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.