- New project sites with significant advantages, including lower cost
- Regulatory changes are creating strong interest in 1414 Degrees TESS from Australia and Asia
- IPO postponed to accommodate significant project proposals
The report highlights that storage will play a significant role in reliability and security. Our thermal energy storage system (TESS) is incredibly relevant and provides an answer to many of the current challenges as highlighted below. These are Dr Kevin Moriarty’s key thoughts after reading the report.
I wanted to give you a brief update on 1414 Degrees.
Our IPO will likely be in the third quarter of this year, rather than June as previously communicated. This will allow us to advance some important projects that have been proposed to us in the past month.
“In the absence of massive battery storage the intermittent unreliability of wind and solar power have played havoc with the electricity grid, exacerbated by extreme weather conditions……”
Read the article in the Nikkei Asian Review for more detail on a number of technological improvements in storage capacity, including Snowy Hydro 2.0, AGL’s Virtual Power Network, and 1414 Degrees thermal energy storage solution and information on the planned IPO.
We are pleased to announce that the current seed funding round has closed after raising AUD $2.5 million from professional investors in a heavily over-subscribed offer. The issue was managed by Taylor Collison Ltd on behalf of 1414 Degrees.
Executive Chairman, Dr Kevin Moriarty said the funds would allow the Company to speed up its first commercial applications of the thermal energy storage systems (TESS).
“We have selected a site for our first 10MWh machine and are evaluating potential for 200MWh installations.
”At the same time we are using our successful prototype to test components for the larger TESS,” he added.
Funds are also being used to prepare for the IPO and listing on the ASX, lead-managed by Taylor Collison, which is scheduled for mid-2017.
It’s time to acknowledge that we are moving away from the legacy grid towards a smart grid.
The peakiness of the demand is beginning to be obvious to electricity consumers, and that peak demand is only going to be magnified potentially leading to more load shedding.
There are vast changes coming in how we use electricity and they are only going to push peak demand higher. Increased peak demand is beginning to be obvious to electricity consumers as spot prices rise, but it is only going to get worse. It’s time for regulators to move away from employing the tools designed for the legacy grid of last century and let the smart grid take over.
Here at 1414 Degrees we have been putting together our submission for the Finkel Review of the National Electricity Market and want to share our thoughts on how grid security and reliability can be improved.
Immediate action must focus on removing the intermittency associated with renewables generation derived mostly from solar and wind.
This can only be achieved by embedding medium to large scale storage technology in the electricity grid.