(Source: Hillcrest Energy Technologies Ltd.)
  • Hillcrest Energy Technologies (CSE:HEAT) has completed its joint development agreement with Ocean Batteries to deliver its unique equipment
  • The clean tech company deployed its prototypes to Ocean Batteries, which will work with Hillcrest to integrate the inverters into its onshore energy storage systems
  • Given the rapid transition towards electrification, a growing demand exists for energy storage solutions
  • Hillcrest Energy Technologies last traded at $0.24 per share

Hillcrest Energy Technologies (CSE:HEAT) has completed its joint development agreement with Ocean Batteries to deliver its unique equipment.

The clean tech company deployed its 300kVA | 800V Hillcrest ZVS inverter prototypes to Norway-based Ocean Batteries, which will work with Hillcrest to integrate the inverters into its onshore energy storage systems.

Ocean Batteries is looking to expand its offerings to include new higher efficiency onshore ESS solutions and given the rapid transition towards electrification, a growing demand exists for energy storage solutions. According to Mordor Intelligence research, the European energy storage market is forecast to grow at a compound annual growth rate exceeding 18 per cent through 2029.

“Marine applications demand unparalleled efficiency, uptime and safety,” Ocean Batteries’ CEO, Kent Thoresen, said in a news release about this partnership. “We design our systems to consistently deliver superior uptime, performance and reliability. We make sure we understand the end user’s application and tailor-make the solution to match the needs of the individual vessel. Through our partnership with Hillcrest Energy Technologies, we are aiming to set a new benchmark in the energy storage sector, contributing to a cleaner, more sustainable future.”

Ocean Batteries develops high efficiency marine electrification systems.

Hillcrest Energy Technologies Ltd. is developing high-performance control systems and electric power conversion devices for next-generation powertrains, charging applications and grid-connected renewable energy generation and storage systems.

Hillcrest Energy Technologies (CSE:HEAT) last traded at $0.24 per share.

Join the discussion: Find out what everybody’s saying about this lithium penny stock on the Hillcrest Energy Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top image: Hillcrest Energy Technologies Ltd.)


More From The Market Online
AI-generated image of gold bars beside a computer with a financial chart.

The Market Online’s Weekly Gold Report – July 24, 2024

The Market Online reviews the week's top gold stories, gold prices, gold company news and trending gold stocks.
Periodic table concept with uranium element is glowing among black cubes

Fueling the Future: Uranium market activity for the week of July 22

In this week's uranium market update, companies such as Centrus Energy, Aero Energy, Myriad Uranium and SKRR Exploration made headlines.
Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers

Bank of Canada cuts interest rate: 4 investment catalysts to consider

The Bank of Canada cut rates for a second meeting in a row thanks to favourable inflation, unemployment and consumer spending trends.