New technology could disrupt the Lithium boom

New technology could disrupt the Lithium boom

Silicon battery group and ASX aspirant 1414 Degrees has hit a snag with ASIC.  The Adelaide-based company lodged a prospectus for a capital raising of $30 million to $50 million and public flotation to commercialise its novel energy storage technology last month. But ASIC is seeking more detailed information and 1414 Degrees will have to issue a new prospectus.

 

The company’s energy storage devices use surplus wind or solar energy to melt a solid block of silicon housed in a solid steel casing, and can store the energy for a week or two and discharge it on demand in the form of heat or electricity according to each customer’s needs. The technology is visionary although chairman Kevin Moriarty has toned down past utterances that it would blow lithium ion batteries like the Tesla-Neon big battery “out of the water”.

But the business case depends not only on the revolutionary shift to clean energy continuing but also on energy users adopting 1414 Degrees’ solution in preference to lithium ion batteries or pumped hydro storage. The company has signed commercial pilot deals with SA Water, poultry processor Pepe’s Ducks and corrugated packaging group AustCor.   But regulators have become leery of startups with negligible revenues seeking passage on the ASX after high profile casualties like Big Un and Guvera. There’s no evidence 1414 Degrees deserves to be bracketed with those comets but for now enthusiasts for molten silicon energy storage will have to cool their heels while the company goes through ASIC’s hoops.

 

But regulators have become leery of startups with negligible revenues seeking passage on the ASX after high profile casualties like Big Un and Guvera. There’s no evidence 1414 Degrees deserves to be bracketed with those comets but for now enthusiasts for molten silicon energy storage will have to cool their heels while the company goes through ASIC’s hoops.

 

Article Source – www.afr.com