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Hillcrest Energy signs 5-year technology collaboration agreement with German engineering leader Systematec

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Hillcrest Energy Technologies Ltd (CSE:HEAT) (OTCMKTS:HLRTF) (FRA:7HIA.F) has signed a five-year technology collaboration agreement with Systematec GmbH, a German specialist engineering innovator and component designer to Airbus, Audi, BMW, Continental, Volvo Truck Corporation and other hybrid-auto/electrical vehicle and electrical equipment manufacturers.  

Hillcrest said technical teams on both continents will jointly manage engineering activities to leverage its electric machine control software and develop high-value power electronics and electromechanical intellectual property (IP) and technology for commercialization. All products and IP developed through the collaboration will be owned by Hillcrest. 

Hillcrest said it will have dedicated access to Systematec’s electronics and mechanical engineering design and prototype manufacturing services. Additionally, Hillcrest is in the process of acquiring additional internal expertise and securing facilities that will be dedicated to technology development activities. 

READ: Hillcrest Energy Technologies ties up C$5M equity facility agreement with Mercer Street

“Both parties expect this partnership to be an enduring collaboration running beyond the term of the current agreement,” said Hillcrest CEO Don Currie. “Through Systematec’s deep knowledge of the German automotive/EV and electrical equipment industries, Hillcrest gains real-time access to emerging power electronics design technologies and related value opportunities, allowing us to effectively anticipate new control system requirements with a first-mover advantage. Systematec has extensive industry networks developed over decades that complement our growing tech portfolio. Together we plan to introduce industry-leading control systems with new levels of functionality and unprecedented performance.”

Hillcrest said technical planning, focused on sophisticated control systems, with next-level energy conversion systems, is already underway. Potential opportunities include electrical inverters for high-performance electric drive systems, DC/DC converters to enable widespread application of fuel cells in trucks and heavy machinery, and other emerging requirements that serve growing global market needs.

“Teaming up with Hillcrest opens access to innovation paths and commercialization opportunities not previously available to our company,” said Harald Hengstenberger, Systematec’s CEO. “Working with Hillcrest to combine their proven, control software technology with Systematec’s demonstrated expertise in power electronics and electromechanical component design, unlocks potential to innovate, design and produce new, high-value products for EV and other industry customers.”

Ari Berger, Hillcrest’s CTO, added: “Systematec is a highly-respected engineering group run by talented industry peers with decades of experience designing, developing and commercializing specialized industrial, automotive and e-mobility applications. Global e-mobility and electrification are areas of intensely competitive activity worldwide and both companies understand it’s a high stakes business. Partnering with an established automotive industry insider like Systematec is key to securing our competitive advantage.”

Hillcrest said its obligations under the five-year agreement include about €660,000 per year, for specialized engineering and development expertise along with introductions to a vast European network. 

To incentivize Systematec and align interests, Hillcrest will issue to Systematec 2,750,000 common shares upon signing and 2 million performance-based warrants at $0.24 per share — which will vest when Hillcrest’s value from joint development commercialization revenues exceeds funds contributed to the Systematec collaboration to that date.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/946565/hillcrest-energy-signs-5-year-technology-collaboration-agreement-with-german-engineering-leader-systematec-946565.html


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