1414 SPRUIKS TECH AHEAD OF IPO
Thermal energy storage systems are cost effective, can be located anywhere, are very compact, and have a very long life.
SILICON thermal energy storage systems are more compact than batteries and have the lowest levelised cost compared to any other form of storage, according to 1414 Degrees chairman Dr Kevin Moriarty.
1414 is preparing for an ASX listing on the back of its “ground-breaking” storage technology which it is progressing towards commercialisation.
The company stated in October last year that $8.4m in IPO funds had already been promised by cornerstone investors following $2.5m seed raise.
With the significant increase in the number of large-scale batteries and pumped hydro projects in Australia, there was a clear need for energy storage to help increase the efficiency and reliability of the grid, Mr Moriarty said.
Thermal energy storage systems are cost effective, can be located anywhere, are very compact, and have a very long life, he said.
They also provide solutions to a number of deficiencies in existing energy storage options.
“Pumped hydro is very useful for long-term storage, seasonal storage and so on, but you can’t put it anywhere; it’s got to be located somewhere where there’s mountains and plenty of water, and so on,” he said.
“So you’re quite limited in location. It’s also relatively expensive, and possibly environmentally challenging to set up.”
1414 Degrees executive chairman Dr Kevin Moriarty.