Hillcrest Petroleum Eyes Clean Energy Transition with ALSET Partnership
Vancouver, B.C. -- July 7, 2020 -- NewsGenie -- Hillcrest Petroleum Ltd. (TSXV:HRH) (OTC:HLRTF) has updated shareholders on its ALSET Innovation Ltd. technology partnership. The partnership, in which Hillcrest holds a 50% stake, is finalizing agreements to secure exclusive rights to license and market patented electricity generation and electric motor technology in the U.S. and European Union.
Hillcrest is developing plans to monetize these rights, with support from the inventor and IP owner. The focus is on gaining a deep understanding of the technology, including current and future IP. Hillcrest's legal counsel is assisting ALSET in developing IP protection strategies.
Under the partnership, ALSET will collect revenue from licensing and marketing, sharing a portion with the IP owner. Hillcrest anticipates receiving 25% to 50% of the net value generated, along with management and advisory fees.
Several power generation and electric vehicle (EV) manufacturers have expressed interest in the technology. ALSET aims to establish industry partnerships to deploy the technology in global power generation and EV markets, with the EV market projected to reach $802.81 billion by 2027.
Hillcrest CEO Don Currie stated that the company is working with the IP owner to initiate discussions with interested parties, noting the potential for a "step change in energy efficiency." He added that the ALSET business plans will drive Hillcrest’s transition to a clean energy business.
Hillcrest is pursuing an energy transition strategy focusing on clean energy technology. The technology aims to increase electrical generator efficiency and extend EV range, potentially reducing reliance on fossil fuels.
Donald Currie, Chief Executive Officer and Director, can be contacted toll-free at 1-855-609-0006 or through the company website.