1414 Degrees Limited (ASX:14D) announced on Monday 24 February an offer of discounted shares to shareholders so they could support the next phase of its technology roll-out centred on solar generation and storage at the Aurora Project.

However, global economic and market conditions have significantly deteriorated this week and the Company is not going to proceed with the offer. Directors will continue to monitor conditions and note that there is adequate working capital that will be boosted by a $2.748m R&D refund next week.

The SiliconAurora acquisition and plans for 1414 Degrees’ Silicon Power Plant as a heat and power supply solution for industry has prompted major finance and industrial entities to engage with its commercial and business team to study the benefits and applications. At the same time the SiliconAurora team are advancing power and heat offtake sales to drive the project financing.

Management have been undertaking a number of measures that will reduce recurrent expenditure. The Company has leased new premises that will allow it to combine the corporate and engineering teams at one site to ensure common focus on the development and commercialisation of its technology, with the benefit of reducing accommodation costs.