1414 Degrees’ Aurora Energy Project in spotlight after Coalition SA renewables pledge
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1414 Degrees has welcomed Prime Minister Scott Morrison’s pledge to help build South Australia into a new energy powerhouse, with plans to contribute some $218 million to low emissions technology projects.
On Friday Prime Minister Scott Morrison said the projects worth a total of $500 million — including private investment — would create thousands of jobs.
“The upper Eyre Peninsula and iron triangle region at the top of Spencer Gulf in South Australia has long been an industrial powerhouse, and now they are primed to seize more opportunities from Australia’s clean hydrogen industry,” Morrison said.
CEO of 1414 Degrees (ASX:14D) Matthew Squire says the announcement further vindicates the company’s investment in its Aurora Energy Project near Port Augusta.
“The funding of these projects in the Eyre Peninsula, upper Spencer Gulf and Moomba will continue to showcase the area as a world-class renewable energy region supporting a decarbonised industrial future.”
Among the investments, locked in before the May 2022 election was called, is a $70m grant for the planned hydrogen hub at Port Bonython near Whyalla and $110m for a Concentrated Solar project to be developed by Vast Solar.
1414 Degrees has been actively investing in the Aurora project near Port Augusta for three years and recently upgraded all development approvals, which includes provision for 150MW of Concentrated Solar).
“We have also continued high-quality solar monitoring on-site. Stage One of the Aurora project will be a 140 MW/280MWhr battery which will establish the site’s connection and we are targeting a final investment decision (FID) in early 2023. Ultimately we are keen for solar to also be developed on the site and today’s announcements re-affirm our views that Aurora is an excellent location to do this”.
“The continued growth in abundant and affordable renewable energy will also generate the need for more innovative energy storage technologies.
“Our SiBox modular system being developed in Adelaide with funding support from Woodside and the Federal Government’s MMI scheme is one such innovation and our vision is to see it deployed at scale in the future,” Squire told Stockhead.
The Port Bonython precinct is also a big deal for other investors – including Santos and Andrew Forrest’s Fortescue Future Industries – and it’s expected to generate 45K tonnes of hydrogen annually by 2026.
The PM says some 6000 jobs will come from the $218m pledge for renewables in regional SA, including the $70m for the hydrogen hub.
This article was developed in collaboration with 1414 Degrees, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.