Hillcrest Commences Dynamic Load Demonstration

• Preparations underway for dynamic load bench demonstration of Hillcrest SiC traction inverter at Systematec GmbH's facility in Germany

VANCOUVER, BC, March 29, 2023 /PRNewswire/ - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F), a clean technology company developing transformative power conversion technologies and control system solutions for electrical systems, is preparing for dynamic load bench demonstrations of the Hillcrest SiC traction inverter at Systematec GmbH's facility in Germany.

The Company is currently completing the necessary preparations to test Hillcrest's 250-kilowatt, 800-volt SiC inverter with a motor of a European automotive OEM.  The high-power bench testing will commence in April and is expected to be completed by the end of the second quarter.  This demonstration phase will measure the impact of Hillcrest's ZVS technology on a dynamic load at much higher power levels than previously demonstrated.  It will also show the ability of Hillcrest's inverter to integrate with any motor a customer plans to use in its powertrain.

James Bolen, Chief Commercialization Officer at Hillcrest Energy Technologies, commented, "Three months into 2023, we've made strong progress towards the development and commercialization milestones we outlined for the year. As anticipated, the second quarter is shaping up to be a pivotal time for the Company."

Mr. Bolen continued, "Our inverter prototype continues to meet or exceed expectations in demonstration testing under partial load. These results provide the foundation for the next progressions in the testing process with customers who recognize the benefits of our ZVS technology."

The Hillcrest SiC traction inverter takes advantage of the Company's proprietary Zero Voltage Switching (ZVS) technology platform, which has been demonstrated in lab tests and simulations to achieve substantial improvements in system-level efficiency, performance and reliability in electric systems, such as electric vehicles and stationary energy generation and storage systems.  The Hillcrest SiC traction inverter is the first in a series of planned products currently in development.

Upon successful completion of this stage of demonstration testing, integration of the Hillcrest SiC inverter for full dynamic load testing is expected to take place at select customer facilities. These demonstrations, as well as anticipated subsequent in-vehicle demonstrations, are the expected catalysts for negotiating definitive commercial agreements.

The Company will continue to provide updates as milestones are met and material events occur.

Hillcrest Energy Technologies is a clean technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF" and on the Frankfurt Exchange as "7HIA.F".  For more information, please visit: https://hillcrestenergy.tech/.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2021, available at www.sedar.com for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

SOURCE Hillcrest Energy Technologies Inc.

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