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VANCOUVER, British Columbia, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) is pleased to announce that it has signed a letter of intent to form a joint venture with Hillcrest Petroleum Ltd. (TSX-V: HRH; OTCQB: HLRTF) (“Hillcrest”). 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.
Hillcrest’s motor and generator control system technology provides system components complimentary to EV Battery Tech’s battery management systems (BMS) and ESS technology. Specifically, the components could be used for controlling and optimizing electricity generation and storage as part of optimized power systems to effectively generate, store and deploy clean power from renewable sources to a potential multitude of uses. Potential commercial users of these systems include residential and business communities, companies that manufacture renewable energy generation equipment, EVs and the Company’s proprietary smart charging stations.
“Aligning and combining our technologies, opportunities and abilities of both companies will result in robust, leading edge, clean energy propositions targeting rapidly developing markets for renewable energy systems,” commented Don Currie, CEO of Hillcrest.
Bryson Goodwin, President and CEO of the Company comments: “Our recent EcoVille news release highlights our commitment to create some of the worlds most eco-friendly ESS solutions enabling buildings to source power from renewable sources and deploy energy reliably throughout the day. The EcoVille ESS solutions will be powered by the Company’s patented Battery Management System (BMS) which has revolutionary features such as real-time monitoring and remote maintenance. Our signed letter of intent with Hillcrest represents a potential marriage of two fundamentally compatible and synergistic technologies. Hillcrest offers a system which, when combined with our proprietary technology, may give a competitive edge to both parties’ ESS and variable power consumption solutions. The world is transitioning to “Smart” effective green solutions and ACDC is proud to be at the forefront in these developments.”
On behalf of the Company,
Bryson Goodwin, Chief Executive Officer
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
About EV Battery Technologies
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 in this news release include, but are not limited to, statements relating to: the Company’s letter of intent with Hillcrest; execution of a definitive agreement with Hillcrest; and the planned benefits and synergies to be achieved from the proposed joint venture with Hillcrest. 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.