• Hillcrest announces AGM results; all seven members of Board of Directors are re-elected while new board chair David Farrell is appointed
• Company exits fossil-fuel business and completes transition to clean tech market where it continues to develop inverter technology empowering next generation of more efficient and powerful electric vehicles
• Hillcrest reaches key milestone as it completes proof of concept testing of its inverter technology, with the commercial prototype soon to be available in Q4 2022

Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA), a Canadian cleantech company developing technologies for innovative electrical solutions such as powertrains and grid-connected renewable energy systems, has announced the voting results from its Annual General Meeting held Wednesday, June 29, 2022. The Board of Directors and Management received extraordinary support from shareholders, who overwhelmingly voted in favor of the proposed items, including the composition of the Company’s leadership. Hillcrest also announced the completion of its transition toward clean energy technologies by formally announcing the end of its oilfield activities (https://ibn.fm/pRIUD).

All seven of Hillcrest’s Board members have been re-elected, with a new Chair, David Farrell, heading the team as the previous Executive Chair, Michael Krzus, stepped down after having served for the past seven years. Mr. Farrell, who has also served on the Hillcrest Board for the past year, brings to the team more than 25 years of corporate and investment banking experience, working with a number of global junior and mid-tier companies through their major growth stages. As part of its commitment to environmentally responsible operations, Hillcrest recently decided to change the Company’s direction towards the exit from the fossil fuel business and focus its efforts on commercializing clean technologies. The Company is confident that Mr. Farrell is well-positioned to lead Hillcrest as it evolves into a mature, clean energy technology company. 

With ambitious plans for its clean tech future, Hillcrest also solidified its technical team with Ronald Rebeiro, an electrical machine design and motor drives expert who holds a Ph.D. in electrical and electronics engineering. Mr. Rebeiro is expected to focus on engineering project management and testing activities at the Company’s Vancouver tech development lab (https://ibn.fm/4twvs).

Hillcrest continues to make strides in its new clean tech market, where it concentrates on offering a flexible, single-inverter architecture applicable at nearly every stage of the electrification ecosystem, from renewable energy generation through the charging and operation of electric vehicles to providing full-cycle efficiency and performance improvements. The Company has completed proof of concept testing of its EV traction inverter, demonstrating a reduction in switching losses of +90% compared to conventional, hard-switched inverters employed in many electrical vehicles today. Work is currently underway on the commercial prototype for its EV traction inverter, expected to be available to customers in Q4 2022.

The new test signifies a key milestone in the commercialization testing protocol as it examined specifically the efficiencies enabled by Hillcrest’s soft-switching technology. Due to the trade-off between the optimal switching behavior and acceptable thermal losses, currently deployed electric motors operate within a switching frequency range of 8kHz to 16kHz. Hillcrest’s high-efficiency inverter could be a game changer for next generation EVs as it is able to soft-switch at much higher frequencies without causing additional losses. 

As a result, the new technology could potentially enable motor manufacturers to take advantage of new motor concepts beyond the scope currently available. These potential efficiencies, previously unimaginable, could allow higher power density, lower cost and weight and better power quality and EV performance in the future. More details are available in the recent technical whitepaper published on the Hillcrest website at www.HillcrestEnergy.tech.

NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://ibn.fm/HLRTF

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