How 1414 Degrees Works
The company began trading today at 11am Australian Eastern Standard Time.
1414 Degrees Ltd (ASX:14D) has begun trading on the Australian Securities Exchange today after raising $16.3 million through an initial public offering (IPO).
The clean energy storage company’s technology stores electricity as thermal energy by heating and melting containers full of silicon.
Though becoming an unlisted public company in December 2016, 1414 has spent a decade and $15 million developing its technology, which was largely funded by individuals, private fund managers and federal and state governments.
‘Huge market for our products’
Speaking ahead of the listing, 1414 executive chairman Kevin Moriarty said the company’s technology had the potential to revolutionise the approach of Australian and international industry to energy storage and heat generation.
He said: “There is a huge market for our products – everything from grid scale deployment to use in factories and district heating projects.”
The company is working on three ongoing projects, all of which were started this year.
It is integrating a thermal energy storage system (TESS) into the existing operations of national poultry grower Pepe’s Ducks in NSW to provide electricity and heat, as well as installing a pilot device for Austcor Packaging at its Wetherill Park plant in NSW.
The turbine at Pepe’s has recently been tested, producing electricity over runs of up to four and half hours and a total combined heat power (CHP) efficiency of 68%.
1414 also has a collaboration with SA Water to integrate energy generation from biogas waste with storage at the Glenelg Wastewater Treatment Plant in Adelaide.
Refractory installation at the Glenelg plant is underway and burners and other key equipment are being assembled.
10 times cheaper than lithium batteries
Silicon is the most abundant element in the earth’s crust after oxygen and 1414’s process costs an estimated 10 times less than lithium batteries.
The element has a high latent heat capacity and its high melting temperature of 1414 degrees Celsius makes it suitable to store large amounts of energy.
1414’s process also generates clean heat, which can be used for heating or industrial applications.
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