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Hillcrest Petroleum advancing ALSET Innovation Ltd partnership to license electricity generation and electric motor technology

Hillcrest said the immediate priority is to develop a detailed technical understanding of the innovative technology, including current patents and other intellectual property

Hillcrest Petroleum Ltd - Hillcrest Petroleum Ltd updates shareholders on developments related to the ALSET Innovation Ltd technology partnership to license US-patented electricity generation and electric motor technology
Hillcrest holds a 50% interest in the ALSET technology partnership

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) on Tuesday updated shareholders on developments related to the ALSET Innovation Ltd technology partnership.

Upon execution of the definitive agreements expected shortly, the ALSET technology partnership will hold exclusive rights to license US-patented electricity generation and electric motor technology and exclusive rights to market the technology in the EU.

Hillcrest, based in Vancouver, is currently developing plans to monetize its licensing and marketing rights under the agreements, closely supported by the inventor and intellectual property (IP) owner.

READ: Hillcrest Petroleum expands role in technology partnership

In a statement, the company said the immediate priority is to develop a detailed technical understanding of this innovative technology, including current patents and other IP, which is the basis for ALSET's licensing and marketing agreements. 

Hillcrest said the technology is continuing to evolve with new innovations and further energy efficiency improvements, so ALSET's licensing and marketing agreements will also include potential future technology improvements and resulting IP. 

Hillcrest said its IP lawyers advise the current patents and patent claims are in good standing and are assisting ALSET to develop effective future IP protection plans, including potential patents in various jurisdictions worldwide.

The company holds a 50% interest in the ALSET technology partnership. ALSET will collect revenue from technology licensing or marketing and will retain a portion of net revenue, with the remainder being passed through to IP owner. 

Hillcrest said it expects to receive between 25% and 50% of total net value generated from licensing, marketing and deploying the technology, as well as management and advisory fees.

A number of power generation companies and electric vehicle manufacturers have approached Hillcrest and the IP owner, indicating an interest in the technology and seeking introductory discussions. 

Hillcrest said ALSET intends to monetize its licensing and marketing rights by establishing industry partnerships to apply and deploy the technology into worldwide power generation and electric vehicle (EV) markets. The published EV market value alone was $162.34 billion in 2019 and estimated to reach $802.81 billion by 2027.

"We are confident the foundation stage for the ALSET Partnership will be completed shortly with the execution of the Definitive Agreements,” said Hillcrest CEO Don Currie

“As a result, we are already working with the IP owner to initiate discussions with power generation and electric vehicle companies who seem keen to explore this potentially disruptive clean energy technology, which we believe will deliver a step-change in energy efficiency when applied."

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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