Partnerships are forming Hillcrest Petroleum Ltd announced Tuesday that it has signed a Memorandum of Intent (MOI) with ANIGO Technologies Inc, outlining a licensed technology transfer arrangement through which the firms plan to jointly develop new intellectual property (IP) based on ANIGO's proven electric machine control technology software.
The Vancouver-based company said the resulting new IP will incorporate ANIGO's existing IP and is expected to provide a “substantial platform” for future IP to be developed by Hillcrest directed at new clean energy applications. Any new IP or technology developed will be owned by Hillcrest.
Hillcrest Petroleum also inked LOI with Extreme Vehicle Battery Technologies to form JV to target EV and battery-management markets
The company noted that electric machine control system software is essential for electricity generation and electric motor applications to do with power generators, electric motors, and electric vehicles (EV). Hillcrest said ANIGO's control technology is already tried and tested in custom applications, enabling efficiencies not previously seen in the industry.
Similarly, technology developed with ANIGO and owned by Hillcrest is expected to form a critical component of Hillcrest's joint venture with Extreme Vehicle Battery Technologies Corp (CSE:ACDC) (OTCMKTS:CRYBF) linked to the rapidly growing EV and battery-management markets. Under the JV, each party will contribute their respective clean energy intellectual property (IP), technology, specialized technical capability and management to develop and commercialize scable renewable energy management systems to service the EV and energy storage solutions (ESS) industries.
Extreme Vehicle Battery (EV Tech) is a battery technology company with exclusive North and South American as well as European and African distribution rights for patented battery management system (BMS) and ESS systems.