Photo: 350 kVA silicon carbide inverter | 99.7% peak inverter efficiency | superior EMC performance
Disseminated on Behalf of: Hillcrest Energy Technologies Ltd.
- Demonstration slots for Hillcrest's power conversion technology are fully booked for 2024 as renewable energy solutions demand grows rapidly.
- The technology is proving to be versatile and applicable across multiple industries, from EVs to marine applications and grid-connected energy storage systems.
- New collaborations accelerate Hillcrest's plans toward commercialisation, creating additional revenue pathways.
The ambitious climate goals and rapid transition to renewable energy are creating a robust and rapidly growing demand for advanced power conversion technologies across multiple sectors of the economy. This surge in demand globally is largely fueled by the increasing adoption of electric vehicles and the need for efficient integration of renewable energy sources into the grid.
According to Bloomberg NEF, the global energy storage market almost tripled in 2023, the largest year-on-year gain on record. In 2024, the global energy storage sector is set to add more than 100 gigawatt-hours of capacity for the first time, the report said.
As energy storage capabilities expand, the demand for power inverters is skyrocketing. Fortune Business Insights recently reported that the power inverter market is poised for significant growth, projected to expand from $46.57 billion in 2023 to $209.74 billion by 2032, at a CAGR of 18.62%.
These projections underscore the burgeoning demand for advanced power conversion technologies, a demand that Vancouver-based Hillcrest Energy Technologies Ltd. HEATHLRTF7HI)) is well-positioned to meet.
Hillcrest recently announced that demonstration slots for its Zero Voltage Switching (ZVS) inverter technology are fully booked for 2024, reflecting the high interest from both electric vehicle (EV) manufacturers and the stationary grid applications sector.
"The demand for our technology from potential customers in both electric vehicle and stationary applications is rapidly growing," said Hillcrest CEO, Don Currie. "New customer demonstrations not already in our pipeline are being scheduled into early 2025, a very positive indicator of the expanding interest in our technology," he stated.
The company’s ZVS inverters offer superior electromagnetic compatibility (EMC) and industry-leading efficiency of up to 99.7%. These features translate into significant cost savings, estimated at up to $2,200 per vehicle in EV applications.
"When we first presented our ZVS inverter technology to EV manufacturers, we highlighted its exceptional efficiency and the overall improvements it could bring to powertrain systems," said Hillcrest CCO, James Bolen.
"We have since realized that manufacturers also place high value on the vast improvement ZVS offers in EMC. Currently, EV manufacturers incur substantial costs and add extra weight to mitigate the negative impacts of EMC. Our ZVS technology can greatly reduce or even eliminate these costs," he stated.
In stationary applications, such as grid-tied energy generation and storage, Hillcrest’s ZVS inverters promise to enhance power production and storage capabilities, contributing to substantial cost reductions. For instance, a 250MW solar farm using Hillcrest’s technology could deliver 5MW more power to the grid, generating millions of dollars in additional revenue over its lifetime.
In addition to the growing requests for demos in the European continent, Hillcrest has also been talking to potential partners and clients in the UK, Australia, Canada, and the United States.
Currie said the growing global demand from a variety of clean tech sectors to know more about Hillcrest's technology is not surprising. "We are the leaders in this field, and we have the most efficient and most reliable power conversion technologies … technologies that no one else has," he said.
Strategic moves toward commercialisation
Photo: In March, Hillcrest achieved its first in-vehicle demonstration. It took place in a Hercules Electric Mobility powered E-boat on Orchard Lake, near Detroit, Michigan.
As Hillcrest makes strident steps towards commercialisation, it is also expanding its market reach through strategic partnerships.
In June, the company announced a joint development agreement with Norway’s Ocean Batteries AS, an innovator in the marine battery industry. The agreement focuses on the delivery of 300kVA | 800V Hillcrest ZVS inverter prototypes, which will be designed and tested for integration into Ocean Batteries’ onshore energy storage systems (ESS).
"Our partnership with Ocean Batteries marks the first deployment of our ZVS inverter technology into stationary, grid-connected applications as we look to accelerate future revenues," said Currie. "Upon successful demonstration and integration of our ZVS inverter prototype, a commercial supply agreement with Ocean Batteries could result in attractive annual sales revenues," he said.
Ocean Batteries CEO, Kent Thoresen said his company's efforts are extending into innovative onshore energy storage solutions aimed at supporting the rapid transition towards electrification. "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," he stated.
Earlier this year, Hillcrest announced the successful completion of its first in-vehicle demonstration of its ZVS traction inverter which was conducted in partnership with Hercules Electric Mobility, a leading player in electric mobility solutions.
The successful in-water demonstration was the first time the company tested its technology outside the lab in a fully integrated, real-life, and uncontrolled environment. The demonstration took place in a Hercules Electric Mobility-powered E-boat on Orchard Lake, which is located approximately 27 miles north of Detroit, Michigan.
"The in-water demonstration with Hillcrest's ZVS traction inverter showcased the potential for highly efficient and reliable power conversion technology in electric marine applications," said James Breyer, Hercules Electric Mobility CEO.
"We were very pleased by how quickly we were able to integrate Hillcrest's ZVS inverter into our powertrain and get our boat out on the water. The ZVS inverter coupled to Hercules' high power density motors and batteries represents a significant increase in overall system efficiency, which results in more power and range," added Breyer.
"New customer demonstrations not already in our pipeline are being scheduled into early 2025, a very positive indicator of the expanding interest in our technology." — Don Currie, Founder and CEO, Hillcrest Energy Technologies Ltd.
Hillcrest’s groundbreaking power conversion technology has also garnered significant interest from utility companies worldwide, including in its home province of British Columbia. In April, the company entered into a collaboration agreement with Powertech Labs Inc., a 100%-owned subsidiary of BC Hydro. Under this agreement, Powertech Labs will provide testing and consulting services to assist Hillcrest in the development and validation of its ZVS inverter technology for grid-connected applications.
Hillcrest has estimated that its technology could improve BC Hydro's efficiency by up to 2%. BC Hydro anticipates a 15% increase in electricity demand by 2030 and has a $36 billion 10-year capital plan to incorporate more renewable energy sources, including wind and solar.
Optimistic outlook ahead for Hillcrest
Photo: Current Number of Hillcrest Commercial Activities
Leveraging their partnerships, successful demos, seasoned experts, and strong industry relationships, Hillcrest has positioned itself as a key player in the clean energy technology sector. The company’s technology is proving to be versatile and applicable across multiple industries, from EVs to marine applications and grid-connected energy storage systems.
For Hillcrest, 2024 is shaping up to be a transitional year, as the company focuses on applying its core ZVS inverter technology to new products and end uses. “From EV to grid, to customer engagements, Hillcrest is looking forward to a promising year as we accelerate towards commercial opportunities," said Currie.
To learn more about Hillcrest Energy Technologies, visit its website here, or find it on social media:
This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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