Hillcrest Energy Technologies Ltd. (CSE: HEAT)(OTCQB: HLRTF)(FSE: 7HI) announced on November 9, 2026 that it has signed its first definitive commercial licensing agreement with UK drivetrain manufacturer Equipmake Limited. Under the Technology Collaboration Agreement, the two companies will jointly develop an 800-volt traction inverter using Hillcrest's Zero Voltage Switching ("ZVS") technology, targeting heavy-duty trucks, buses, and off-highway equipment. If the inverter meets agreed acceptance criteria, Equipmake will hold exclusive manufacturing and sales rights in those markets and pay Hillcrest a royalty on net sales.

Key Points

  • Hillcrest Energy Technologies Ltd. (CSE: HEAT)(OTCQB: HLRTF)(FSE: 7HI) is a Vancouver-based clean technology company developing advanced power conversion technologies
  • Hillcrest and Equipmake Limited have signed a definitive Technology Collaboration Agreement to jointly develop an 800-volt ZVS traction inverter for heavy-duty electric vehicles
  • Equipmake will receive worldwide exclusivity in the field of use for an initial six-year term post-acceptance, subject to annual minimum sales targets; no immediate royalty revenue is expected
  • Investors may be watching the six-month window for finalising technical specifications and resource plans, which triggers the milestone-based development program

ZVS Technology Performance Underpins the Equipmake Partnership

Hillcrest's ZVS technology forms the technical foundation of the agreement. Laboratory testing at global automotive OEMs and Tier 1 supplier facilities reported 99.7% peak inverter efficiency. EMC chamber testing at a certified external laboratory showed substantially lower electromagnetic interference than conventional inverters. Additionally, bench testing detailed in a peer-reviewed paper accepted for IEEE ECCE 2026 demonstrated a reduction of more than 90% in motor-terminal voltage overshoot. The development program is designed to validate these laboratory results specifically within heavy-duty vehicle applications.

Milestone-Based Structure and Exclusivity Terms

The agreement follows a structured, milestone-based development approach with two prototype stages, each carrying defined performance criteria. The parties have committed to finalising technical specifications and a resource plan within six months to initiate the program. Upon acceptance of a final prototype, Equipmake would hold worldwide exclusivity within the defined field of use — covering Class 6 and above on-highway trucks, heavy-duty buses, and off-highway construction, agricultural, mining, and industrial equipment — for an initial six-year term, renewable provided annual minimum sales targets are met. Passenger vehicles are explicitly excluded from the field of use.

Commercialisation Path and Intellectual Property Retention for Hillcrest

Under the agreement's financial structure, each party contributes engineering personnel, facilities, and expertise, with both intending to pursue government grants and non-dilutive funding for direct program costs. Royalties on net sales of licensed inverters will be payable by Equipmake to Hillcrest, though the release states no immediate royalty revenue is expected until commercial sales commence. Hillcrest retains all ZVS-related intellectual property, including improvements developed during the program, while retaining full rights outside the agreed field of use. The company did not disclose the specific royalty percentage in the announcement.