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Hillcrest Petroleum inks deal to deploy clean energy technology in the European Union

The patented technology could potentially increase the efficiency of conventional electrical generators by as much as 80%

Hillcrest Petroleum Ltd -
An electric vehicle may be able to extend their range of power to 700 miles from 400 miles from a single battery charge

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) announced Thursday that it is bringing its patented clean energy technology to the European Union.

The Vancouver-based company has secured exclusive rights under a memorandum of intent to market and deploy the US-patented technology, which potentially increases the efficiency of conventional electrical generators by as much as 80%.

The announcement follows a similar exclusive arrangement to market licenses for Hillcrest’s technology in the US. Rights to represent the technology in the US and EU will become binding once the definitive agreements are executed.

READ: Hillcrest Petroleum restarts production at West Hazel oil assets ahead of schedule

Potential applications for the clean energy technology include electric vehicles and power generation. Wind turbines, for example, could see the amount of power they generate substantially increase. Electric vehicles may also be able to extend their range of power to 700 miles from 400 miles from a single battery charge.

"Hillcrest continues to meet agreement obligations and further build on the opportunity to license, market and deploy the patented technology," Hillcrest CEO Don Currie said in a statement.

"Our partnership is working to complete definitive agreements and plans to implement material early steps in Hillcrest's energy transition strategy. The EU agreement substantially increases our global market potential and provides Hillcrest with new potential value streams at a time when clean energy is a global priority."

Hillcrest plans to market the technology through ALSET Innovations Ltd, which is privately-owned by Hillcrest and another partner.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Hillcrest Petroleum Ltd

Price: 0.05 CAD

Market: TSX-V
Market Cap: $6.18 m

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