Announcement • Apr 24
Hillcrest Energy Technologies Finalizes A-Sample Design of Zvs Pcs1000 Sidecar Power Unit for Next-Generation Ai Data Centers Hillcrest Energy Technologies Ltd. has finalized the A-Sample design of its ZVS PCS1000 Grid Power Conversion System, a purpose-built 250 kW, 800V DC sidecar rectifier module developed for next-generation AI data center infrastructure. The A-Sample design finalization is a key engineering milestone, confirming the product architecture, form factor, and performance specifications ahead of the prototype demonstration program planned to begin in June 2026. The ZVS PCS1000 A-Sample has been designed in a 19", 4 rack unit (4RU) form factor supporting both liquid cooling and forced air, targeting 250 kW maximum continuous power output at 800V DC, with a modular architecture supporting scalability from 200 kW to 1,200 kW or greater through parallel units. The design incorporates N+1 redundancy with 25% extra capacity and hot-swap capability intended to support 24/7 operational availability in mission-critical AI compute environments. The ZVS PCS1000 is designed to align with the Open Compute Project (OCP) 800V data center sidecar power architecture, converting 400/480V AC grid power to 800V DC for direct distribution to IT racks at up to 1,500A. The OCP sidecar power architecture is defined in the Mt. Diablo specification, published by the Open Compute Project Foundation in October 2025. The ZVS PCS1000 incorporates grid fault ride-through (FRT) capability, enabling the power conversion system to remain electrically connected during short-duration voltage and frequency disturbances. Without FRT, such grid events can lead to cascading load disconnections and subsequent system instability. By integrating FRT, the ZVS PCS1000 helps stabilize grid behavior by maintaining electrical coupling and ensuring smooth power transitions during transient conditions. The ZVS PCS1000 A-Sample design targets 200–250 kW in a 19" form factor, which the Company believes provides a high-power density solution with the potential to reduce the total number of modules required per sidecar deployment and lower overall system cost. The PCS1000’s performance targets are based on Hillcrest’s proprietary Zero Voltage Switching (ZVS) topology, which the Company believes offers the following design advantages versus conventional hard-switched converters: Hillcrest’s ZVS topology eliminates switching losses by ensuring power transistors transition at zero voltage. The ZVS PCS1000 A-Sample design targets peak conversion efficiency exceeding 99% — compared to the 98% typical of hard-switched designs. Hillcrest’s ZVS technology has been independently validated through testing completed at facilities of global automotive OEMs and suppliers. Those tests confirmed 99.7% peak inverter stage efficiency, with greater than 99% efficiency maintained across 90% of the full operating range — results first publicly disclosed in the Company’s December 16, 2024, news release. The PCS1000 is built on the same underlying ZVS platform validated in those tests. Hillcrest’s ZVS technology produces significantly lower dV/dt than hard-switched designs, as first publicly disclosed in the Company’s March 4, 2024, news release. Certified lab radiated EMI testing of the ZVS switching stage, conducted without any EMI filter in place, showed radiated emissions below applicable pass limits. These results demonstrate the intrinsic EMI advantage of the ZVS topology and are expected to reduce filter complexity and cost in the ZVS PCS1000 A-Sample design. Lower switching losses are expected to reduce junction temperatures and thermal cycling in power semiconductors, supporting simplified cooling architecture and reduced thermal stress on power semiconductor components. The ZVS PCS1000 design operates at 48 kHz — approximately four times the practical ceiling of thermally-limited hard-switched designs — which is expected to reduce passive component size by up to 50% and contribute to its power density in the 19” form factor. The ZVS PCS1000 prototype remains on track, with customer and partner demonstrations being scheduled starting in June 2026 at Hillcrest’s facility in Vancouver, British Columbia and at Systematec GmbH’s facility in Germany. The Company is currently in active discussions with several parties across the data center, energy storage, and grid-connected applications markets regarding demonstration opportunities. There is no assurance that these discussions will result in commercial agreements. Recent Insider Transactions Derivative • Apr 08
Founder exercised options to buy CA$122k worth of stock. On the 1st of April, Donald Currie exercised options to buy 840k shares at a strike price of around CA$0.15, costing a total of CA$126k. This transaction amounted to 31% of their direct individual holding at the time of the trade. Since June 2025, Donald's direct individual holding has increased from 2.12m shares to 2.70m. Company insiders have collectively bought CA$459k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 07
Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 24, 2026 Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 24, 2026. Recent Insider Transactions Derivative • Jan 25
Independent Director exercised options to buy CA$197k worth of stock. On the 23rd of January, Robert Lambert exercised options to buy 1m shares at a strike price of around CA$0.12, costing a total of CA$121k. This transaction amounted to 113% of their direct individual holding at the time of the trade. Since June 2025, Robert's direct individual holding has increased from 662.03k shares to 893.03k. Company insiders have collectively bought CA$323k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jan 20
Independent Chairman of the Board recently sold CA$53k worth of stock On the 14th of January, David Farrell sold around 240k shares on-market at roughly CA$0.22 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$81k. This was David's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jan 16
Independent Chairman of the Board exercised options to buy CA$139k worth of stock. On the 14th of January, David Farrell exercised options to buy 695k shares at a strike price of around CA$0.15, costing a total of CA$104k. This transaction amounted to 104% of their direct individual holding at the time of the trade. Since March 2025, David has owned 669.00k shares directly. Company insiders have collectively bought CA$203k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$4.7m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (CA$81k sold). Market cap is less than US$100m (CA$27.2m market cap, or US$19.6m). Announcement • Jan 02
Hillcrest Completes Technology Evaluation Project with Global Tier 1 Automotive Supplier Hillcrest Energy Technologies announced the successful completion of Phase 1 of its technology evaluation project with a global Tier 1 automotive supplier. The project successfully demonstrates the technical feasibility of converting the supplier's half-bridge power modules to enable Zero Voltage Switching (ZVS) operation for next-generation electric vehicle (EV) inverter applications. ZVS Evaluation Complete. The global Tier 1 automotive supplier involved in this evaluation is consistently ranked among the top 15 largest by revenue and is a recognized leader in automotive electrification. Specializing in critical power electronics components including inverters for electric vehicles, the supplier serves major automotive manufacturers worldwide and provided an optimal validation framework for this ZVS technology integration project. In March 2025, Hillcrest announced the commencement of this project, with the Phase 1 objective being to develop the conversion of the supplier's half-bridge Power modules to enable ZVS operation, with the aim of assessing the potential efficiency and performance of Hillcrest's technology on the Tier One Supplier's inverter architecture. Hillcrest successfully completed all requirements of the Phase 1 project and demonstrated technical viability through baseline measurements, hardware design, production and assembly of prototypes, double pulse testing, and final hardware delivery. The Open Compute Project, supported by major technology leaders including Meta, Microsoft, Intel and NVIDIA, is standardizing 800V DC distribution to handle AI workload power densities that are reshaping facility requirements. Traditional data center power architectures face significant limitations as AI computing demands escalate. Conventional systems route power through multiple conversion stages-introducing substantial inefficiencies where each conversion stage generates heat and consumes valuable space. The ZVS PCS1000 addresses these challenges through streamlined 800V DC architecture that eliminates intermediate conversion stages, with power flowing directly from medium voltage grid to 800V DC through the ZVS PCS1000, then through isolated DC-DC converters to computing loads. This modular scalability allows data center operators to match power infrastructure precisely to computing requirements while maintaining flexibility to expand capacity as AI workload demands grow. The Company recently released a white paper quantifying component-level advantages enabled by ZVS technology. ZVS-optimized inductors demonstrate cost reductions of up to 75% compared to conventional designs, with weight reductions of up to 4x and volume reductions of up to 3.3x. In data center applications where space commands premium value, these reductions translate to measurable capital savings and enable more flexible facility layouts. The Company is establishing strategic partnerships to accelerate these grid-connected applications, including advanced discussions with Pasqua First Nation and Apeiron Resources Ltd. regarding Canadian manufacturing and commercialization of ZVS grid inverter products. The partnership structure is expected to emphasize meaningful economic participation, energy sovereignty, and community ownership, with target markets spanning energy storage systems, AI data centers, industrial applications as well as remote microgrids. Value Creation Through Strategic Prioritization. Hillcrest's strategic approach focuses resources on opportunities offering the highest probability of near-term commercial success and substantial value creation. In automotive applications, this means prioritizing licensing and partnership discussions with parties demonstrating strong commercial commitment and clear paths to technology deployment. In grid-connected applications, this means focusing product development and customer engagement on markets where ZVS technology delivers quantifiable economic advantages and where customer needs align with the Company's technical capabilities and development timeline. New Risk • Dec 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$4.7m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (CA$81k sold). Market cap is less than US$100m (CA$17.1m market cap, or US$12.5m). New Risk • Nov 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$4.7m). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (CA$81k sold). Market cap is less than US$100m (CA$15.2m market cap, or US$10.8m). Recent Insider Transactions Derivative • Nov 11
Founder exercised options to buy CA$81k worth of stock. On the 6th of November, Donald Currie exercised options to buy 675k shares at a strike price of around CA$0.14, costing a total of CA$91k. This transaction amounted to 31% of their direct individual holding at the time of the trade. Since December 2024, Donald's direct individual holding has decreased from 3.24m shares to 2.17m. Company insiders have collectively sold CA$8.5k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Oct 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$3.1m). Earnings have declined by 18% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Significant insider selling over the past 3 months (CA$81k sold). Market cap is less than US$100m (CA$17.5m market cap, or US$12.5m). Recent Insider Transactions Derivative • Oct 26
Founder exercised options to buy CA$94k worth of stock. On the 20th of October, Donald Currie exercised options to buy 695k shares at a strike price of around CA$0.12, costing a total of CA$83k. This transaction amounted to 47% of their direct individual holding at the time of the trade. Since December 2024, Donald's direct individual holding has decreased from 3.24m shares to 2.12m. Company insiders have collectively sold CA$108k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Jun 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$7.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.1m free cash flow). Negative equity (-CA$2.3m). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$10.0m market cap, or US$7.32m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Michael Moskowitz was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 09
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$1.1m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$1.1m). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$10.5m market cap, or US$7.58m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Apr 01
Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 06, 2025 Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 06, 2025. Announcement • Mar 12
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 4.25 million in funding Hillcrest Energy Technologies Ltd. announced a non-brokered private placement that it will issue up to 25,000,000 units of the company at an issue price of CAD 0.17 per unit for the gross proceeds of up to CAD 4,250,000 On March 11, 2025. Each unit will consist of one common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder to purchase an additional share at a price of CAD 0.25 per warrant share for a period of 12 months following the date of issuance of the warrant. No finders' fees are expected to be paid as part of this private placement. All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day following the date of issuance, in accordance with applicable Canadian securities laws. Announcement • Mar 05
Hillcrest Energy Technologies Ltd. announced that it has received CAD 2.606748 million in funding On March 4, 2025, Hillcrest Energy Technologies Ltd. closed the transaction. The company issued unsecured convertible debentures
with a principal amount of CAD 663,923.17 for gross proceeds CAD 663,923.17 in its second and final tranche. The total Private Placement, inclusive of all tranches, resulted in the Company issuing Debentures with a principal amount of CAD 2,606,748.17. Certain insiders of the Company participated in the Final Tranche for Debentures with an aggregate principal amount of CAD 129,339.92, of which Debentures with a principal amount of CAD 117,339.92 were issued in the settlement of existing debt. New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (CA$90k sold). Market cap is less than US$100m (CA$14.4m market cap, or US$10.2m). New Risk • Jan 20
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$93k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.3m market cap, or US$8.62m). Minor Risk Significant insider selling over the past 3 months (CA$93k sold). Recent Insider Transactions • Jan 20
Founder recently sold CA$90k worth of stock On the 13th of January, Donald Currie sold around 750k shares on-market at roughly CA$0.12 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Donald has been a net seller over the last 12 months, reducing personal holdings by CA$636k. Announcement • Jan 16
Hillcrest Energy Technologies Announces Stepped Down of Ari Berger as Chief Technology Officer Hillcrest Energy Technologies announced Ari Berger has stepped down as chief technology officer, effective January 10, 2025, to allow new senior engineering talent to assume responsibility for the next phase of product development. New Risk • Dec 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$10.8m market cap, or US$7.49m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Dec 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.9m (US$9.67m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.9m market cap, or US$9.67m). Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Michael Moskowitz was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (CA$356k sold). Market cap is less than US$100m (CA$31.2m market cap, or US$22.7m). Recent Insider Transactions Derivative • Jun 27
Founder exercised options to buy CA$167k worth of stock. On the 20th of June, Donald Currie exercised options to buy 440k shares at a strike price of around CA$0.30, costing a total of CA$132k. This transaction amounted to 12% of their direct individual holding at the time of the trade. Since September 2023, Donald's direct individual holding has increased from 2.82m shares to 4.14m. Company insiders have collectively sold CA$337k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 27
Founder recently sold CA$136k worth of stock On the 19th of June, Donald Currie sold around 367k shares on-market at roughly CA$0.37 per share. This transaction amounted to 8.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$264k. Donald has been a net seller over the last 12 months, reducing personal holdings by CA$577k. New Risk • Jun 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (CA$414k sold). Market cap is less than US$100m (CA$26.4m market cap, or US$19.2m). Recent Insider Transactions Derivative • Jun 07
Independent Chairman of the Board exercised options to buy CA$116k worth of stock. On the 29th of May, David Farrell exercised options to buy 429k shares at a strike price of around CA$0.25, costing a total of CA$107k. This transaction amounted to 43% of their direct individual holding at the time of the trade. Since June 2023, David's direct individual holding has increased from 740.50k shares to 1.44m. Company insiders have collectively sold CA$333k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 06
Founder recently sold CA$150k worth of stock On the 28th of May, Donald Currie sold around 600k shares on-market at roughly CA$0.25 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$264k. Donald has been a net seller over the last 12 months, reducing personal holdings by CA$440k. Announcement • Jun 05
Hillcrest Energy Technologies Ltd. announced that it has received CAD 0.8825 million in funding On June 4, 2024, Hillcrest Energy Technologies Ltd. closed the transaction. The company issued 3,530,000 units at a price of CAD 0.25 per unit for the gross proceeds of CAD 882,500. In connection with closing of the Offering, the Company issued 36,000 non-transferable Share purchase warrants to an arm's length service provider, with each Compensation Warrant exercisable into a Share at a price of CAD 0.30 per Compensation Share for a period of 36 months from the Closing Date. In connection with the Offering, one subscriber sold an aggregate of 600,000 Shares and used the proceeds to facilitate their participation in the Offering. Announcement • May 28
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 0.75 million in funding Hillcrest Energy Technologies Ltd. announced a non-brokered private placement of up to an aggregate of 3,000,000 units at a price of CAD 0.25 per unit for the gross proceeds of CAD 750,000 on May 27, 2024. Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share at an exercise price of CAD 0.30 per common share for a period of 36 months from the date of issuance. The company may pay finders fees to eligible finders for services in connection with the offering in cash and/or finder's warrants exercisable into Units on the same terms as the Units distributed in the offering, in accordance with the policies of the CSE. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Announcement • May 01
Hillcrest Energy Technologies Ltd. announced that it has received CAD 3.2185 million in funding On April 30, 2024, Hillcrest Energy Technologies Ltd., closed the transaction. The company issued 6,762,000 units of the company at a price of CAD 0.25 per unit for the gross proceeds of CAD 1,690,500 in its third and final tranche closing. The total placement size, cumulative of all tranches, was 12,874,000 Units for gross proceeds of CAD 3,218,500. As a part of the tranche, the company paid commissions and finders fees in the amount of CAD 630 in cash finder's fees and issued an aggregate of 2,520 share purchase warrant. Announcement • Mar 20
Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 05, 2024 Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 05, 2024. Announcement • Feb 01
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 2 million in funding Hillcrest Energy Technologies announced a non-brokered private placement of up to an aggregate of 8,000,000 units at an issue price of CAD 0.25 per unit for the gross proceeds of CAD 2,000,000 on January 31, 2024. Each Unit will consist of one common share and one Common Share purchase warrant. Each Warrant will entitle the holder thereof to acquire one Common Share at a price of CAD 0.30 per Common Share for a period of 36 months following the distribution of the Warrant. The Company may pay finders fees to eligible finders for services in connection with the Offering in cash or warrants exercisable into Units on the same terms as the Units distributed pursuant to the Equity Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Announcement • Jan 18
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 5 million in funding Hillcrest Energy Technologies Ltd. announced that it has entered into a purchase agreement with a third-party investor for private placement of units for gross proceeds of up to CAD 5,000,000 on January 17, 2024. The company will raise funding through equity line. Each unit consisting of one common share and one-half of one common share purchase warrant. All drawdown warrants issued as part of the units will be exercisable at an exercise price equal to the greater of 125% of the issue price, and the minimum exercise price permitted by policies of the CSE and will be exercisable for a period of three years from the date of issuance. The company shall pay the investor a commitment fee equal to 2.5% of the total capital of the company committed, payable in cash or common shares in the capital of the company at a deemed price of CAD 0.30 per share, at the election of the company. The parties to the equity facility expect to close the first drawdown by the end of the month. All securities issued pursuant to the equity facility will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$5.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.1m free cash flow). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$20.6m market cap, or US$15.2m). Announcement • Sep 12
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 9.25 million in funding Hillcrest Energy Technologies Ltd. announced best efforts brokered private placement to issue 10,000,000 units at an issue price of CAD 5,000,000 and non-brokered private placement to issue 8,500,000 Units at an issue price of CAD 0.50 for the gross proceeds of CAD 4,250,000; aggregate gross proceeds of CAD 9,250,000 on September 11, 2023.
Best Efforts - Each Unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of CAD 0.60 for a period of 24 months from the date of issuance. At the closing of the Offering, the Company will pay the Agents commission equal to 7% of the gross proceeds of the Offering, payable in cash or Units, or any combination of cash or Units and issue the Agents non-transferable broker warrants equal to 7% of the aggregate number of Units issued by the Company under the Offering, each of which will entitle the holder thereof to acquire one Common Share at the Issue Price or such higher price as may be required by the policies of the Canadian Securities Exchange for a period of 24 months from the date of issuance.
Non-Brokered Placement - There is no minimum Concurrent NBPP and closing of the Offering is not conditional upon the closing of the Concurrent NBPP. The closing of the Concurrent NBPP may take place in one or more tranches as determined by the Company. As consideration for its services, the Company will pay Canaccord a fee equal to 1% of the gross proceeds of the Concurrent NBPP, payable in cash or Units, or any combination of cash or Units, at the option of Canaccord, and issue Canaccord non-transferable advisor warrants equal to 1% of the aggregate number of Units issued by the Company under the Concurrent NBPP, each of which will entitle the holder thereof to acquire one Common Share at the Issue Price for a period of 24 months from the date of issuance. All securities issued in connection with the Concurrent NBPP will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. The Offering is expected to close on or around September 26, 2023, or such other date as the Company
and the Agents may agree. Announcement • Jun 15
Hillcrest Completes Design of EV ZVS-Enabled Power Module Hillcrest Energy Technologies announced the completion of the design phase for the industry's first silicon carbide (SiC) power module optimized for Hillcrest's proprietary Zero Voltage Switching (ZVS) technology. Hillcrest's ZVS power modules are being developed in collaboration with the Company's strategic partner, Systematec GmbH, with Hillcrest retaining all intellectual property. Power modules are a critical component in all high energy-density power conversion equipment, such as automotive traction inverters. They consist of a substrate containing power semiconductor devices (silicon carbide dies), connected to form a circuit that provides excellent electrical and thermal contact and insulation. The Hillcrest SiC traction inverter harnesses the power of the Company's proprietary ZVS technology platform. Extensive lab tests and simulations have showcased substantial improvements in system-level efficiency, performance, and reliability for electric systems such as electric vehicles and stationary energy generation and energy storage systems. Announcement • Jun 07
Hillcrest Energy Technologies Names Bal Bhullar as a Strategic Advisor Hillcrest Energy Technologies Ltd. has made another key addition bringing on Bal Bhullar as a strategic advisor. Proactive Bhuller brings to the company more than 25 years of diversified business and investment banking experience. Bhuller has also held executive and board positions in both public and private companiesacross a number of sectors including automotive, technology, manufacturing, and energy. Announcement • May 31
Hillcrest Energy Technologies Confirms Successful Demo with European Automotive OEM Hillcrest Energy Technologies provided an update to shareholders. Dynamic Load Bench Demonstration Success. Hillcrest announced the successful completion of dynamic load bench tests involving Hillcrest's cutting-edge 250-kilowatt, 800-volt SiC inverter with a prominent European Automotive Original Equipment Manufacturer (European OEM). This momentous phase of testing evaluated the impacts of Hillcrest's revolutionary Zero Voltage Switching (ZVS) technology on a high-power dynamic load using a high efficiency motor of the European OEM and confirmed the integration of Hillcrest's technology with their motor. A live demonstration, attended by representatives of the European OEM, was hosted at Systematec GmbH's facility in Germany. The exceptional test results showcased a marked advantage in electromagnetic compatibility (EMC) characteristics and inverter efficiency. The European OEM is currently analyzing the results and will propose the next phase of co-development activities in the coming weeks. The successful completion of this latest demonstration represents further validation of Hillcrest's technology and significant progress on this important opportunity for collaboration and future growth. Global Tier One Supplier Development Program. The Company continues to make progress on the previously announced joint development project with a Global Tier One Automotive Supplier for a powertrain system that incorporates a customized version of the Hillcrest SiC traction inverter, which leverages Hillcrest's proprietary ZVS inverter technology to solve many common challenges faced by today's EV powertrains by enabling a reduction in overall vehicle weight, increased payload, and greater range capability. The Company announced completion of the first milestone in April 2023. Recent Insider Transactions • May 20
CEO & Director recently sold CA$200k worth of stock On the 16th of May, Donald Currie sold around 2m shares on-market at roughly CA$0.10 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Donald's only on-market trade for the last 12 months. Announcement • May 17
Hillcrest Energy Technologies Ltd. announced that it has received CAD 2.013 million in funding On May 15, 2023, Hillcrest Energy Technologies Ltd. closed the third and final tranche, issuing a total of 25,162,500 units of the Company at a price of $0.08 per Unit for gross proceeds of CAD 2,013,000. The Third Tranche consisted of the sale of 10,875,000 Units for gross proceeds of CAD 870,000.00. Each Unit consists of one common share and one share purchase warrant. Each Warrant is exercisable for an additional common share of the Company at a price of CAD 0.15 per share for a period of two years. In connection with the Offering, the Company issued 6,000,000 Units to Donald Currie. All securities issued in connection with the Offering will be subject to a four month and one day hold period. The transaction was oversubscribed. Announcement • Jan 14
Hillcrest Energy Technologies Ltd. announced that it has received CAD 2.738 million in funding On January 13, 2023, Hillcrest Energy Technologies Ltd. closed the transaction. The company issued 10,650,000 units at an issue price of CAD 0.12 in its second tranche. The subscribers to the Offering include two directors and an officer who subscribed for an aggregate of 1,506,667 Units. Additionally, two directors and one officer of the Company hold an aggregate of 1,350,000 common share purchase warrants, whose expiry date was extended with other common share purchase warrants. Announcement • Dec 07
Hillcrest Energy Technologies Completes First Commercial Prototype Hillcrest Energy Technologies announced the completion of its 800-volt, 250-kilowatt Zero Voltage Switching (ZVS) traction inverter commercial prototype. Hillcrest deploys its unique ZVS, or soft switching, capabilities to overcome challenges found in hard-switched wide-bandgap devices such as silicon carbide (SiC) traction inverters. Through the material elimination of switching losses, the 800V, 250kW Hillcrest ZVS traction inverter prototype can take advantage of higher operating frequencies at higher voltage, and offer improved motor efficiency, performance and reliability. Enabling switching at higher frequencies with Hillcrest’s ZVS inverter technology also allows for the use of much smaller capacitors in an inverter. Capacitors typically make up roughly 20% of an inverter’s size and weight. With the Hillcrest ZVS inverter technology, these capacitors can be reduced in size by as much as 50%, offering a smaller, lighter inverter that in turn offers much higher power densities than EV inverters currently on the market. More information on the impacts of the Hillcrest ZVS inverter technology on DC-link capacitors can be found in a technical whitepaper published earlier this year. These combined benefits can be directly translated into range, performance and/or gains in payload capacity as well as bill-of-material savings for manufacturers. Hillcrest’s ZVS technology also offers other substantial benefits: motor efficiency improvements of up to 13%; reduced thermal management requirements and reduced EMI and associated cable shielding. The Hillcrest ZVS inverter technology can be applied with batteries, electric motors, generators, fuel cells or virtually any other power source where power conversion is needed. Reported Earnings • Nov 22
Third quarter 2022 earnings released: CA$0.006 loss per share (vs CA$0.005 loss in 3Q 2021) Third quarter 2022 results: CA$0.006 loss per share (further deteriorated from CA$0.005 loss in 3Q 2021). Net loss: CA$2.03m (loss widened 48% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Announcement • Nov 03
Hillcrest Energy Technologies Ltd. Announces Executive Changes Hillcrest Energy Technologies Ltd. announced the appointment of Samuel Yik as the company’s Chief Financial Officer. Yik is a Chartered Professional Accountant (CPA, CA) with a diverse business background and more than 25 years of public company experience in industrial sectors including natural resources, technology and transportation. He brings over 10 years of CFO experience in managing publicly listed companies in Canada and the United States. Yik also has extensive international hands-on management experience in senior financial, commercial, and operational roles in companies with market capitalization ranging up to CDN$2 billion. Yik will assume the CFO role November 22 upon the departure of Raj Clair, who will be leaving the company for a new opportunity. Reported Earnings • Aug 25
Second quarter 2022 earnings released: CA$0.003 loss per share (vs CA$0.028 loss in 2Q 2021) Second quarter 2022 results: CA$0.003 loss per share (up from CA$0.028 loss in 2Q 2021). Net loss: CA$1.11m (loss narrowed 85% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 69% per year, which means it is well ahead of earnings. Recent Insider Transactions • Aug 04
Chief Operating Officer recently sold CA$61k worth of stock On the 29th of July, Jamie Hogue sold around 450k shares on-market at roughly CA$0.14 per share. This was the largest sale by an insider in the last 3 months. Jamie has been a seller over the last 12 months, reducing personal holdings by CA$56k. Announcement • Jul 01
Hillcrest Energy Technologies Ltd. Announces Management Changes Hillcrest Energy Technologies Ltd. announced that upon conclusion of this year’s Annual General Meeting, Michael Krzus stepped down as Executive Chair of company and the Board elected David Farrell to serve as the incoming Chair. Mr. Krzus has redomiciled to Perth, Australia, and believes the person holding the Chair position should be located closer to the Company, in a more accessible time zone. As stated above, Mr. Krzus remains a member of the Board and will provide management consulting services to the Company going forward. Mr. Farrell, who has served on the Hillcrest Board for the past year, offers more than 25 years of corporate and investment banking experience. Announcement • Jun 09
Hillcrest Files Patent Application for Simplified Onboard EV Charging Solution Hillcrest Energy Technologies announced the company has filed a patent application for a simplified EV charging solution. Initial proof-of-concept lab testing confirms the ability of the enhanced powertrain solution to provide universal, backward compatible, bidirectional (V2X) charging capabilities. A patent application has been submitted and development efforts will continue this year with the goal of naming a launch partner and proof of concept validation in 2023. The patent filing represents an important milestone for Hillcrest CTO Ari Berger and the team of engineering collaborators. In addition to Berger, the patent inventors include Dr. Jalal Amini and Systematec GmbH’s Harald Hengstenberger, with Hillcrest retaining all ownership rights associated with the patent application. The Hillcrest enhanced powertrain solution is a bidirectional charging architecture that leverages the efficiency and high switching frequency capabilities of the company’s high-efficiency traction inverter to simplify the overall powertrain system and enhance an EV’s performance and capabilities beyond what is currently available. With this solution, EVs would no longer require an onboard charger, which is expected to reduce the cost, complexity and weight of an EV powertrain. Elimination of the onboard charger would allow an EV to be AC-charged with the maximum power capability of the traction inverter or of the AC charging source (whichever is lower) regardless of the system voltage. This key feature of the technology could allow EVs to adapt to future changes in maximum power capabilities in either the traction inverter or the AC charging source. Reported Earnings • Jun 01
First quarter 2022 earnings released: CA$0.003 loss per share (vs CA$0.002 loss in 1Q 2021) First quarter 2022 results: CA$0.003 loss per share (down from CA$0.002 loss in 1Q 2021). Net loss: CA$1.10m (loss widened 220% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. Announcement • May 19
Hillcrest Energy Technologies Ltd. Appoints Michael Moskowitz to Board of Directors Hillcrest Energy Technologies announced that veteran technology executive Michael Moskowitz will join the Company’s Board of Directors effective May 10, 2022. Announcement • Apr 16
Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 29, 2022 Hillcrest Energy Technologies Ltd., Annual General Meeting, Jun 29, 2022. Reported Earnings • Apr 09
Full year 2021 earnings released: CA$0.049 loss per share (vs CA$0.016 loss in FY 2020) Full year 2021 results: CA$0.049 loss per share (down from CA$0.016 loss in FY 2020). Net loss: CA$13.2m (loss widened 487% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Announcement • Apr 08
Hillcrest Traction Inverter Underpins Broader Technology Platform with Multiple End-Uses and Applications Hillcrest Energy Technologies announced plans to deploy a comprehensive inverter technology platform based on its initial product offering, a high-efficiency silicon carbide traction inverter for electric vehicles. Hillcrest's traction inverter represents a new class of inverter technology that solves many common challenges faced by today's EV powertrains. Lighter, more compact and more efficient than current inverters, the Hillcrest high-efficiency inverter enables reduced overall vehicle weight, increased payload and range capability and reduced heat production/loss, thereby optimizing performance and reliability. In addition to electric vehicles and the mobility industry, the Hillcrest inverter technology platform can improve efficiency and reliability across a variety of end uses and applications where inverters play a key role, including grid-tied renewables, charging and storage systems, and high voltage/high power applications such as utility-scale grid, rail and container ships. The adaptable architecture inherent in Hillcrest's technology greatly reduces the time needed to design a wide range of applications and allows technical integration of the high-efficiency inverter into nearly any platform. Accordingly, Hillcrest engineers are simultaneously developing an enhanced electric powertrain and several additional inverter applications to be detailed as they mature. Hillcrest inverter technology, through a combination of hardware and innovative control software expertise, enables power applications to leverage higher switching frequencies, realize improved power system performance and reliability, and operate at higher power levels without compromising efficiency. Announcement • Mar 01
Hillcrest Energy Technologies Completes Design Specs for Industry's First High Efficiency Inverter Hillcrest Energy Technologies announced design specifications for the first Hillcrest High Efficiency Inverter (HEI) commercial prototype. The silicon carbide Hillcrest HEI leverages propriety IP to achieve an adaptable design qualifiable to automotive standards and mass production specifications. The HEI is a new class of inverter technology that solves many common challenges faced by today's EV powertrains. Lighter, more compact and more efficient than current inverters, the Hillcrest HEI will enable reduced overall vehicle weight, increased payload and range capability and reduced heat production/loss, thereby optimizing battery and performance reliability. Additionally, by materially eliminating switching losses the HEI is able to achieve higher switching frequencies without increasing semiconductor losses and hence temperatures. Anticipated to be rated to 250 kW 800V (with maximum of 1000V) the Hillcrest HEI is expected to achieve efficiency exceeding 99% with an power density approaching 50 kW/L. Hillcrest's proprietary HEI technology and innovative design is scalable across a wide range of power levels and can be customized to deliver inverter advancements that make it possible for EV manufacturers to deliver more power while improving efficiency and reliability across the entire powertrain eco-system. Announcement • Dec 18
Hillcrest Energy Technologies Ltd. announced that it has received CAD 3.6329 million in funding from Mercer Street Capital Partners, LLC On December 17, 2021, Hillcrest Energy Technologies Ltd. closed the transaction. The company amended the terms of the transaction. The company issued 18,164,500 units at a price of CAD 0.20 per unit for gross proceeds of CAD 3,632,900 in the transaction. The company received CAD 747,900 in its second and final tranche. The transaction was oversubscribed. Announcement • Dec 01
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 3 million in funding from Mercer Street Capital Partners, LLC Hillcrest Energy Technologies Ltd. announced a non-brokered private placement of 15,000,000 units at a price of CAD 0.20 per unit for gross proceeds of CAD 3,000,000 on November 30, 2021. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase a common share at a price of CAD 0.35 per share for a period of 2 years. The transaction will be led by existing investor Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC for CAD 1,500,000. The transaction is expected to close on or before December 8, 2021. All securities issued are subject to hold period of four months from the date of closing, in accordance with applicable securities laws. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: CA$0.005 loss per share (up from CA$0.011 loss in 3Q 2020). Revenue: CA$8.9k (down 94% from 3Q 2020). Net loss: CA$1.38m (loss narrowed 7.3% from 3Q 2020). Revenue missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 83% per year, which means it is well ahead of earnings. Announcement • Nov 25
Hillcrest Energy Technologies Ltd. Achieves Technical Proof of Concept for High Efficiency Inverter Hillcrest Energy Technologies announced additional proof of concept (PoC) testing results on its Silicon Carbide High Efficiency Inverter (SiC HEI) confirm the ability to eliminate switching losses and increase switching frequencies without increasing temperatures. Testing results for Hillcrest's SiC HEI PoC confirm its exceptional ability to materially eliminate significant heat generated from switching losses, thereby minimizing increases in temperature. The resultant temperature increase is significantly lower than current inverter technologies. This results in significant potential design improvements for future electric vehicle (EV) powertrains. These latest testing results confirm electro-technical proof of concept for the SiC HEI as the most efficient inverter of its type, with the ability to significantly increase power density and reduce cost, size and weight for future electric vehicle and other e-mobility powertrains. The SiC HEI PoC is a 10kW/800V inverter based on silicon carbide (SiC) semi-conductors. 800V has been selected to match designs now being adopted for use in most recent EV powertrain configurations. A benchmark test compares the performance of the SiC HEI PoC to a conventional SiC inverter. The parameters for these tests range from 470V to 870V, with frequencies from 10kHz to 60 kHz at each voltage level. In each case, the SiC HEI PoC successfully demonstrated its ability to eliminate switching losses and increase switching frequencies without increasing the SiC temperatures under continuous operation. As illustrated in the chart, the SiC HEI PoC dramatically reduces total system losses as switching frequencies increase (10 kHz up to 60 kHz) when compared to a conventional SiC inverter. As the efficiencies achieved by the HEI continue to approach theoretical limits, very accurate measurements are required to precisely quantify HEI efficiency performance. Hillcrest and its development partner, Systematec GmbH, have identified and are currently working to secure services of specialized third parties with the most accurate, state of the art, testing equipment capable of the fine precision required to accurately measure HEI efficiency. Hillcrest continues to optimize its sophisticated control systems to deliver higher performance levels for commercial demonstration prototypes. Executive Departure • Sep 20
Independent Director David M. Stone has left the company On the 16th of September, David M. Stone's tenure as Independent Director ended after 14.2 years in the role. As of June 2021, David M. still personally held 988.75k shares (CA$193k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 01
CFO & Corporate Secretary Aaron Triplett has left the company During their tenure, earnings grew by 302% annually compared to the industry average of 45%. On the 27th of August, Aaron Triplett left the company after 1.7 in the role. We don't have any record of a personal shareholding under Aaron's name. Aaron is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.58 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Aug 28
Second quarter 2021 earnings released: CA$0.028 loss per share (vs CA$0.001 loss in 2Q 2020) The company reported a decent second quarter result with improved revenues, although losses increased and control over costs was weaker. Second quarter 2021 results: Revenue: CA$221.8k (up 142% from 2Q 2020). Net loss: CA$7.41m (loss widened CA$7.30m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. Announcement • Aug 06
Hillcrest Commences Manufacturing of the First Proof of Concept (PoC) Prototype for the Company's Next-Generation High Efficiency Inverter (HEI) Hillcrest Energy Technologies announced it has commenced manufacturing of the first Proof of Concept (PoC) prototype for the Company's next-generation High Efficiency Inverter (HEI). Having successfully completed engineering simulations more quickly than initially anticipated, expedited development efforts are expected to result in Hillcrest's HEI technology being ready for PoC testing in Fourth Quarter 2021. The Company's 10kW/800V PoC inverter is expected to deliver both significant power efficiency gains and substantial cost benefits for future Electric Vehicle (EV) and other e-mobility powertrains, as well as grid-connected renewable energy generation and storage systems. Today's inverters are typically subject to various performance-limiting engineering trade-offs. Hillcrest's HEI will offer frictionless integration into any existing system and deliver superior performance over current inverter technologies by eliminating or reducing a number of these trade-offs, such as switching frequency versus efficiency, and electromagnetic interference (EMI) versus power density. In addition, Hillcrest's high efficiency inverter is expected to reduce heat generated, thereby reducing system cooling requirements, which in turn results in higher power density, lower costs and increased range for EVs. Combined, these efficiency gains from Hillcrest's HEI technology are expected to shrink the size and weight of powertrains enabling future EVs to be lighter, simpler and more cost effective. In renewable energy generation applications, such as wind and solar, higher inverter efficiencies would add significant value by converting more usable energy from renewable sources, thereby increasing power output. Recent Insider Transactions • Jul 13
CEO & Director recently bought CA$75k worth of stock On the 5th of July, Donald Currie bought around 2m shares on-market at roughly CA$0.05 per share. This was the largest purchase by an insider in the last 3 months. This was Donald's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jun 02
Independent Director exercised options and sold CA$109k worth of stock On the 28th of May, Robert Lambert exercised options to acquire 500k shares at no cost and sold these for an average price of CA$0.22 per share. This trade did not impact their existing holding. Since September 2020, Robert's direct individual holding has decreased from 1.96m shares to 1.26m. Company insiders have collectively sold CA$711k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 30
First quarter 2021 earnings released: CA$0.002 loss per share (vs CA$0.002 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$203.7k (up 90% from 1Q 2020). Net loss: CA$343.0k (loss widened 48% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 30
Hillcrest Energy Technologies Ltd. (CNSX:HEAT) entered into a non-binding Memorandum of Intent to acquire a 51% interest in Privco. Hillcrest Energy Technologies Ltd. (CNSX:HEAT) entered into a non-binding Memorandum of Intent to acquire a 51% interest in Privco on April 16, 2021. Recent Insider Transactions • May 27
Independent Director recently sold CA$210k worth of stock On the 21st of May, Robert Lambert sold around 900k shares on-market at roughly CA$0.23 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$574k more than they bought in the last 12 months. Reported Earnings • May 04
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$536.1k (down 30% from FY 2019). Net loss: CA$2.25m (loss widened 87% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 61% per year, which means it is well ahead of earnings. Announcement • Apr 13
Hillcrest Energy Technologies Ltd. announced that it expects to receive CAD 5 million in funding from Mercer Street Capital Partners, LLC Hillcrest Energy Technologies, Ltd. (CSE: HEAT) announced that it has entered into an investment agreement with new investor Mercer Street Global Opportunity Fund, LLC a fund managed by Mercer Street Capital Partners, LLC for a private placement of units for maximum gross proceeds of CAD 5,000,000 on April 12, 2021. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant can be exercised to acquire one common share for a period of 24 months from the closing date of each tranche. The company will issue the securities in tranches over a 12-month period commencing on April 9, 2021.
The issue price for each unit purchased in each tranche shall be priced at a discount of 20% to the 20-day volume weighted average price of the common shares traded on the facilities of the principal exchange on which the common shares are listed, or such greater price as dictated by Policy 6 of the Canadian Securities Exchange, prior to the date of the filing of a CSE Form 9 with respect to each Tranche. The exercise price of the warrants for each tranche shall be set at a 50% premium to the issue price.
In connection with the closing of each tranche, the company shall pay a finder a fee amounting to 7% payable in cash for the aggregate proceeds to the company on each tranche, and common share purchase warrants in the amount of 7% of the aggregate number of units sold in each tranche, with the finder’s warrants being exercisable at the same price at which such units were distributed, or such higher price as may be required under the policies of the exchange, for a period of 36 months from the date of distribution.
On the same date the company issued 13,176,470 units for proceeds of CAD 2,240,000 in its first tranche closing. The unit consisted 13,176,470 common shares issued at a price of CAD 0.17 per share, and 6,588,235 warrants exercisable at a price of CAD 0.26 per common share until April 9, 2023. All securities issued in connection with the first tranche are subject to a statutory hold period of four-months and one day ending on August 10, 2021. Is New 90 Day High Low • Feb 27
New 90-day high: CA$0.23 The company is up 262% from its price of CA$0.065 on 27 November 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 14% over the same period. Is New 90 Day High Low • Feb 18
New 90-day high: CA$0.21 The company is up 291% from its price of CA$0.055 on 19 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 23% over the same period. Announcement • Jan 20
Hillcrest Petroleum Ltd. announced that it has received CAD 1.267 million in funding Hillcrest Petroleum Ltd. (TSXV:HRH) announced a private placement of up to 25,340,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 1,267,000 on January 18, 2020. Each unit will consist of one common share and one common share purchase warrant of the company. Each unit will entitle the holder to acquire one additional common share of the company at an exercise price of CAD 0.10 per share for a period of two years. The transaction included participation from an officer for 1,500,000 units. All securities to be issued will be subject to a four month hold period expiring on May 19, 2021 in accordance with applicable securities laws. The company paid eligible finders a cash commission in the aggregate amount of CAD 33,760 and issued an aggregate of 675,200 non-transferable finders warrants. Each finders warrant entitles the holder to purchase one additional share at a price of CAD 0.10 per Share for a period of two years from the closing of the offering. Reported Earnings • Nov 29
Third quarter 2020 earnings released: CA$0.011 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: CA$157.5k (down 42% from 3Q 2019). Net loss: CA$1.49m (loss widened 358% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Nov 25
Hillcrest Petroleum Ltd. Signs a Memorandum of Intent with ANIGO Technologies Inc Hillcrest Petroleum Ltd. has signed a Memorandum of Intent with ANIGO Technologies Inc. (ANIGO) outlining a licensed technology transfer arrangement whereby the Parties intend to jointly develop new IP based on ANIGO's proven electric machine control technology software. The resulting new IP will incorporate ANIGO's existing IP and is expected to provide a substantial platform for future IP to be developed by Hillcrest, as it is applied to new clean energy applications Hillcrest intends to pursue. Any new IP or technology developed will be owned by Hillcrest. Electric machine control system software is essential for any electricity generation or electric motor application. This includes power generators, electric motors, all types of electric vehicles (land, water or air) and integrated power systems which combine electricity generation and use with battery storage, e.g. renewable energy management systems, electric vehicles (EV), energy storage solutions (ESS), battery management systems (BMS). Announcement • Nov 19
Extreme Vehicle Battery Technologies Corp. Signs Letter of Intent to Form a Joint Venture with Hillcrest Petroleum Ltd. to Develop ESS Solutions for Renewable Energy Extreme Vehicle Battery Technologies Corp. announced that it has signed a letter of intent to form a joint venture with Hillcrest Petroleum Ltd. The purpose of the joint venture will be for each party to contribute their respective clean energy intellectual property, technology, specialized technical capability and management to develop and commercialize scalable, smart, renewable energy management systems to service the rapidly growing electric vehicle (EV) and energy storage solutions (ESS) markets. Through partnership and combined expertise, the Company and Hillcrest intend to jointly develop and market power systems and technologies to commercial and residential communities, electrical equipment manufacturers and industries where energy efficiency and energy storage solutions are fundamental to achieving carbon neutrality and energy self-sufficiency. The parties hope to enter into a definitive agreement respecting the proposed joint venture by the end of 2020. Announcement • Nov 10
Hillcrest Petroleum Ltd. Appoints Ari Berger as General Manager Technology Development Hillcrest Petroleum Ltd. announced that Ari Berger has been appointed to Hillcrest’s executive team as General Manager Technology Development. Having previously acted in an advisory capacity, Mr. Berger will now assume the role of Hillcrest’s inhouse Chief technology Consultant, responsible for building, developing and overseeing Hillcrest’s clean energy technology initiatives. Mr. Berger's immediate focus will be to conduct internal reviews, commission independent 3rd party testing and to validate performance of the previously announced energy efficiency technologies which are being licensed and developed by the ALSET Innovation Ltd. Joint Venture. Mr. Berger is an expert in electric motor control technologies with specific expertise in system engineering. His latest position was Chief Technology Officer at Exro Technologies Inc. He is the owner of NIG Systems Ltd, which services the most technically demanding customers in Israel and he previously worked for Bental Industries, a leading motor manufacturer. Announcement • Oct 08
Hillcrest Petroleum Ltd. Engages Ari Berger as Chief Technology Advisor Hillcrest Petroleum Ltd. announced that it has expanded its executive team and engaged Ari Berger as Chief Technology Advisor. He is an expert in electric motor control technologies with specific expertise in system engineering. His latest position was as the Chief Technology Officer at Exro Technologies Inc, a TSX.V listed electromotive technology company. He is the owner of NIG Systems Ltd, which services the most technically demanding customers in Israel and worked for Bental Industries, a leading motor manufacturer. He holds a master's degree in system control engineering from Technion - Israel Institute of Technology and is expert in embedded software development. He has won several awards, including one from Intel for his innovative solutions for the wafer industry. He will oversee technology development and commercialization processes for Hillcrest's clean energy technology initiatives, including the ALSET Innovation joint venture. Hillcrest, through ALSET, has secured exclusive rights to license, market and monetize US patented technologies, as well as all future technologies created and produced by Potential Difference Incorporated. Announcement • Aug 07
Hillcrest Petroleum Ltd. announced that it has received CAD 1.0221 million in funding On August 4, 2020, Hillcrest Petroleum Ltd. (TSXV:HRH) closed the transaction. The company issued 20,442,000 units for a gross proceeds of CAD 1,022,100 in an oversubscribed transaction. Announcement • Jul 31
Hillcrest Petroleum Ltd. (TSXV:HRH) entered into agreement in principle to acquire remaining joint venture interest in West Hazel Field in Saskatchewan for CAD 0.15 million. Hillcrest Petroleum Ltd. (TSXV:HRH) entered into agreement in principle to acquire remaining joint venture interest in West Hazel Field in Saskatchewan for CAD 0.15 million on July 29, 2020. Hillcrest Petroleum will issue 3 million shares as consideration. Announcement • Jun 29
Hillcrest Petroleum Ltd. Auditor Raises 'Going Concern' Doubt Hillcrest Petroleum Ltd. filed its Annual on Jun 15, 2020 for the period ending Dec 31, 2019. In this report its auditor, De Visser Gray, gave an unqualified opinion expressing doubt that the company can continue as a going concern.