1414 Degrees has recently undertaken a private capital raising targeted at cornerstone investors, securing $2.5 million at 15c per share in pre-Initial Public Offering (pre-IPO) funding from across the globe.
Many of these investors have also reserved an allocation of shares in our upcoming IPO.
The company sought additional capital after several significant commercial ventures and opportunities – in both Australia and Europe – were presented to us. The realisation of those projects will have a powerful impact on the valuation of 1414 Degrees and, accordingly, it has been decided our IPO will now take place in 2018, to allow the necessary time for due diligence and negotiation.
1414 Degrees will use the funds to progress its commercial scale 10MWh (TESS-IND) and 200MWh (TESS-GRID) thermal energy storage devices, including the fit-out of a new assembly site on which to construct the first TESS-IND, ready for installation at a client site early next year.
In the immediate period ahead, 1414 Degrees will also submit several proposals for funding under the Government of South Australia’s recently announced $150 million Renewable Technology Fund.
The company has now outgrown its facilities at Tonsley in South Australia and will move to our research and development facility at Southlink Industrial Park this month to progress manufacturing.
We appreciate you are keen to play a part in the success story of 1414 Degrees and trust you will understand it is imperative we ensure you are investing in a robust company. We are committed to providing you with timely information as project developments occur and the date of our IPO is confirmed.
Dr Kevin Moriarty