RE:Maybe it’s good for ACDC? 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.