Molten silicon storage hopeful 1414 degrees will secure nearly $5m in financing
Australian thermal energy storage developer 1414 Degrees has secured an investment of up to $A4.7 million from a New York-based asset management firm.
1414 Degrees has developed a proprietary silicon-based thermal energy storage solution that can produce up to 900◦C hot air.
The company is hopeful its technology will serve as a cost-effective solution to store renewable electricity as latent heat, an alternative to natural gas for high-temperature industries.
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.
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.