ECC Ventures 6 enters LOI with LCM Energy Solution
by CM staff
Assuming completion of the acquisition, it is anticipated that ECC6 will graduate to Tier 2 of the exchange as a technology issuer.
VANCOUVER — ECC Ventures 6 Corp., has entered into a binding letter of intent (LOI) dated effective July 12, outlining the general terms and conditions with respect to a proposed acquisition by ECC6 of all the issued and outstanding share capital of LCM Energy Solution (British Columbia) Inc. (LCMES).
The acquisition of LCMES will constitute a reverse takeover and ECC6’s Qualifying Transaction under Policy 2.4 of the TSX Venture Exchange. Assuming completion of the acquisition, it is anticipated that ECC6 will graduate to Tier 2 of the exchange as a technology issuer.
LCMES is a private holding company incorporated October 13, 2022 pursuant to the laws of British Columbia. LCMES’s principal asset is its wholly owned subsidiary, LCM Energy Solution (Korea) Inc. (LCMESK). LCMESK is a private company incorporated March 9, 2021 pursuant to the laws of South Korea. As of December 31, 2022, LCMESK had assets of $8,856,998, a working capital deficit of approximately $894,569, and had incurred a net loss of $4,015,585, including research and development costs of $754,876. Research and development of LCMES’s products has been ongoing since 2015. Additional financial information relating to LCMES and LCMESK will be released when available.
LCMESK’s principal activities focus on two green energy technologies; (1) LCMESK has developed customized lithium battery solutions for various industries such as E-mobility, Energy Storage Systems (ESS), and special market sectors, like the military & defense market.
Together with its hardware technology for cell and battery pack design, manufacturing and assembly, LCMESK is also developing a software platform for integrated management for optimal operation of secondary battery equipped vehicles, vessels, drones, machines and other devices; and LCMESK, based on its own patented technologies, has developed and is manufacturing and marketing bidirectional vertical small wind power generation systems.
These hybrid power generation systems combine small wind turbines with a solar power module and LCMESK’s proprietary slip-ring, a core component for wind power systems that replaces traditional mercury-type slip rings that cause environmental pollution.
