1414 Degrees Ltd (ASX:14D) is today listing on the Australian Securities Exchange (ASX) after raising $27 million and gaining more than 2,100 shareholders since it became a public company less than 21 months ago. The latest raising of $16.3 million was at 35 cents.
“The Company originated in Australia a decade ago, and our technology has long term, worldwide relevance as the adoption of renewable energy increases,” said Executive Chairman, Dr Kevin Moriarty.
The first stages of commissioning of the TESS-IND have progressed very well, including successful runs for several hours. Commissioning is a multi-stage process from verifying individual components to operability of the control systems to optimising power generation.
1414 Degrees Listed on the ASX – A Milestone in Australian Renewable Energy Innovation
1414 Degrees (ASX:14D) officially commenced trading on the Australian Securities Exchange (ASX) at 11am (AEST) on September 12, 2018. This marked a major milestone in the company’s journey to commercialise its breakthrough thermal energy storage technology. The ASX listing has provided a platform for new and existing investors to participate in the company’s growth as it works toward transforming the future of industrial heat and renewable energy storage solutions.
Alongside the company’s shares, 1414 Degrees’ options (ASX:14DO) also commenced trading on the same date and time. The dual listing reflects strong investor interest in the company’s technology and its potential to deliver scalable, long-duration energy storage that supports decarbonisation of industrial heat processes.
1414 Degrees’ listing has enabled the company to raise capital to further develop and deploy its flagship technologies, including the SiBox® Thermal Energy Storage System and the SiPHyR™ hydrogen production technology. These innovations are designed to solve critical energy challenges by providing efficient, low-emission solutions for industrial sectors that are difficult to decarbonise.
The ASX listing also enhances the company’s visibility, credibility, and governance framework, all of which are essential to forming strong strategic partnerships and attracting further investment. With a firm foundation in place, 1414 Degrees continues to progress its Aurora Energy Precinct and other key initiatives focused on renewable energy storage and sustainable industrial heat supply.
If you would like more information on investing in 1414 Degrees, including current share performance and company updates, please visit our 14D Investor Centre.
Following the successful raising of $16.3 million as part of its IPO, 1414 Degrees is now in the process of formally listing the Company on the Australian Securities Exchange.
In anticipation of some seed shareholders not being available to sign Restriction Agreements at the time of listing, we sought and received Power of Attorney’s from escrowed shareholders.
The first stage of the commissioning of the TESS has been a resounding success.
Our engineers successfully ran the turbine, generating electricity for the first time using hot air from the TESS, a significant milestone. We managed to achieve approximately 30% of the turbine capacity, despite being very early in the commissioning and the TESS only operating at approximately 800 degrees Celsius. This was above our expectation at this low temperature.
Great progress has been made recently, with the electrical installation of the TESS-IND now complete. As the commissioning process continues, we have been applying energy to the heat store, to achieve the highly anticipated target temperature by next weeks end. It is currently sitting at just below 800 degrees C°.