Hillcrest Energy Technologies inks Memorandum of Intent for a stake in a British Columbia electric vehicle equipment supplier

Hillcrest Energy Technologies Ltd (CSE:HEAT) (OTCMKTS:HLRTF) (FRA:7HIA) said it has signed a Memorandum of Intent (MOI) to acquire an initial 30% equity interest in a privately-held electric vehicle (EV) equipment supplier (EV Deal Co) based out of British Columbia, Canada.  Hillcrest said EV Deal Co offers its customers total charging solutions, including EV charging stations and software solutions that include proprietary management system software, mobile and web applications.  “Hillcrest’s corporate foundation continues to strengthen as we add software, systems and engineering vision that increases our impact and ability to innovate,” Hillcrest Energy Technologies CEO Don Currie said in a statement.    READ: Hillcrest Energy transitioning from dirty fossil fuels to clean technology Currie added: “This past month, we have acquired ANIGO and control system expertise, have closed a Collaborative Agreement with Systematec, which aligns Hillcrest with a premier German EV technology developer, and now have the opportunity to acquire ownership in a company that has operations, commercial networks and ongoing interests within the green energy industry.” “Adding new revenue potential and additional opportunities to develop and showcase our tech is another step toward our goal of becoming a fully vertically-integrated energy technology company.” The company noted that EV Deal Co has years of experience securing and servicing provincial, municipal, commercial, multi-family and individual contracts. Hillcrest also has the option to acquire an additional 21% stake in EV Deal Co within two years from the effective closing date. In addition to the current revenue-generating operations, each party will contribute engineering expertise, Intellectual Property (IP) and technologies into the proposed transaction and intend to jointly develop and commercialize new products and technologies. Hillcrest Energy Technologies, formerly called Hillcrest Petroleum, is developing clean energy technologies that advance the performance of any application requiring precise control of rotating electric machines, namely electric motors and powertrains to increase the power/speed/torque performance of an electrical vehicle or extend its range. Contact Sean at sean@proactiveinvestors.com