May 1 (Renewables Now) - South Australia-based silicon storage technology developer 1414 Degrees Ltd is looking to raise up to AUD 50 million (USD 37.6m/EUR 31.2m) in an initial public offering (IPO).
The company announced it has lodged a prospectus for the listing with the Australian Securities and Investments Commission (ASIC).
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It will be selling shares at AUD 0.35 apiece and is targeting at least AUD 30 million in proceeds.
1414 Degrees is the developer of the so-called Thermal Energy Storage System (TESS), which uses electricity from any source, including renewables, and stores it as latent heat in molten silicon at 1414° Celsius.
“In December 2016, we became an unlisted public company, and it was a critical pillar of our pre-IPO planning that we first get our products operating in commercial sites in order to establish a strong value proposition for current and prospective investors,” said executive chairman Kevin Moriarty, adding that the company now has agreements to do that.
Moriarty went on to say that the IPO will allow 1414 Degrees to commission three of its four key product lines in operating commercial industries.
In addition, it will be able to build and test a 1/15th scale cell of the TESS-GRID and then proceed with the construction of a 200-MWh module at a site tied to a solar or wind power installation.
According to the chairman, over 8,000 investors have pre-registered their interest in the transaction and, as a result, the company has reserved a AUD-20-million portion for them.
“If we raise the capital needed to ensure we are first to market, we expect there to be a very strong demand,” he concluded.
(AUD 1.0 = USD 0.751/EUR 0.624)
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