24 Feb 2022

    • 1414 Degrees (the Company) today released its Half Year Results and Directors report for the half year period ended December 2021. The Company recorded a net loss for the period of $3,256,210.

      This figure included a non-cash impairment of $997,516 for the past construction of thermal storage systems in 2019 that will not be incorporated in the design and construction of the SiBox system in the future. In addition, a provision of $500,000 was made for potential remediation activities at the Glenelg project which is presently not used for commercial purposes.

      At the end of this period the Company held $3,817,955 in cash and has no debt.

      During the period the Company announced a $2 million funding partnership with Woodside Energy Technologies to develop the SiBox demonstration module for commissioning in early 2023. In addition the Company was announced as a successful grant recipient of a future $2.2 million under the Australian Federal Government Modern Manufacturing Initiative (MMI) initiative. This will ensure we are well funded to progress the SiBox demonstration module and start to engage with potential industrial energy customers.

      In November the Company was granted a variation to its approvals for the Aurora Energy Project which allows for the addition of a 140MW/280MWh battery energy storage system (BESS), thermal energy storage and 33kV transmission line grid connection. Also included is a modified site layout plan and project staging. This is in addition to the 150MW Concentrated Solar Power (CSP), 70MW Solar Photo- Voltaic (PV) and 275kV connection to the network already approved. Subsequently on 20th December 14D executed an MoU with Ovida Infrastructure Pty Ltd (Ovida) to explore partnering with 14D on the development of the AEP. Ovida is a 100% owned subsidiary of Jemena Ltd (Jemena), one of Australia’s largest owners and operators of energy infrastructure with over $11 billion of assets under management and approximately 2,500 employees. The MoU provides Ovida with an exclusivity period to work with 14D before entering into a definitive sale and purchase agreement in mid 2022.

Comments by Matt Squire, Chief Executive Officer of 1414 Degrees

“The company is in an excellent position to progress its two exciting renewable energy activities being our SiBox Silicon based Thermal Energy Storage technology and the Aurora Energy Project at Port Augusta. We now look forward to providing further updates as we progress our activities during the year on these material opportunities for shareholders.”