Vancouver, British Columbia–(Newsfile Corp. – June 17, 2024) – Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) is an innovative clean technology company specializing in energy conversion technologies. Announces Joint Development Agreement with Ocean Batteries AS (“Ocean Batteries”) to Supply Hillcrest ZVS 300kVA Inverter Prototype |
Hillcrest will collaborate with Norway’s Ocean Batteries to develop and test the ZVS inverter for integration into its onshore energy storage system (“onshore ESS”) and enter into a definitive supply agreement.
Ocean Batteries already provides its customers with the most efficient and reliable ship electrification systems, and they are now looking to expand their product range to include the next generation of ultra-efficient onshore ESS solutions. With the rapid transition to electrification, the demand for energy storage solutions continues to grow. The European energy storage market is expected to grow at a CAGR of over 18% by 2029.
“Marine applications require unprecedented efficiency, uptime and safety,” said Kent Thoresen, CEO of Ocean Batteries. “We design systems that provide superior uptime, performance and reliability. We make sure we understand the end user.”
“Our partnership with Ocean Batteries marks the first time we have brought ZVS inverter technology to grid-connected stationary applications as we look to accelerate future revenue growth,” said Don Curry, CEO of Hillcrest. “ESS provides a huge market scale. Great opportunity to integrate our technology. Following the successful demonstration and integration of our ZVS inverter prototype, a commercial supply agreement with Ocean Batteries could result in attractive annual sales revenue.”
Currie continued, “Kent and his team at Ocean Batteries have highly specialized experience and understanding of what is required to serve the marine market, and we look forward to working with them to create a best-in-class onshore ESS system.”
About Ocean Batteries SAOcean Batteries AS’s deep understanding of the complex needs of marine applications has led to the development of the most efficient and reliable marine electrification systems. Our efforts now extend to innovative onshore energy storage solutions (onshore ESS) designed to support the rapid transition to electrification. Our commitment to safety, sustainability and technical excellence guides every aspect of our business, ensuring that we not only meet but exceed the stringent demands of our marine and onshore environments.
About Hillcrest Energy Technologies Ltd. Hillcrest Energy Technologies is a clean technology company focused on providing advanced energy conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in developing energy solutions to enable a more sustainable and electrified future. Hillcrest shares are publicly traded on the CSE under the symbol “HEAT”, on the OTCQB Venture Market as “HLRTF” and on the Frankfurt Stock Exchange under the symbol “7HI”. For more information visit: https://hillcrestenergy.tech/.
Walter Frank/Jennifer BelodoIMS Hillcrest Investor Relations@imsinvestorrelations.comO: +1 203-972-9200
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Post time: Jun-24-2024