- World is getting closer to the tipping point as renewables meet 107% of the increase in global electricity demand in H1 2022, but challenges such as energy storage remain; new legislation seeks to address them by granting federal support to storage projects
- On the heels of the first-ever dedicated tax credits in the Inflation Reduction Act, energy storage projects are expected to grow; further driving demand for more renewable energy projects – companies like Hillcrest and their inverter technology, are expected to benefit
- Company poised for growth; ramps up the executive team with established power sector veteran James Bolen joining as CCO
Electrification, where businesses and homes shift from coal and gas to renewables and battery systems, is on the rise as the push toward greener economy gains momentum. A recent report published by a UK energy think tank, Ember, analyzed data from 75 countries accounting for 90% of global electricity demand, showing that the worldwide increase in electricity demand comes from clean energy productions (https://nnw.fm/4Muy8). As renewables are getting established as an effective response to the world’s intensifying challenges, such as climate crisis, energy uncertainty and economic instability, Companies like Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) that help rethink energy generation, storage, distribution and consumption appear poised for growth.
The report shows that global electricity demand increased by 3% – in line with the historical average for 2010-2021 – with renewables, including wind, solar, and hydro, meeting all the electricity demand growth. It also indicates that the world is getting closer to a tipping point where clean electricity – driven by wind and solar – meets all electricity demand growth. Without the rise in wind and solar in the first half of 2021, fossil power generation and associated CO2 emissions would have risen by around 4% with an additional fuel price tag of $40 billion.
Despite this surge in demand, challenges hindering the advancement of electrification, such as energy storage, remain. But this may be about to change as the importance of energy storage has been recognized in the Inflation Reduction Act. In the new legislation, energy storage technologies will get their own tax credits – the government’s primary tool to implement federal clean energy policy – to provide energy producers and developers with more security and options to meet the domestic content incentives (https://nnw.fm/8XBSM). Building more storage capacity makes the grid better at absorbing large amounts of renewable generation and provides power grids with much-needed flexibility and resilience by enabling electricity to be saved for use when and where it is needed.
Until the government introduced dedicated tax credits, renewable electricity storage technologies have had to piggyback on solar projects to get tax credits, which is passable for residential installations. Still, massive utility-scale battery plants are often needed in locations where solar installations are unsuitable, such as densely populated centers. With the Inflation Reduction Act, a stand-alone Investment Tax Credit for all storage technologies is available, and they don’t need to be in the same place as a solar farm.
The new federal push for storage technology is expected to unlock growth potential across a diverse set of green technologies that help the US meet its ambitious climate goals. As a company developing technology intended for clean energy and storage systems both on and off the grid, Hillcrest appears poised to capitalize on this emerging opportunity. Its inverter converts the DC output from the storage system or batteries to the AC power that flows to the grid, home, or electric vehicles (“EV”). This technology is also deployed by EV fast chargers, where it converts the AC output from the grid to the DC input needed to charge an EV’s battery.
With the momentum to electrify and decarbonize the economy accelerating worldwide, the Company appears poised for a new chapter in its growth trajectory as it ramps up its leadership team with James Bolen, a seasoned industry expert that previously served as an advisor to the company (https://nnw.fm/SK6OA). With decades of experience developing and commercializing products for the automotive and industrial power sectors, Bolen will join the executive team as the new Chief Commercialization Officer to guide Hillcrest on its journey to advance the commercialization of its innovations in alignment with the Company’s technology and product development roadmap.
For more information, visit the company’s website at www.HillcrestEnergy.tech.
NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://nnw.fm/HLRTF
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