Tuesday, 21 March 2023
by Berkeley Lovelace
1414 Degrees (ASX:14D) has received further funding to continue with the commercialisation of its 14D brick solution.
The company says it has received an additional $847,000 through a grant funding tranche from the Australian Federal Government’s Modern Manufacturing Initiative (MMI).
1414 Degrees notes this funding represents the second instalment of grant funding delivered under the $2.2 million grant agreement, which was awarded to the company in November 2021 to support the commercialisation of its proprietary silicon brick storage media.
Together with the $300,000 received through the premium placement, 1414 Degrees reports it is attracting ‘significant’ funding to its brick solution, which aims to support the decarbonisation of high-temperature industry.
The company also notes the delivery of the second payment is testament to the progress of the project.
Funds are expected to be used for the construction, commissioning, and testing of the SiBox Demonstration Module, as well as market research and techno economic assessments of brownfield industrial integration prospects.
With the second payment received, 1414 Degrees announces the final grant funding payment is expected to be delivered in July 2024.
1414 Degrees is an ASX-listed company focused on developing and commercialising its proprietary silicon-based thermal energy storage brick, which represents a key component in its thermal energy storage technology, SiBox.
This storage technology is reported to deliver high-temperature carbon free industrial heat and harnesses the extremely high latent heat capacity of silicon, enabling intermittent renewables to provide flexible, ultra-high temperature heat 24/7 for large industrial applications, as well as deliver reliable heat and power supply when required.