South Australian energy storage company 1414 degrees has launched a bid to go public, aiming to finalise its energy storage technology.
The company's energy solution stores electricity as thermal energy by heating and melting containers full of silicon, at a cost estimated to be up to 10 times cheaper than lithium batteries.
In Australia's push for renewable energy, storage is as much of a hurdle as reliable generation. Current solutions (like the world's largest Li-ion battery, and distributed storage across residential areas) are making some headway towards solving the problem, but cheaper and more efficient solutions are needed.
A tonne of silicon can store enough energy to power 28 houses for a day. Its high latent heat capacity and high melting temperature of 1414°C – make it ideal for the storage of large amounts of energy. The process also generates large amounts of clean useable heat, which can easily be utilised for district heating or industrial purposes.
The company has spent a decade and $15 million developing its silicon storage technology, and its Initial Public Offering (IPO) with the Australian Securities and Investments Commission (ASIC), aims to raise up to A$50 million.
“With three key projects now in place, our board and leadership team felt the time was right to take the company public in order to enlarge and diversify our equity base, and position 1414 Degrees for substantial growth in the short to medium term,” said Executive Chairman Dr Kevin Moriarty.
“The IPO will enable us to commission three of our four key product lines in operating commercial industries and build and test a 1/15th scale cell of the TESS-GRID before proceeding with construction of a 200MWh module."
“A single TESS-GRID module will have a storage capacity of 200MWh – equivalent to approximately 400 tonnes of silicon – capable of charging at up to 40MW. It could supply up to 10MW base load electricity, plus heat over at least eight hours,” he said.
While many customers would initially look to install 1414 Degrees products to ensure cost effective electricity storage, Moriarty said there were a large number of industries that would purchase primarily for the technology’s heat generation offering.
“Our technology has the potential to revolutionise the approach of Australian and international industry to energy storage and heat generation,” he said.