logo-loader
viewHillcrest Petroleum Ltd

Hillcrest Petroleum signs LOI to co-license EV and power generation technology in US

The technology has been demonstrated to improve electrical generation efficiencies by up to 80%

Hillcrest Petroleum Ltd - Hillcrest Petroleum Ltd signs Letter of Intent for an option to co-market licensing in the US for a patented, electrical generation technology
Hillcrest has partnered with Oropass Ltd, an Ontario registered company holding US licensing rights for the technology

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) has signed a Letter of Intent for an option to co-market licensing in the US for a patented, electrical generation technology.

In a statement Thursday, the company said the technology has been demonstrated to improve electrical generation efficiencies by up to 80% with potential applications in electric vehicles and power generation.

Hillcrest said it has partnered with Oropass Ltd, an Ontario registered company that holds US licensing rights for the technology. 

READ: Hillcrest Petroleum looking to lift production at West Hazel with well-recompletion

Hillcrest said it intends to secure the option for licensing rights by providing a modest deposit before the end of April. Licensing rights become binding upon the partnership providing up to $C500,000 by August 1 to further develop the technology to be marketed to the Electrical Equipment Manufacturing Industry, with an initial focus on electric vehicle and power generation equipment manufacturers. Further details will be provided as these and other milestones are met.

The technology, developed in Canada over the last 20 years, increases the efficiency of conventional electrical generators by as much as 80%. It does this by reversing electromagnetic inefficiencies inherent in the power generation process, thereby reducing the amount of mechanical energy input required to generate a unit of electric power. 

Efficiency gains have been demonstrated and quantified in lab tests repeatedly over several years of research and development and current prototypes have successfully been tested on an electric motorcycle. 

When applied at full scale to an electric vehicle, the technology could potentially extend the range from 400 miles to over 700 miles from a single battery charge. Similarly, if applied to power generation, like a wind turbine, units would have a substantial reduction in size and cost, with no anticipated reduction in power generation capabilities.

Carbon-free energy infrastructure

Hillcrest said the application of this technology could be expected to significantly reduce reliance on fossil fuel energy and accelerate the transition to a carbon-free energy infrastructure. 

For example, the efficiencies that come with adopting this new technology could provide significant increases in electricity available for remote communities currently dependent on diesel generators and/or substantial reductions in diesel fuel requirements and costs. It could also accelerate a transition to electric vehicles by increasing their range and reducing battery power re-charge requirements.

The business model is for the Hillcrest-Oropass partnership to license the technology to companies manufacturing electromagnetic electricity generation equipment, with an initial focus on the electric vehicles, fossil-fueled electric power (such as diesel generators), and wind turbine industries.

"We are very excited about partnering with Oropass to introduce and monetize this potentially disruptive clean energy technology," said Hillcrest CEO Don Currie. "Hillcrest has been reviewing clean energy technologies that could complement our existing oil and gas business for some time and the addition of this technology is an excellent fit.”

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Hillcrest Petroleum Ltd

Price: 0.045 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $5.57 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Hillcrest Petroleum Ltd named herein, including the promotion by the Company of Hillcrest Petroleum Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Hillcrest Petroleum restarts oil production at West Hazel...

Hillcrest Petroleum (CVE: HRH-OTCPINK: HLRTF) CEO Don Currie joined Steve Darling from Proactive Vancouver to share news the company has restarted their oil production as West Hazel in Saskatchewan. That is 2 weeks ahead of their target date. Currie talks about the restart and even with oil...

on 27/5/20

3 min read