VANCOUVER, British Columbia, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company”) (CSE: ACDC) is pleased to provide updates on its definitive agreement with Squamish EcoVille Ltd. dba EcoVille Ltd. (“EcoVille”) dated November 12, 2020 (the “Definitive Agreement”) and its letter of intent with Hillcrest Petroleum Ltd. (TSX-V: HRH) (“Hillcrest”) dated November 18, 2020 (the “Letter of Intent”).
Through the Definitive Agreement, the Company secured the rights to be the sole, exclusive provider of energy storage system (“ESS”) solutions for the EcoVille development in British Columbia. The intention behind the Definitive Agreement was for the Company to outfit the Squamish BC development’s buildings and renewable energy generation systems.
Since announcing the Definitive Agreement in November 2020, the Company has unveiled the IoniX Pro “SmartWall” series (the “SmartWall™ series”). The SmartWall™ series is a portfolio of ESS products intended for home, commercial office and industrial market segments. The Company intends to outfit the EcoVille development with its SmartWall™ products. The first product to launch in this series will be the IoniX Pro Home ESS SmartWall™.
Earlier this week, the Company also unveiled the IoniX Pro “TITAN™” series (the “TITAN™ series”). The TITAN™ series is a portfolio of ESS products intended for major industrial, remote backup and renewable energy market segments. The Company intends to outfit the EcoVille development with its TITAN™ products for their electric power backup and renewable energy infrastructure. Details of the launch of the TITAN™ series products are expected in the near future.
“We are very proud to working with EcoVille in their development of clean communities, which we believe are the way of the future,” said Bryson Goodwin, President and CEO EV Battery Tech.
“We believe this development will serve as a flagship development to showcase our cutting-edge technology and premium products, and we hope to serve many more communities like this one as we continue to launch our products,” continued Mr. Goodwin.
Through the Letter of Intent with Hillcrest, the Company sought a collaboration to jointly develop and market ESS power systems. Hillcrest had announced a Memorandum of Intent with ANIGO Technologies Inc., who had been described to the Company as owning electric machine control technology. On the assumption that Hillcrest would reach a definitive agreement with ANIGO, the Company intended to develop a renewable energy ESS on its BMS technology platform, using ANIGO’s motor and generator control system technology.
Since the announcement in November of 2020, the Company has not pursued a definitive agreement with Hillcrest, as they have not yet announced the completion of a definitive agreement with ANIGO, which is a prerequisite to any agreement with EV Battery Tech. The Company continues to engage with Hillcrest and hopes to collaborate with them as originally planned.
“We have a very positive relationship with Hillcrest and hope they are able to secure and then validate the technology with ANIGO,” said Bryson Goodwin, President and CEO EV Battery Tech.
“Our potential collaboration with Hillcrest only relates to a single specific ESS application for one product we have in development for the renewable energy market. The key to the product will be our patented BMS technology and the technology from ANIGO will complement the product. In the event we do not pursue a definitive agreement with Hillcrest, we will continue to develop our ESS product,” continued Mr. Goodwin.
“Due to the momentum we have seen in our Company over the past couple weeks, we have been approached by several companies with similar technologies looking to collaborate with us. However, at this time, we hope Hillcrest can secure and validate the technology with ANIGO and, if they do, we will re-engage discussions towards a definitive agreement,” concluded Mr. Goodwin.
On behalf of the Company,
Bryson Goodwin, Chief Executive Officer
About EV Battery Tech
EV Battery Tech is a blockchain and battery technology company with exclusive North and South American distribution rights as well as European and African distribution rights to patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the electric vehicle (EV) and energy storage solution (ESS) markets.
EV Battery Tech’s technology is based on artificial intelligence (AI) algorithms designed to analyze the short comings of batteries in today’s market. The resulting extraordinary technology allows batteries to have more efficient power management and longer battery life, while offering real-time monitoring and remote maintenance.
The Company’s AI technology will also allow it to use recycled batteries in its ESS manufacturing process, making it one of the greenest battery technology companies in the industry.
Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements in this news release include, but are not limited to, statements relating to: the Company’s intention behind the Definitive Agreement; the Company’s intention to outfit the EcoVille development with its products; the Company’s hope to serve many more communities as it launches its products; the EcoVille development showcasing the Company’s technology and premium products; the Company’s intention behind the Letter of Intent and its plans with respect to development of its ESS product. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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