February 24 (Renewables Now) - Thermal energy storage system developer 1414 Degrees Ltd (ASX:14D) on Monday announced plans to issue shares to raise about AUD 3 million (USD 1.98m/EUR 1.83m).
As part of the share issue, the company will offer to existing shareholders up to 18.75 million new ordinary shares, priced at AUD 0.16 each. The amount to be raised as part of the placement could be lowered or increased in order to comply with regulatory requirements.
The company plans to invest the proceeds from the placement in the development of a solar park coupled with the installation of its TESS-GRID technology. For the development, 1414 Degrees will take advantage of the project in Port Augusta, South Australia, that the company acquired in November. As announced at the time of the deal, the project will include a 400-MW solar farm and storage capacity to be progressively scaled up to several thousand MWh.
Proceeds will also be used for further upgrades of 1414 Degrees' pilot biogas TESS at SA Water‘s Glenelg Wastewater Treatment Plant as it begins commercial sales, as well as for general working capital purposes.
(AUD 1.0 = USD 0.659/EUR 0.609)