On 12 December 2018, 1414 Degrees Limited (ASX: 14D) announced that its GAS-TESS had started mobilization of its biogas Thermal Energy Storage system using the waste water at Glenelg Wastewater Treatment Plant in South Australia. The plant is soon to commission which will also include a large technological component.
Using the biogas, the storage of energy will be through GAS-TESS is used for storing energy from biogas. It utilizes the waste water in South Australia through waste water treatment, extracts energy from the same and stores it in molten silicon in the form of heat energy and electrical energy. They further return these stored energies to the site as and when required. Plant digestors use bioheat energy for generating biogas.
This project of GAS-TESS is being funded jointly in association with the South Australian Government’s Renewable Technology Fund. The company also has entered a partnership with the South Australia water where the company tries to combine the energy stored for industrial use.
The commission of GAS-TESS is considered an important step which will demonstrate the technological ability of the company. By March 2019, the expectations are GAS-TESS will generate revenues for South Australia water and will also lay a foundation for the broader application of technologies of 1414 degrees throughout the world.
It is an essential step towards clean Australia as using these technologies will utilize the waste product to extract energy and reduce carbon from the environment. Not only it will benefit the environment, but it will also help in reducing the cost.
Since the company got listed on ASX, the performance of the company is 8.89%. However, since last one year, the performance of the company is -15.52%.
By the end of FY2018, the company made a net loss of A$5,484.860 million. The balance sheet of the company appears to be quite healthy. However, there is a year on year increase in the accumulated loss of the company which could create a negative impact on the investors which is also an indication of the poor operating performance of the company. The total shareholder’s equity of the company by the end of FY2018 was $4,950.252 million. Further, there was also a decrease in the cash and cash equivalent by the end of the year. The net cash available with the company by the end of FY2018 was A$928.243 million.
With the market open on 12 December 2018, the market price of the share increased by 2.041%. At present the stock is trading at A$0.250 (AEST: 2:02 pm, 12 December 2018) with the stock holding a market capitalization of A$42.23 million.
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