- Hillcrest Petroleum (TSXV:HRH) have announced they have formed an incorporated joint venture with Oropass Ltd
- The joint venture has been formed to advance a licensing agreement Hillcrest signed last week to advance a new energy generation technology
- The technology has been shown to increase electricity generation efficiency by up to 80 per cent
- The technology is applicable to a host of fields, especially electric vehicles and wind turbines
- Hillcrest Petroleum (HRH) is trading at $0.035 per share before market open with a market cap of $4.2 million
Hillcrest Petroleum (TSXV:HRH) has announced it has entered into a joint venture to develop it’s patented electrical generation efficiency technology.
Hillcrest will partner up to create an incorporated joint venture, through which Hillcrest will own 50 per cent.
The technology increased electricity generation efficiency by up to 80 per cent in some cases, giving it a very broad spectrum of applications.
This new entity is the result of an option agreement, signed just a week ago, that gave Hillcrest the option to acquire up to 80 per cent of the rights to license the new technology.
The company’s joint venture partner will be Oropass ltd, and Hillcrest has paid a one time fee to secure the rights, believed to be C$500,000.
Oropass were the ones who initially secured the licensing rights from the owner of the Intellectual Property for the technology, but have decided they need a partner to bring the technology to market.
Hillcrest’s CEO Don Currie said the company was actively pursuing any and all clean tech opportunities as part the company’s energy transition strategy.
“When complete, the formal incorporated joint venture provides the partners a single entity to monetise licensing rights in the USA, arguably the largest potential immediate market for technology of this type, and is a significant execution point in our strategy.
“We believe this technology potentially offers globally deployedable to significantly accelerate a transition to carbon free energy. Hillcrest has earned our exclusive relationship with the partner by way of providing the cash deposit with all becoming fully binding upon providing up to C$500,00 of funding on or before August 1.”
“The additional funding will be deployed to further enhance the technology that will demonstrate how the technology could be used in various scenarios, such as electric vehicles and wind turbines” he said.
Hillcrest Petroleum (HRH) is trading at C$0.035 per share before markets open.