length service provider under similar terms. The raised funds will support marketing, investor relations, technology development, and general working capital. Notably, a director and officer involved, subscribing to 600,000 units, making it a related party transaction under MI 61-101. All issued securities are subject to a four-month hold period.
Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced an investor relations agreement with Gold Standard Media (GSM) effective May 31, 2024. The agreement involves GSM and affiliates providing marketing services such as digital marketing, email marketing, and influencer marketing over a twelve-month period starting June 3, 2024. Hillcrest will pay GSM $250,000, Future Money Trends (FMT) $375,000, and Wealth Research Group (WRG) $375,000 upfront. The contract also allows for an additional $300,000 in advertising services. The services will be managed by GSM's team, led by Kenneth Ameduri, Juliet Ameduri, and Lior Gantz.
Hillcrest Energy Technologies (CSE: HEAT, OTCQB: HLRTF, FSE: 7HI) announced a joint development opportunity with a European energy storage services innovator (ESS Innovator) to deliver 300kVA | 800V Hillcrest ZVS inverters. This collaboration aims to customize a ZVS inverter prototype, potentially leading to a commercial supply arrangement. The European energy storage market is projected to grow at over 18% CAGR through 2029.
Hillcrest's ZVS technology boosts efficiency and minimizes electromagnetic interference costs, broadening applications beyond EV traction inverters to include stationary, grid-connected uses.
CEO Don Currie stated that this project marks a significant milestone for the company.
Hillcrest also announced the issuance of 7,297,025 shares as incentives and the grant of 2,410,000 RSUs and 4,663,867 stock options to executives, employees, and consultants. Additionally, corrections were made to a previous news release regarding an equity drawdown facility.
Hillcrest Energy Technologies (HLRTF) is expanding its business in the UK, focusing on clean technology and power conversion. CEO Don Currie is engaging with potential partners in the region. The company closed the third drawdown of a $5 million equity facility, receiving $156,435 in funding. Hillcrest plans to use the proceeds for technology development and general working capital.
Hillcrest Energy Technologies has successfully closed the third and final tranche of its oversubscribed non-brokered private placement, raising $3,218,500 in gross proceeds. The Private Placement consisted of 12,874,000 units at $0.25 per unit, with each unit including a common share and a warrant. The Company paid commissions, finder's fees, and issued additional units to certain service providers. The net proceeds will be used for technology development, commercialization, working capital, and service provider fees.
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