our Buy-Venture rating and price target of $1.40. Q3:23 Highlights
Hillcrest continues to be extremely productive heading into the end of FY:23, as commercial interest in their software and hardware for their ZVS inverter technology continues to ramp.
In late November, Hillcrest provided a strategic update to investors detailing its progress towards commercialization in the automotive and marine electric engine industries.
Hillcrest successfully completed previously announced co-development activities with a prominent European Automotive Original Equipment Manufacturer (OEM). Results of the recent demonstrations met or exceeded expectations laid out in the pre-testing criteria by the OEM. Future development and testing will progress to in vehicle tests. The Company and the OEM are actively engaged in discussions regarding a joint development agreement.
Hillcrest has also entered the third phase of testing with a Global Tier One automotive supplier and is progressing towards advanced demonstration with a global motor supplier and Hercules Electric Mobility.
Throughout Q2:23 and Q3:23, Hillcrest successfully raised incremental capital to fund operations further development, with over $3.0 million raised, in a tough environment.
We remain bullish on Hillcrest’s long-term prospects and reiterate our Buy-Venture rating and price target of $1.40.