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1414 Degrees Limited (ASX:14D) receives the green card from watchdog Bureau Veritas, a global leader in testing, inspection, and certification, for the production from its first Thermal Energy Storage System TESS-IND. This news immediately sent the 14Dâs stock price to jump as high as 10.909% to trade at $0.305 on 15 January 2019 (2:30 PM AEST).
In todayâs media release, 1414 Degrees Limited (ASX:14D) announced that Bureau Veritas Asset Integrity and Reliability Services Pty Ltd has verified the commissioning of the first TESS-IND.
The review was part of a third-party audit under which Bureau Veritas examined the system operation of TESS-IND, its instrumentation type, measurement points and collation of data. For this review, Bureau Veritas was reportedly on site on 30 October, 7 November, 12 November 2018 during test runs of 8 and 3 hours. The company further informed that only electric energy output was measured, and heat output was not measured. Therefore, the electric heaters were switched off during the runs, so the turbine operated only from stored heat.
Investigating officer of Bureau Veritas Adelaide, Monty Luke, confirmed the test data from the unit to the average output of 104kW over a period of 8 hours and 148kW over a period of 3 hours. Moreover, the maximum verified temperature of the heat store was declared to 1418 degrees for the Phase Change Material (âPCMâ).
Following the successful review of TESS-IND, investigator authorized the commissioning of 14Dâs first Thermal Energy Storage System TESS-IND.
Going forward, the company revealed its commercial test plans for GAS-TESS. It told that The heat store section of the TESS-IND and the turbine have now been relocated to SA Waterâs Glenelg Wastewater Treatment plant for the first commercial test of the GAS-TESS, charging from waste methane gas instead of electricity.
Thermal Energy Storage System TESS-IND is a 14Dâs unique energy storage technology that utilizes grid or renewable sources to store latent heat and electricity at a constant temperature which is then dispatched as and when needed.
GAS-TESS in another flagship project of the company under which energy is stored from biogas. 1414 Degree undertakes the process of wastewater treatment to extract energy from it and then stores it in molten silicon in the form of electrical energy and heat energy.
Recently listed on Australian Securities Exchange, 14D has been trading at decent levels since then. But in the past three months, the stock price has fallen 6.78% despite the positive price change of 1.85% in the past month.
In a separate release to ASX, the company further announced that 500,000 shares would be released from voluntary escrow on 1 February 2019; however, these shares are already quoted on Australian Securities Exchange. Given the technology related updates, many investors are watching the stock closely.
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