Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) announced Wednesday it has signed a Letter of Intent with Extreme Vehicle Battery Technologies Corp (CSE:ACDC) to form a joint venture to target the rapidly growing electrical vehicle (EV) and battery-management markets.
Under the JV, each party will contribute their respective clean energy intellectual property (IP), technology, specialized technical capability and management to develop and commercialize scable renewable energy management systems to service the EV and energy storage solutions (ESS) industries.
Extreme Vehicle Battery (EV Tech) is a battery technology company with exclusive North and South American as well as European and African distribution rights for patented battery management system (BMS) and ESS systems.
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Hillcrest said they intend to jointly develop and market power systems and technologies to commercial and residential communities, electrical equipment manufacturers, and to industries where energy efficiency and energy storage solutions are fundamental to achieving carbon neutrality and energy self-sufficiency.
Both companies anticipate definitive agreements for the proposed JV to be formalized by the end of 2020. And both will contribute technologies, IP and business networks to source and develop opportunities.
Hillcrest said its motor and generator control system technology provides system components complimentary to EV Tech's BMS and ESS technology and is essential for controlling and optimizing electricity generation and storage as part of optimized power systems to effectively generate, store and deploy clean power from renewable sources to a potential multitude of uses. Potential commercial applications include residential and business communities moving towards a carbon neutral self-sufficient eco-status, companies manufacturing electromagnetic electricity generation equipment, electric vehicles, wind turbine industries and power charging stations.
"Aligning and combining the technologies, opportunities and abilities of both companies will result in robust, leading edge, clean energy propositions targeting rapidly developing markets for renewable energy systems,” Don Currie, CEO of Hillcrest, said in a statement.
“We intend to innovate and develop new IP and technologies to provide companies and communities with practical and effective solutions to transition from fossil fuels to clean energy."
Bryson Goodwin, CEO of EV Tech, added: “Our signed LOI with Hillcrest represents a potential marriage of two fundamentally compatible and synergistic technologies. Hillcrest offers a system which when combined with our proprietary technology gives a competitive edge to ESS solutions and variable power consumption. The world is transitioning to ‘Smart’ effective green solutions."
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