Andrew Spence, Smart Company
South Australian energy storage startup 1414 Degrees will start trading on the Australian Securities Exchange today after raising $16.3 million as part of its IPO.
The startup has spent a decade and $15 million developing its silicon storage technology and will begin trading as a public company from 11am Australian Eastern Standard Time.
The listing completes a 22-month journey since 1414 Degrees (ASX:14D) became an unlisted public company in December 2016.
Until now, the Adelaide-based startup has been funded largely by individuals, families and private fund managers, along with federal and state governments.
The startup’s technology stores electricity as thermal energy by heating and melting containers full of silicon at a cost estimated to be up to 10 times cheaper than lithium batteries.