1414 Degrees acquires CST project in Australia
Australian thermal energy storage company 1414 Degrees plans 400 MW solar PV farm with innovative progressive storage capacity to several thousand MWh in place of Aurora project it is set to acquire from American solar developer SolarReserve.
1414 Degree will acquire SolarReserve Australia II Pty Ltd, which owns the Aurora Solar Energy Project near Port Augusta in South Australia and two solar sites in New South Wales. The Aurora Solar Energy Project was abandoned by SolarReserve because it was not able to secure funds in time.
The Aurora Solar Energy Project has SA Government development approval for a 70 MW solar PV farm and 150 MW of generation from a concentrated solar thermal plant (CST). 1414 Degrees proposes to use the site to pilot its world-leading TESS-GRID technology. 1414 Degrees´ thermal energy storage systems (TESS) are set to reduce energy costs by increasing the efficiency of renewable generation and stabilising grid supply. 1414 Degrees´ technology will make energy more reliable, affordable and environmentally friendly by harnessing silicon to provide very high temperature storage and regeneration. The TESS stores energy generated from electricity or gas and supplies both heat and electricity in the proportions required by consumers. It is unique in its combination of low cost, flexibility of location, scalability, and sustainability.
Government and stakeholder approvals will be sought to vary or submit a new development application to provide up to 400MW of solar PV together with the installation of the TESS-GRID technology. 1414 Degrees aims to progressively scale up the storage capacity to several thousand MWh. A TESS-GRID at this scale would be able to supply many hours of dispatchable electricity with spinning reserve from its turbines and a range of frequency control ancillary services (FCAS) to support grid stability.
1414 Degrees’ electrically charged TESS-GRID could also buy and store electricity generated by other renewable farms on the high voltage transmission network in the region, strengthening firming services and earnings from market arbitrage.
1414 Degrees Executive Chairman, Dr Kevin Moriarty said that the site had several clear advantages for the development of the TESS-GRID solution. Dr Moriarty said that the Aurora Solar Energy Project will be developed and financed in the subsidiary company, and 1414 Degrees will control and manage the Project.
The AUD 2 million (USD 1.35 million) acquisition will be funded by the 1414 Degrees’ cash reserve.
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