Recently listed on ASX, 1414 Degree Limited (ASX: 14D) today announced the activity update on pilot project for the delivery of its Thermal Energy Storage System (‘TESS’) to a site based in Victoria.
In an announcement to Australian Securities Exchange, 1414 Degrees Limited advised that the company has entered into an arrangement with ABBE Corrugated Pty Ltd for the supply and delivery of a pilot thermal energy storage system (‘TESS’) to cardboard manufacturing plant of ABBE in Victoria. The arrangement comes after the round of discussions with Austcor Packaging Pty Ltd where Austcor concluded that it cannot provide a suitable site in the timeframe required by the 14D. It was reportedly approved by majority shareholders of Austcor.
That means 14D will now work towards the supply and delivery of the pilot TESS at the ABBE site instead of an Austcor site. The company considers that the ABBE pilot project will provide the Company the opportunity to supply and deliver the TESS to a larger operational site with higher energy demands.
With the model of Thermal Energy Storage System (‘TESS’), 1414 Degree provides energy storage technology under which the heat and electricity can be stored at as high as 1414 degree Celsius.
Chairman Dr. Kevin Moriarty advised that the company remains confident of its GAS-TESS outlook in wastewater treatment and are engaging with the waste management industry to capture energy from flared methane gas.
14D’s another flagship project TES-IND reported better than anticipated results in the first stage of commissioning. The first stage of the TESS-IND commissioning included several multi-hours run of the turbine producing up to 200kW even though the silicon store was hundreds of degrees below its target operating temperature. Running on hot air alone, the turbine produced electricity for runs of up to four and half hours, achieving a combined heat power (CHP) efficiency of 68%. This reflects turbine could be run on hot air from the energy store at much lower temperatures than expected. As a result, the company can recover greater energy with longer periods of electricity generation.
For the period ended 30 June 2018, the company generated revenue of $63,387 compared to $2,745 in the previous period. As at 30 June 2018, cash and cash equivalents of the company were $928,242. Moreover, after the close of September quarter the company received a $2.5 million Research & Development refunds that boosted cash reserves of the company.
Following this update, 1414 Degree’s share price jumped by 5.66% to last trade at $0.280 on 16 November 2018. The company debut on ASX with $16.3 million initial Public Offering and its shares started trading from 12 September 2018. Since then the stock price has seen a positive daily price change of 17.78%, however, in the past one month, 14D share price has fallen by 10.17%.
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