In its third quarter update, 1414 Degrees reported a significant cash position, including AU$1.5 million for a contracted turbine.
1414 Degrees (ASX:14D), cleantech company, reported a AU$7.7 million cash balance for the third quarter, coupled with a AU$1.5 million advance for its large-scale turbine and energy storage applications.
The company also stated that it expects an additional boost to its cash balance in November following a research and development (R&D) rebate from the Australian Taxation Office.
As quoted in the press release:
The R&D team are focussed on technology to fully exploit silicon’s lower unit cost of energy storage to deliver large scale energy storage. They have been testing a new silicon containment technology to provide a solution for all scales and devices. A materials scientist will soon join the team to accelerate development and oversee our collaborative work with several Australian and international research organisations and suppliers.
Our new Thermal Systems Engineering team will focus on optimising the system design and components to maximise the performance of the TESS system. They are fine tuning a complete energy model of the TESS to enable prediction and optimisation of equipment and storage configurations to suit customer requirements. This will mean we can design and build the most efficient configurations as we scale to TESS-GRID capacity. Business Development will use the Thermal Systems team for concept design and performance modelling.