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by Stockwatch Business Reporter
The TSX Venture Exchange fell a fraction to 620.51 Wednesday. Benoit Chotard's second capital pool shell, Orletto Capital II Inc. (OLT: halted), plans to acquire Sigma Energy Storage Inc. for the shell's qualifying transaction. The acquisition terms are not yet available. Orletto II and Sigma plan to raise between $4.25-million and $5.5-million for their resulting issuer, but the financing terms are also not yet available.
Sigma is a Montreal company that has developed a storage system for solar, wind or tidal energy. It calls the system HT-CAES, which stands for hybrid thermal and compressed air energy storage. This means the system converts solar, wind or tidal power into either thermal fluid or compressed air, and then it stores the energy in those forms.
Sigma is fond of touting the awards it has received for its HT-CAES technology, including two awards from the West Island of Montreal Chamber of Commerce in 2017. So far, Sigma says nothing about whether it has already sold any units of its HT-CAES system. We should find out when it provides its financials as part of Orletto II's QT filing statement.
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