November Annual General Meeting

November Annual General Meeting

On 10 November 2023, 1414 Degrees Limited held our Annual General Meeting (AGM). 

Our Executive Chairman, Dr Kevin Moriarty, elaborated on how the past year had been marked by significant achievements in technology validation, ongoing product development, strategic market positioning, and reporting of real results to shareholders, all while laying groundwork to attract global investors. 

The presentation delivered at the AGM provided an overview of the size of the market for our thermal energy storage technology – SiBrickTM – as well as how the Aurora Energy Precinct is poised for near-term cash flow potential from the National Electricity Market. 

For more details, including the technology commercialisation road map, see the AGM presentation here.

1414 Degrees receives increased funding from Woodside for SiBox®

1414 Degrees receives increased funding from Woodside for SiBox®

1414 Degrees Ltd is pleased to announce that Woodside Energy Technologies Pty Ltd (“Woodside”) have increased their funding of 14D’s SiBox Demonstration Module (SDM) by AU$750,000, taking the total funding to AU$2.75 million. The increased funding from Woodside will be made on the completion of specific milestones by the Company.

This takes total grant funding of the SDM project to AU$4.95m including AU$2.2m from the Australian Government’s Modern Manufacturing Initiative. It follows the successful commissioning in mid 2023, demonstrating the SDM’s ability to convert electric energy into a controlled very hot air stream for industrial processes.

The SDM is now operating autonomously, showcasing its flexibility to meet a range of industry needs by operating with constant flow rate at outlet temperatures ranging up to 900°C. It provided a stable hot air stream for over 6 hours at 900°C and over 15 hours at 700°C, drawing from both latent and sensible heat in its SiBrick™ storage media.

Following successful technology validation, Woodside will consider options for both technology infusion and potential pathways for commercialisation.

SiBox represents a significant advancement in 1414 Degrees’ energy storage technology developed over more than a decade.

Commenting, 1414 Degrees Chairman, Dr. Kevin Moriarty, stated, “Over the next 12 months, we anticipate that SiBox will emerge as a pivotal emissions solution for industrial sectors that manufacture the infrastructure of our societies and electricity generation. With financial support from Woodside and the Australian Government Modern Manufacturing Initiative, we are well-positioned to facilitate industries’ transition to lower carbon energy by providing high capacity high-temperature heat, addressing their unique challenges of high temperature, reliability, and cost-effectiveness.”

1414 Degrees Chief Technology Officer, Dr Mahesh Venkataraman said, “SiBox has demonstrated that our tech has the potential to abate emissions in carbon-intensive industries and has been recognised by Woodside for our progress in achieving technical milestones.  We have now successfully completed a key milestone in the validation of SiBox and will continue to test this technology for industrial applications.”

For further information on the Company’s agreement with Woodside Energy Technologies Pty Ltd, refer to the Company’s announcement to the ASX dated 13 October 2021.

September 2023 Quarterly Activity Report

September 2023 Quarterly Activity Report

 

1414 Degrees provided an update to the ASX on October 31 outlining progress on key milestones during the September quarter.

Executive Chairman, Dr Kevin Moriarty wrote to Shareholders summarising the key updates. His correspondence and the Quarterly update are provided in the link here.

 

Entitlement Offer strongly supported by shareholders

Entitlement Offer strongly supported by shareholders

18 August 2023
1414 Degrees today updated the ASX about the results of the Entitlement Offer, which closed on Monday, 14 August 2023, announcing strong support from eligible shareholders.

The ASX update is provided below.<

Entitlement Offer Results and Notification of Shortfall

1414 Degrees Limited (“1414 Degrees” the “Company”) confirms that the non-renounceable pro-rata offer of new fully paid ordinary shares (Entitlement Offer, New Shares) previously announced on Friday, 14 July 2023, closed at 5:00pm (AEST) on Monday, 14 August 2023 (Closing Date).

The Company is pleased to advise that the Entitlement Offer was strongly supported by existing shareholders, with the Company receiving total applications from Eligible Shareholders of approximately $1.471 million (equal to 32,683,063 New Shares).

Reflecting on this achievement, Dr Kevin Moriarty, Executive Chairman remarked, “We are pleased our shareholders support accelerating the development of a mass-manufacturable energy storage SiBrick and see the potential of the SiBox® heat battery to impact decarbonisation efforts in high temperature industry.”

Applications from Eligible Shareholders consisted of 27,674,311 New Shares from entitlements taken up in full as well as 5,008,752 New Shares from applications for additional New Shares offered under the top up facility (Top Up Facility).

In accordance with the terms and conditions set out in the Prospectus dated 14 July 2023 (Prospectus), one free attaching option exercisable at $0.10 each on or before the day that is 24 months after the date of issue (New Option) will be issued for each New Share applied for and issued under the Entitlement Offer.

In line with the indicative timetable included in the Prospectus, the Company anticipates that New Shares and New Options (together, New Securities) applied for under the Entitlement Offer will be issued on Monday, 21 August 2023. The Company intends to lodge Appendices 2A and 3G on Monday, 21 August 2023 in accordance with this timeline.

The funds raised from the Entitlement Offer and Shortfall Offer will be primarily used to accelerate product development for commercialisation of the Company’s and SiBrickTM and SiBox® products1. This is in the wake of recent technical milestones, including:

  • the successful commissioning of 1414 Degrees’ SiBox® Demonstration Module (SDM) which is now operating autonomously and completing validation phase testing2. This testing involves repeated charge and discharge cycles to simulate daily electricity-to-heat time shifting, providing confidence in a range of use cases and industry partners. These operational tests follow extensive trials where the SDM demonstrated its ability to convert electric energy into a controlled hot air stream for industrial purposes.
  • the strengthening of collaboration with Refratechnik-Steel to conduct manufacturing trials of the Company’s groundbreaking latent heat SiBrickTM3. As 1414 Degrees progresses the commercialisation of its technology, the collaboration will focus on manufacturing methods and costs.

Shortfall Offer

The Shortfall following the issue of New Securities is anticipated to be 70,059,980 Shares (Shortfall Offer Securities), equal to approximately $3.153m. Taylor Collison Limited (Lead Manager) is acting as lead manager to the Entitlement Offer and any shortfall to the Entitlement Offer (Shortfall Offer). In accordance with the Lead Manager Mandate, Taylor Collison will place the Shortfall Offer Securities on a best endeavours basis to sophisticated and professional investors, subject to the Board’s discretion as to the allocation of the Shortfall. Please refer to sections 2.2, 2.3, and 8.1 of the Prospectus for more information regarding the Shortfall Offer and the Lead Manager Mandate. The Shortfall Offer Securities will be allocated within three months after the Closing Date.

Conditional Placement Offer

Since the value of the Shortfall Offer Securities is higher than $500,000, the Company confirms that the Conditional Placement Offer will not be proceeding. Refer to section 2.5 of the Prospectus for more information regarding the Conditional Placement Offer.

SiBox Achieves Key Funding Milestone in Woodside Agreement

SiBox Achieves Key Funding Milestone in Woodside Agreement

1414 Degrees (ASX: 14D) is pleased to announce the successful commissioning of its SiBox® Demonstration Module (SDM), marking a key funding milestone in the SiBox Development Agreement with Woodside Energy Technologies Pty Ltd. The commissioning phase involved extensive trials, demonstrating the SDM’s ability to convert electric energy into a controlled very hot air stream for industrial processes.

The SiBricks™ in the SDM showed excellent energy storage performance, successfully undergoing 32 cycles of phase change. As previously reported the SDM has showcased its flexibility to meet a range of industry needs by operating at outlet temperatures ranging from 700°C to 850°C and delivering 6–12 hours continuous output at each set point.

The SDM is now operating autonomously and is ready for continuous cycling and discharge testing over the next 12 months to complete the validation phase. Following successful validation and a commercialisation plan, Woodside will evaluate providing further funding to the SiBox business, including potentially acquiring an equity interest in the business.

SiBox represents a significant advancement in 1414 Degrees’ energy storage technology developed over more than a decade.

Commenting on this milestone achievement, 1414 Degrees Chairman, Dr. Kevin Moriarty, stated, “Over the next 12 months, we anticipate that SiBox will emerge as an important emissions reduction solution for the industrial sectors that manufacture the infrastructure of our societies. With financial support from Woodside and the Australian Government Modern Manufacturing Initiative, we are well-positioned to make significant contributions to industries’ transition to clean energy. Our expertise in converting renewable electricity to zero-carbon heat, can help them tackle their unique challenges of high temperatures, reliability, and cost-effectiveness.”

For further information on 1414 Degrees’ agreement with Woodside Energy Technologies Pty Ltd, refer to the Company’s announcement on 13 October 2021 – https://1414degrees.com.au/1414-degrees-woodside-partnership/.