Energy storage developer 1414 Degrees has signed agreements with Woodside Energy Technologies to support further development and potential partnership in the future commercialisation of 14D’s SiBox silicon energy storage technology.
1414 Degrees have been working with Woodside to establish a suitable validation project that will assess the commercial potential of 14D’s thermal energy storage technology, SiBox, which is particularly suited to delivering high temperatures for industrial processes.
An agreement has been executed for Woodside to contribute up to $2 million to the development of a 1 MWh SiBox demonstration module.
The demonstration is now scheduled to be commissioned in early 2023 upon which a series of operational tests will be performed into 2024.
Woodside will then have the opportunity to notify 14D if they wish to proceed to jointly develop and commercialise the SiBox technology. In this instance a special purpose vehicle (SiBox SPV) will be created to which the SiBox Intellectual Property (IP) will be transferred for future development and commercialisation.
Woodside’s ownership of the SPV will be in proportion to its investment and the assessed fair value of the SPV after the completion of the validation project. 14D will have an ownership interest in the SPV of not less than 51 per cent.
14D’s CEO Matt 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. We very much look forward to working with Woodside as the world continues to transition towards a cleaner energy future”.
Picture: SiBox concept
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