Following a detailed submission to the Australian Securities Exchange (ASX), 1414 Degrees has received approval in-principle to proceed with submitting an ASX Listing application. Accordingly, we are drafting a prospectus and aim to submit it to ASIC in March 2018. The ASX code ‘14D’ has been reserved with ASX.
In our first 12 months as a public company seed investors have subscribed for $6 million in shares and we have secured commitments from cornerstone investors for a substantial Initial Public Offering.
You can sign up to our mailing list here to stay up-to-date, and be sent a prospectus.
The prototype has continued to be used to refine configurations for the TESS-IND, the construction of which is progressing at our Research & Development site, however, there have been some delays from suppliers, and in shipping of the components which is pushing out the completion date. All parts for the storage module are expected on site by late February. The outer casing is arriving on site next week, so stay tuned to our social media accounts for updates.
We are excited to be heading into 2018 with an innovative project which recognises our technology’s potential. Planning is underway with client, SA Water, for a mid-2018 first stage installation of our new biogas combustion TESS at the Glenelg Wastewater Treatment Plant, supported by a $1.6m grant from the South Australian Government’s Renewable Technology Fund. With our help, SA Water is aiming to achieve a zero net electricity cost by 2020.
You can read more about the project here https://www.sawater.com.au/news/poo-puts-downward-pressure-on-power-costs.
1414 Degrees’ technology is unlike any existing energy storage, and the benefits of our technology are increasingly attracting commercial users, utilities, governments and investors to the versatile applications for electrical and heat outputs from our silicon energy storage.