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Hillcrest Provides Shareholder Update
Joint development discussions underway with a European Automotive OEM Hillcrest enters third p...
About this update from Hillcrest Energy Technologies Ltd.
[{"type":"text","content":"Hillcrest Provides Shareholder UpdateJoint development discussions underway with a European Automotive OEMHillcrest enters third phase of testing program with Global Tier One SupplierPreparations are underway for advanced demonstration program with Global Motor Supplier + Hercules Electric MobilityVancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) (\"Hillcrest\" or the \"Company\"), an innovative clean technology company redefining power conversion technologies, is pleased to provide an update for shareholders on recent activities and accomplishments.Commercial EngagementsHillcrest continues to advance demonstration testing programs and joint development projects on multiple commercial fronts. Key updates on recent accomplishments are provided below.Joint Development Discussions Underway with European OEMHillcrest successfully concluded the latest phase of previously announced co-development activities with a prominent European Automotive Original Equipment Manufacturer (European OEM). Results of these recent demonstration tests met or exceeded the expectations laid out in the pre-testing criteria by the European OEM. Future development and proposed testing will include broader system development and in-vehicle focuses.In addition to these demonstration activities, Hillcrest and the European OEM are actively engaged in discussions regarding the potential structure of a joint development agreement. Extensive dialogue has included several in-person and remote meetings with more discussions scheduled this month. Additional updates will be provided as material developments occur.Hillcrest Enters Third Phase of Testing with Global Tier One SupplierThe next phase of dynamic load demonstration testing with a Global Tier One Automotive Supplier is set to commence in January 2024, when the specialized motor provided by the Global Tier One Automotive Supplier will be returned to Hillcrest's Vancouver R&D lab. Earlier this year, Hillcrest successfully completed the first two milestones with the Global Tier One Automotive Supplier and will now begin the third testing milestone, which aligns with the previously announced joint development project. Upon completion of this phase, the companies will proceed to on-site demonstrations at the customer's f...