• Hillcrest and Tier 1 automotive supplier sign memorandum of understanding to carry out joint development project for powertrain system
  
• Project to begin immediately and run through 2023
• Hillcrest inverter technology to underpin future product
  

VANCOUVER, British Columbia, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF), a clean technology company developing transformative power conversion technologies and control system solutions for next-generation electrical systems, announces it has signed a memorandum of understanding (MOU) with a global Tier 1 automotive leader in mobility innovation.

According to the terms of the MOU, Hillcrest and the supplier will collaborate to integrate an optimized version of Hillcrest's 250-kilowatt (kW), 800-Volt (V) inverter into a future powertrain system. The joint project is expected to run through 2023.

Throughout the process, Hillcrest and this new partner will test a series of configurations with the end goal of commercializing a nominal 350kW product that takes advantage of Hillcrest's unique and highly efficient inverter. The adaptable nature of Hillcrest's technology allows a high level of optimization and seamless integration with the supplier's future product.

"Our partner is an early leader in electrification and has a shared understanding that efficiency is at the core of our electrified future," said Hillcrest CEO Don Currie. "We are thrilled to collaborate on a project that could become the basis for many future products."

Hillcrest's inverter technology is designed to be smaller, lighter and more powerful than currently available inverters. By leveraging higher switching frequencies and soft switching capabilities, Hillcrest's inverter technology has been proven in product testing to reduce losses and dramatically improve inverter efficiency, performance and reliability.

Hillcrest's 250kW, 800V Silicon Carbide (SiC) commercial inverter prototype uses these benefits to improve performance of the full system. Optimized versions of this inverter can be deployed in a variety of power systems, from commercial and industrial electric transport to grid-tied renewable energy and storage. The company expects these systems to deliver increased efficiency, performance, payload and reliability while decreasing overall weight, complexity and cost.

"This is the second MOU Hillcrest has announced this month. These combined opportunities are a tangible demonstration of customer interest in our inverter technology as well as our ability to move quickly into the next phase of the commercialization process," added Currie.

About Hillcrest Energy Technologies
Hillcrest Energy Technologies is a clean technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF". For more information, please visit: 

CONTACT INFORMATION

Investor Relations
Don Currie
info@hillcrestenergy.tech
O: +1 604-609-0006
Toll-free: 1-855-609-0006

Public Relations
Scott Worden
sworden@lambert.com
O: +1 313-309-9500

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2021, available at for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.