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°.
CHAIRMAN’S REVIEW
It has been a very busy quarter for 1414 Degrees with the launch of the IPO, broker roadshows and investor presentations across Eastern Australia, and significant engineering advances. All components required to complete and commission the 10MWh TESS-IND arrived at our research and development facility in Southlink Industrial Park and the insulating refractory lining was installed by expert contractors. The heat store has also been assembled and heated for the first time.
Isaac, our Head of Engineering, gives his update on our constant progression with news on prototype modifications and the SA Water project.
[vc_row][vc_column][vc_column_text]Following a wide range of questions at the information sessions and received via email, we have collated the recurring key questions and filmed an interview hosted by South Australian Journalist Andrew Spence with Kevin Moriarty, Executive Chairman and Matthew Johnson, Chief Technology Officer.
