- SA Premier and Treasurer inspect prototype and identify support to speed development
- AUD$2.5m raised in over-subscribed seed round
“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.
It’s encouraging to see that investment in renewable generation is on the rise again in Australia, and notable that, while clean energy investment may be down globally, installed capacity is actually rising as installation costs fall.
As one of America’s most active innovation hubs, it is no surprise that Massachusetts is now targeting energy storage. With a clean energy sector that has startups such as Resolute Marine Energy Inc developing technology to generate clean energy from ocean waves, Massachusetts is certainly leading the way. Read the article here
This focus on energy storage is something that we would like to see happen in Australia, particularly South Australia given the unreliable power supply.
1414 Degrees’ in the news again, as we face a pivotal moment in the local and global energy market.
“Adelaide company 1414 Degrees is set to transform the global energy environment with a solution to help reduce energy costs by increasing the efficiency of renewable generation and stabilising grid supply.”