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.