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.