1414 Degrees partners with Woodside on energy storage tech
Clean energy company 1414 Degrees (14D) has announced that it has signed agreements with Woodside Energy Technologies, a subsidiary of Woodside Energy, to support further development and potential partnership in the future commercialisation of 14D’s SiBox thermal energy storage technology.
14D has been working with Woodside to establish a suitable validation project that will assess the commercial potential of SiBox, which has the ability to store abundant renewable electricity and deliver heat. As noted by 14D CEO Matt Squire, “Our SiBox design is both simple and scalable in its concept and can replace the use of gas or fossil fuels with renewable heat for a large array of energy customers. It is a much simpler solution than hydrogen.”
An agreement has now been executed for Woodside to contribute up to $2 million to the circa 1 MWh SiBox demonstration module, based on the completion of specific project milestones by 14D. The validation project is scheduled to be commissioned in early 2023, upon which a series of operational tests will be performed into 2024.
Following review of results in the testing program, Woodside will have the opportunity to notify 14D if it wishes 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%.
If Woodside decide against jointly participating in the direct ownership of the SiBox technology or the parties cannot conclude definitive agreements concerning the SiBox SPV within an agreed negotiation period, 14D will supply a quantity of commercial product to Woodside on favourable terms if requested. In addition, Woodside will have a right of first refusal (ROFR) for a period to undertake further investment in the development and commercialisation of SiBox, and to acquire the SiBox IP.
The validation project has been described as an important step towards advancing the technology readiness level (TRL) of the SiBox technology. It will aid in demonstrating and de-risking the technology for potential future integration into Woodside’s operations, and provide confidence to other large-scale industrial and utility customers. This should accelerate the potential commercialisation of the technology as a robust and flexible solution to replace heat generated by fossil fuels with heat from renewable sources.
“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,” 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.”
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