Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) (FRA:7HI) announced Tuesday that it has signed a Memorandum of Intent (MOI) with ANIGO Technologies Inc, outlining a licensed technology transfer arrangement through which the firms plan to jointly develop new intellectual property (IP) based on ANIGO's proven electric machine control technology software.
The Vancouver-based company said the resulting new IP will incorporate ANIGO's existing IP and is expected to provide a “substantial platform” for future IP to be developed by Hillcrest directed at new clean energy applications. Any new IP or technology developed will be owned by Hillcrest.
Hillcrest said Ari Berger, who recently joined the company’s executive team, grew and commercialized ANIGO's IP over the last several years. Under the tech transfer arrangement, Berger who is now Hillcrest’s general manager technology development, will continue building on ANIGO's existing technology to deliver new Hillcrest-owned IP and technology.
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The company noted that electric machine control system software is essential for electricity generation and electric motor applications to do with power generators, electric motors, and electric vehicles (EV). Hillcrest said ANIGO's control technology is already tried and tested in custom applications, enabling efficiencies not previously seen in the industry.
Energy efficiency is being strongly pursued by Hillcrest. “ANIGO software would provide essential control systems for the energy efficiency innovations being pursued by the company's ALSET joint venture,” said Hillcrest. ALSET is planning independent third-party testing to validate its technology in preparation for commercialization.
Similarly, technology developed with ANIGO and owned by Hillcrest is expected to form a critical component of Hillcrest's joint venture with Extreme Vehicle Battery Technologies Corp (CSE:ACDC) (OTCMKTS:CRYBF) linked to the rapidly growing EV and battery-management markets.
Hillcrest said it “looked forward” to working with ANIGO to build new IP to service the "exponentially expanding" market for electrical power and mobility applications.
Hillcrest Petroleum CEO Don Currie said: "The software IP Hillcrest expects to own after developing with ANIGO under the tech transfer arrangement firmly positions Hillcrest in the rapidly evolving, high demand, worldwide market with fundamental technology required to develop and deliver innovative and potentially disruptive clean energy solutions for electricity generation, storage and use.”
“This is the most recent step in Hillcrest's mission to provide clean energy propositions targeting rapidly developing markets for renewable energy and energy management systems."
Meanwhile, Ari Berger who is the CEO of ANIGO Technologies, said ANIGO “fully supports” Hillcrest's mission to accelerate the transition from fossil fuels to clean energy.
“In a short period of time we’ve established an exceptionally positive working rapport and a high level of trust with Hillcrest's management team,” said Berger. “We look forward to working with Hillcrest to deliver valuable clean energy outcomes together."
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