Australian thermal energy storage developer 1414 Degrees has secured an investment of up to $A4.7 million from New York-based asset management firm The Lind Partners.
1414 Degrees, which has developed a proprietary silicon-based thermal energy storage solution that can produce up to 900◦C hot air, is hopeful its technology will serve as a cost-effective solution to store renewable electricity as latent heat, offering an alternative to natural gas for high-temperature industries.
Billed as a developer of energy storage products for industrial decarbonisation and hydrogen production, 1414 Degrees announced on Monday that it had entered into an agreement with Lind Global Fund II, LP, an entity managed by The Lind Partners, worth up to $A4.7 million.
“We benefited from Lind investment in our formative phase and are pleased continue working with Lind to support rollout of our SiBox technology in industrial trials and taking our Aurora Energy Precinct projects to ready to build status,” said Dr Kevin Moriarty, 1414 Degrees executive chairman.
Two agreements were signed between the two companies, including an initial share subscription agreement worth $A1.3 million, and a second monthly purchase agreement worth up to a further $3.4 million over a period of 12 months.
Proceeds from the investment will be used to fund the industry rollout of 1414 Degrees’ SIBox technology, general working capital requirements, and the development of the Aurora Precinct grid scale battery.
“Lind was a seed investor in 1414 Degrees prior to its IPO,” said Jeff Easton, founder of The Lind Partners.
“Lind continues to believe in 1414 Degrees, and was delighted to be selected by 1414 Degrees to re-invest so as to support 1414 Degrees’ product roll-out. We look forward to working with the team and supporting the business as it enters it next phase of growth.”
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