Hillcrest Closes Shares for Debt Offering
Advancing ultra‑efficient ZVS power conversion for grid and EV markets
- On April 6 2026 Hillcrest closed its “Shares for Debt Offering”, issuing 2,912,731 units at $0.18 per unit for gross proceeds of $524,299.17.
- Each unit consists of one common share and one warrant exercisable at $0.20 for 12 months.
- The entire proceeds were used to settle previously accrued debt, including $116,899.17 paid to four directors (a related‑party transaction under MI 61‑101 exemptions).
- This closing follows the March 31 announcement that increased the offering target from $500,000 to $550,000 and the March 23 disclosure of the offering alongside Hillcrest’s participation at APEC 2026.
- No new operational milestones, partnerships, or financing for growth were disclosed in the release.
- The news represents the execution of a previously announced, modest‑size debt‑settlement financing.
- Proceeds ($0.52 M) are small relative to the company’s recent cash raise (~$4.4 M in Jan 2026) and estimated market cap (~$11 M).
- Because the size, use of proceeds, and timing were already disclosed (March 31 increase), the event carries no surprise or material upside/downside beyond the expected reduction of liabilities.
- Therefore the impact is routine‑positive: it fulfills an announced financing step but does not alter the growth trajectory or valuation in a meaningful way.
Hillcrest Energy Technologies Ltd. develops Zero Voltage Switching (ZVS) power conversion technology that reduces switching losses, lowers electromagnetic interference, and enables higher efficiency (>99 % peak) compared with conventional silicon‑based converters.
- Flagship product: PCS1000 Grid Power Conversion System – a 200 kW, 1 000 V modular inverter targeting data‑center sidecar power (OCP 800 V), energy storage, microgrids, and EV charging; designed for UL1741 certification and scalable to >1.2 MW with N+1 redundancy.
- Secondary product: MVP3 ZVS Traction Inverter – 350 kVA SiC‑based unit validated with European Tier‑1 automotive suppliers for EV powertrains, showing up to 99.7 % efficiency in testing.
The company pursues commercialization via licensing, joint development agreements, and system‑level sales, while also advancing an Indigenous‑led Canadian entity (CleanPath Distribution Inc.) to access government defence funding.