Join our daily newsletter At The Bell to receive exclusive market insights
- 1414 Degrees (14D) teams up with Woodside Energy’s (WPL) tech subsidiary to help commercialise its SiBox technology
- SiBox is 14D’s thermal energy storage technology which it’s been working with Woodside Energy Technologies to create a suitable validation project
- Woodside will contribute up to $2 million to the circa 1 megawatt-hour SiBox demonstration module, though the funds are contingent on certain milestones being met
- The companies have also agreed to commission the validation project in early 2023, before a series of operational tests will be performed into 2024
- Shares in 1414 Degrees spiked 20 per cent to 12 cents each following today’s announcement
1414 Degrees (14D) has announced it will team up with Woodside Energy’s (WPL) tech subsidiary to help commercialise its SiBox technology.
SiBox is 14D’s thermal energy storage technology that it has been working on with Woodside Energy Technologies.
The two companies teamed up to create a suitable validation project for the technology which has applications in the clean energy sector.
An agreement has now been executed for Woodside to contribute up to $2 million to the circa 1 megawatt-hour SiBox demonstration module
But, the allocation of WPL’s funds is contingent on specific project milestones being met by 14D.
The companies have agreed to commission the validation project in early 2023 before a series of operational tests will be performed into 2024.
Woodside will then review the results, before deciding if it wants to jointly develop and commercialise the technology.
If they do decide to push ahead, a special purpose vehicle will be created which contains the SiBox Intellectual Property.
1414 Degrees CEO Matt Squire said he was pleased to be further collaborating with Woodside Energy Technologies.
“Woodside is Australia’s leading natural gas producer and we are delighted they have chosen to participate in the funding of the construction and testing of our SiBox demonstration module,” Mr Squire said.
“We believe that our technology has the potential to be a major component of future renewable energy projects due to its flexibility and capability in delivering high temperature heat.
“Having a partner with the technical and financial capability of Woodside will only
accelerate the potential commercialisation of SiBox as a competitive clean energy storage solution.”
Shares in 1414 Degrees have spiked 20 per cent following today’s announcement, ending the day trading at 12 cents each.
