Hillcrest Energy Technologies Ltd. (CSE: HEAT) (OTCQB: HLRTF) Assisting EV Manufacturers in Reducing Costs; Company Announces Appointment of Samuel Yik as CFO

• The manufacture of lower cost electric vehicles is conditional on the decrease of component costs, with battery packs forming one of the largest parts of their cost structure
• Hillcrest Energy Technologies’ revolutionary inverter technology, which forms an integral part of an electrical vehicle’s powertrain, allows EV’s to improve thermal management and reduce switching losses
• Improved power quality resulting from more efficient power inverters can enable automakers to obtain higher powertrain efficiency and consequently, reduce their battery packs
• Hillcrest Energy Technologies separately seized the opportunity to announce the appointment of Samuel Yik as their new CFO

One of the world’s most inexpensive electric vehicles, the Changli Freeman, currently has a listing price of approximately $1,000. It weighs 323 kilograms, packs up to a 1.2 kW motor, can reach 35km/h and has a claimed range of 40-100 kilometers (https://ibn.fm/ay2wL). By contrast and as of 2018, a Tesla Model 3’s inverter alone was estimated to cost the manufacturer upwards of $1,100 per unit. Hardware costs have come down dramatically in ensuing years; as of 2020, a Model Y inverter was reported to cost approximately $700 per unit, a $400 reduction relative to the 2018 Model 3 version. Nevertheless, component costs remain a key constraint to the further reduction of automotive manufacturing costs, a challenge which Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) is seeking to take on.

Hillcrest Energy Technologies, a clean technology company focused around developing transformative power conversion technologies, has centered its energies on creating solutions which have the potential to unlock efficiencies in electrification and maximize the performance of integrated…

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NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://ibn.fm/HLRTF

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