Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) said Thursday that it has expanded the company's involvement and responsibilities in its ALSET Innovations Limited technology partnership.
The Vancouver-based company said the partnership will first exclusively license, market and deploy US patented technology in the United States and European Union before expanding to other markets as opportunities arise. ALSET Innovations is a private incorporated joint venture company owned by Hillcrest and its partner.
Hillcrest's role, through ALSET, has been expanded to include responsibility for business planning and leading direct discussions with potential technology development partners. Compensation for the expanded role, including fees and bonus provisions, will be addressed in definitive agreements, noted the company.
READ: Hillcrest Petroleum inks deal to deploy clean energy technology in the European Union
In May, the company announced that it is bringing its patented clean energy technology to the European Union. It said it 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%.
Potential applications include electric vehicles and power generation applications such as wind turbines and Hillcrest plans to market the technology through ALSET Innovations Ltd.
"The ALSET partnership is moving quickly to consolidate and expand its role in representing this exceptionally promising clean energy technology, presenting a larger opportunity for Hillcrest," Hillcrest CEO Don Currie said in a statement.
"Developing and implementing the overall business plan for the technology, enables Hillcrest to drive it's energy transition strategy more quickly and effectively than previously anticipated. We will continue to advise as developments happen, or material events occur," he added.
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