Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Extreme Vehicle Battery Technologies (ACDC) has signed an LOI to form a joint venture with Hillcrest Petroleum (HRH)
  • The two companies will pool their collective resources to develop and commercialise renewable energy management systems
  • The resulting systems will service the rapidly growing electric vehicle and energy storage solutions markets
  • Extreme Vehicle Battery Technologies remains unchanged and is currently trading for C$0.04 per share
  • Hillcrest Petroleum also remains unchanged and is currently trading for C$0.06 per share

Extreme Vehicle Battery Technologies (ACDC) has signed an LOI to form a joint venture with Hillcrest Petroleum (HRH).

Under the joint venture, the two companies will pool their collective resources and expertise in clean energy. This will primarily consist of the companies’ clean energy intellectual property, technologies, and specialised technical capabilities. 

Together, EV Battery and Hillcrest will develop and commercialise scalable, smart, renewable energy management systems. The resulting systems, technologies, and products of the joint venture will service the electric vehicle (EV) and energy storage solutions (ESS) markets. 

The joint venture will market these power systems to commercial and residential communities and electrical equipment manufacturers. The power systems will also be of interest to industries where energy efficiency and energy storage solutions are essential to achieving corporate environmental goals, like carbon neutrality and energy self-sufficiency.

EV Battery Tech’s President and CEO, Bryson Goodwin, called the joint venture 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,” he said.

“The world is transitioning to ‘Smart’ effective green solutions and ACDC is proud to be at the forefront in these developments,” he added.

EV Battery Tech and Hillcrest Petroleum hope to enter a definitive agreement regarding the proposed joint venture by the end of 2020. 

Extreme Vehicle Battery Technologies remains unchanged and is trading for C$0.04 per share, as of 11:00am EST.

Hillcrest Petroleum also remains unchanged and is trading for C$0.06 per share, as of 10:35am EST.

More From The Market Herald

" @ the Bell: TSX hits three-week high

Canada’s benchmark stock index closed higher for the fifth straight session to its highest level in three weeks on Thursday.

" Buzz on the Bullboards: Which stocks are turning inertia into momentum?

Markets have stumbled this week, especially tech indices as rising bond yields in the U.S.

" @ the Bell: TSX extends gains to 4th session

The utilities and mining sectors led gainers for Canada’s main stock index on Wednesday straight to a positive close.
The Market Herald Video

" Trillion Energy (CSE:TCF) reports further production growth

Trillion (TCF) has unveiled flow test results for the Guluc-2 natural gas well at the SASB gas field offshore Turkey.