With its Initial Public Offering (IPO) in the final stages of preparation, South Australian based energy innovator, 1414 Degrees, has inked a deal for the first interstate installation of its products.
The project will see the company integrate its Thermal Energy Storage System (TESS) into the existing operations of national poultry grower, Pepe’s Ducks. Building of the TESS-IND is expected to commence later this year.
“The partnership between 1414 Degrees and Pepe’s Ducks will deliver an Australian-first, big picture energy solution to market,” said Dr Kevin Moriarty, Executive Chairman of 1414 Degrees.
“This project clearly underlines the strength of our technology, and its potential to revolutionise the approach of Australian and international industry to energy storage and heat generation.
“Current investors, and those who have expressed interest in becoming 1414 Degrees shareholders through our pending IPO, will be buoyed by news of this deal.”
Dr Moriarty said 1414 Degrees and Pepe’s Ducks had reached an agreement for a research, development and demonstration project to be undertaken at the producer’s New South Wales processing plant.
Subject to finalisation of an engineering review, the installation will provide Pepe’s Ducks with electricity and heat – predominantly in the form of steam. With a nominal storage capacity of 25MWh, and coupled with a turbine energy reclaim system, the 1414 Degrees TESS-IND will significantly increase energy efficiency at the site while reducing power bills.
“Pepe’s is looking at long term, viable commercial applications that reduce operating costs for the business and are environmentally sustainable. The 1414 Degrees technology meets this requirement by helping us to reduce electricity costs and displace gas,” said David Fox, Chief Financial Officer of Pepe’s Ducks.
The announcement comes just months after the Government of South Australia awarded the company a Renewable Technology Fund (RTF) grant for a collaboration with SA Water to integrate energy generation from waste with storage. That device is under construction for commissioning next quarter.
“Energy storage is moving from a ‘nice-to-have’ to a mandatory requirement in communities across the globe,”said Dr Moriarty. “The application of our technology is vast.”
“These projects put 1414 Degrees front and centre in the national and international energy storage and heat generation markets, and demonstrate our commitment to delivering energy for all, at all times.
“2018 is an incredibly important year for us. It not only heralds the installation at SA Water and Pepe’s Ducks of technology we have worked so tirelessly to develop across the past decade, but will also see 1414 Degrees taken to a much broader market, with the backing of Australian and international investors who are champing at the bit to take up shares through our IPO.”
For further information:
Media Relations Adviser – 1414 Degrees
0403 423 765