- 1414 Degrees (14D) has entered a share sale agreement with a Vast Solar subsidiary to accelerate activities at the Aurora energy project in Port Augusta
- Vast Solar will pay $2.5 million in cash over two instalments to acquire 50 per cent of shares in SiliconAurora, a subsidiary of 1414 Degrees
- In addition, the companies executed a shareholders agreement (SA), which will help guide operations of Silicon Aurora and develop the Aurora energy project
- The terms of the SA will ensure the completion of all activities required to get to stage one of Aurora so a final investment decision can be made early next year
- Shares in 14D were trading 1.3 per cent lower at 7.6 cent each at 11:42 am AEST
1414 Degrees (14D) has entered a share sale agreement with a Vast Solar subsidiary to accelerate activities at the Aurora energy project in Port Augusta.
Vast Solar will pay $2.5 million in cash over two instalments to acquire 50 per cent of shares in SiliconAurora, a subsidiary of 1414 Degrees which owns the project.
In addition, the companies executed a shareholders agreement (SA), which will help guide operations of SiliconAurora and develop the Aurora energy project.
The terms of the SA will ensure the completion of all activities required to get to stage one of Aurora so a final investment decision can be made early next year.
Vast Solar will contribute 50 per cent of all development costs associated with this development and will reimburse 50 per cent of past costs incurred since the start of the GPS Study.
The SA will also secure future development of Aurora, with access rights within the precinct for the companies to pursue independent activities.
14D will grant call options to entities associated with the owners of Vast Solar. This will provide them the option to acquire up to 9.9 percent of the shares in 14D at a price of 16 cents per share.
14D CEO Matt Squire said he is delighted to work with Vast Solar on the Aurora project.
“The transaction brings together two highly innovative Australian companies that share a vision for Aurora’s development as a long-term renewable energy project in Port Augusta,” he said.
Shares in 14D were trading 1.3 per cent lower at 7.6 cent each at 11:42 am AEST.