Vancouver, British Columbia--(Newsfile Corp. - March 11, 2026) - Hillcrest Energy Technologies Ltd. (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) ("Hillcrest" or the "Company") today announced the operationalization of CleanPath Distribution Inc. ("CleanPath"), an Indigenous-led Canadian corporation operationalized pursuant to the Memorandum of Understanding between Hillcrest, Pasqua First Nation #79 ("PFN"), and Apeiron Resources Ltd. ("Apeiron") announced on October 14, 2025.

CleanPath Distribution Inc. is an Indigenous-led Canadian corporation operationalized in March 2026 to pursue funding opportunities — including government funding — and to support the commercialization of Hillcrest's Zero Voltage Switching ("ZVS") power conversion technology in Canada. CleanPath's Indigenous-led structure and PFN majority ownership are intended to support its ability to access funding programs and build the government and industry relationships required to pursue the Canadian market.

CleanPath is owned as follows: Pasqua First Nation #79: 51%; Apeiron Resources Ltd.: 24.5%; and Hillcrest Energy Technologies Operating Ltd.: 24.5%. Directors were appointed and shares were issued on March 5, 2026. The entity is governed by a Board of Directors with representation from all three partners. Hillcrest retains full ownership of all ZVS intellectual property and responsibility for technology development, manufacturing execution, and product certification.

Hillcrest's Zero Voltage Switching ("ZVS") power conversion technology reduces the switching losses inherent in conventional power converters, resulting in higher efficiency, lower electromagnetic interference ("EMI"), and smaller, lighter passive components. Efficiency and EMI performance have been measured at European automotive OEM and Tier 1 supplier test benches. Hillcrest's ZVS technology is the subject of two prototypes currently in development: the PCS1000 Grid Power Conversion System, a 200 kW grid-connected power conversion system targeting customer demonstration in Q2 2026; and the MVP3 ZVS Traction Inverter, a 350 kVA Silicon Carbide (SiC) traction inverter prototype validated with multiple automotive OEMs and Tier One suppliers in Europe in an automotive context.

Don Currie, CEO and Director of Hillcrest Energy Technologies Ltd., commented: "CleanPath brings together Pasqua First Nation #79's Indigenous leadership, industry relationships, and market knowledge, Apeiron's expertise in Indigenous economic development, and Hillcrest's ZVS technology."

Mr. Currie continued, "Canada's recently announced Defence Industrial Strategy and the NRC IRAP Defence Industry Assist initiative establish a policy framework for Canadian SME participation in defence R&D. CleanPath's Indigenous-led structure and Hillcrest's Canadian-owned ZVS technology are relevant to that framework, and the Canadian defence sector is a target market for CleanPath's mandate. We are pleased to be taking this step with our partners at Pasqua First Nation #79 and Apeiron."

About Pasqua First Nation #79
Pasqua First Nation #79 is a Treaty First Nation in Saskatchewan. PFN has established a wholly owned entity, Pasqua First Nation Group of Companies (PFNGC), through which it conducts various business investments and economic development activities. PFNGC's portfolio includes PRO Metal, a subsidiary focused on metal fabrication and manufacturing.

PFN is also actively involved in renewable energy development, including participation in the Seven Stars Energy Project, a 200-megawatt wind energy initiative being developed in partnership with Enbridge and five other Indigenous partners. The project, targeted to be operational in 2027, will produce emissions-free power for over 100,000 Saskatchewan homes and represents significant Indigenous ownership and participation in clean energy infrastructure.

About Apeiron Resources Ltd.
Apeiron Resources Ltd. is a Métis, First Nation, and Native American owned corporation and Certified Indigenous Business driven by a single purpose: to build stronger communities through sustainable socio-economic partnerships. Rooted in their Nations, they invest time, resources, and passion into volunteer leadership, community sponsorships, and capacity-building initiatives that empower citizens and honours cultural heritage.

Through Apeiron's family of companies, they secure federal and provincial grants, provide fuel solutions, corporate indigenous governance, deliver skills training, and forge trust-based relationships between industry and Indigenous Nations. By connecting non-Indigenous organizations with authentic inclusion opportunities, they help the energy sector and beyond engage meaningfully with First Nation, Métis, and Native American tribes.

Every project they undertake reflects cultural values, fosters economic empowerment, and delivers generational impact. Together with their partners, they create lasting change by bringing employment, training, and economic growth back to communities while guiding their partners in reconciliation to achieve more.

About Hillcrest Energy Technologies
Hillcrest Energy Technologies is a Canadian clean technology company focused on providing advanced 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 "7HI." 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.

FORWARD-LOOKING INFORMATION

Cautionary Statement Regarding "Forward-Looking" Information

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, 2024, available at https://www.sedarplus.ca/ 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.

###

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288100