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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:
TheR&D teamare focussed on technologyto fullyexploitsilicon’s lower unit cost of energy storageto deliverlarge scale energy storage. They have been testing anew silicon containment technology toprovide a solution forall scalesand devices. A materials scientistwill soon join the teamto accelerate development and oversee our collaborative work with several Australian and international research organisations and suppliers.
Our new Thermal Systems Engineering team will focus onoptimising the system design and componentsto maximisethe performance of the TESS system. They arefine 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.