14D wins Core Innovation Hot 30 award for its thermal storage tech
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On Thursday night, Aussie-listed thermal energy storage specialist 1414 Degrees was announced among Australia’s 2022 Core Innovation Hot 30.
The event recognises the most innovative technologies across defence, resources, manufacturing and other key major industries across Qld, WA, and SA. The Adelaide-based clean energy storage firm 1414 Degrees (ASX:14D) was the recipient of the SA Innovation Award, presented by South Australian Department for Energy & Mining
1414 Degrees (ASX:14D) has already commenced the construction of its now award-winning thermal energy storage tech – SiBox – ready for demonstration in early 2023. This is all occurring just as a new global energy crisis emerges out of Europe resulting in ever increasing gas prices.
SiBox could offer the solution. It enables intermittent renewable electricity to be stored during hours of excess renewable generation and then dispatched as firmed, high temperature air that can uniquely provide the clean, high temperature heat needed for industrial processes. It is a flexible, scalable and sustainable technology that offers an economic solution to the global need for a decarbonised future.
Speaking to Stockhead after the announcement, CEO Matthew Squire said his team was thrilled with the award and in particular, “pleased for the team that our hard work and determination to provide a solution for a decarbonised energy future continues to be recognised.”
Squire says 14Ds SiBox tech is particularly innovative because of its potential ability to deliver, high-temperature heat and power to a large variety of users who previously may have thought access to cheap renewable energy was not available.
“The SiBox concept is flexible, sustainable, and scalable… it’s been specifically designed as a modular system that can be configured to suit a wide variety of applications. Its intent is to open up an affordable renewable energy future to a large array of industrial energy users which is becoming critical in the current macro-economic environment,” he told Stockhead.
1414’s lead Technology Manager Dr Mahesh Venkataraman explained that SiBox uses renewable electricity to heat a silicon-based alloy until it changes ‘phase’ from a solid to a liquid. Exploiting this latent heat capacity of silicon means a much higher relative energy density can be achieved compared to other materials, providing for more efficient energy storage and consistent delivery of renewable heat at the required temperature.
The heat stored in SiBox is released by using air as the heat transfer fluid. Its output is clean, high temperature air which can be discharged on demand and converted to other forms of heat as required by customers using standard energy recovery equipment.
“Our vision is that in the future large industrial energy users that require high temperature heat and power will be able to run on clean, renewable energy by using SiBox,” he said.
1414 Degrees has executed agreements with Woodside Energy Technologies to fund $2 million in future costs to construct a 1MWh SiBox demonstration module.
The SiBox demonstration module is expected to be commissioned in early 2023 ready for extended performance testing and accelerate its commercialisation as a competitive clean energy product.
The Core 30 award is not 1414’s first trip to the podium.
The potential significance of its future commercial use was up in lights more recently when, in November, the company was announced as a successful recipient of a $2.2 million grant under the Commonwealth Government’s Modern Manufacturing Initiative.
Squire says the funds will be used to continue to progress the SiBox towards commercialization.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.