What is one way to ensure that you don’t disappoint your shareholders? Let them call the shots! That’s what sustainable energy tech company 1414 Degrees (ASX: 14D) did when picking a name for its silicon storage solution previously called 14D Brick.
Its shareholders suggested 260 names, and “SiBrick” came out as the best choice. The Company has lodged a trademark application for the name. SiBrick was chosen after an enthusiastic response to a competition conducted through social media and email, encouraging shareholders and followers to contribute their ideas.
Among the suggestions, SiBrick stood out due to its association with silicon (“Si”) and the registered SiBox® trademark. SiBox is a complete thermal energy storage system, designed to be retrofitted—i.e. added into already manufactured systems—into industry processes. The Company is playing its part in the sustainable energy movement, providing a sustainable alternative to fossil fuels by delivering high-temperature clean heat generated from electricity. In doing so, it is reducing the cost of industrial process heat by charging when electricity is cheaper.
Essentially, SiBox is a clean heating technology that captures renewable energy from natural sources, runs it through its box, complete with a heating element, a silicon based storage solution (“SiBrick”) installed into the box’s walls, and a heat recovery chamber. Then, it releases the heat for industrial use, like the production of steel, cement and such. It doesn’t need constant power input and can produce a consistent high-temperature heat, thus ensuring effective outputs.
1414 Degrees has a partnership with a top-tier European manufacturer to develop and mass manufacture SiBricks using its existing infrastructure. They are currently undergoing rigorous testing in the SiBox® Demonstration Module (SDM), storing and delivering high temperature latent heat.
Its latest SDM performance testing revealed that the latent heat of silicon delivered a stable stream of heat above 800°C without the need for a temperature control system. Further runs went for longer, consistently supplying clean heat at set points of 700°C and 800°C. In future trials, the Company aims to push the temperature up to 900°C. Ultimately, it wants future SiBox™ development to supply hot air up to 1000°C powered by SiBrick at temperatures above 1400°C.
In Q3 FY23, 1414 Degrees had $2.7 million in cash, up from $1.2 million in Q2. It also received a $300k placemen, thanks to a venture fund buying 3 million shares at 10 cents a share. Over the past nine months, it has burnt $1.6 million in cash, largely spent on R&D, marketing and admin costs.
Besides engaging shareholders, the Company also recently announced an employee incentivisation scheme. By linking performance rights to specific share price uplifts, it has created a culture of results-driven performance. The recent performance rights issue, of 4.4 million securities, to all participants had key performance criteria of 20 cents, 40 cents and 60 cents share price. 1414 Degrees anticipates SiBrick to play a significant role in achieving these targets. And, perhaps, more such competitions might result in greater innovations.
Alinda is a Business Reporter for The Sentiment
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