- 1414 Degrees (14D) teams up with Ovida Infrastructure to develop the Aurora Energy Project
- 14D and Ovida will work together to undertake relevant project-related activities to allow both parties to make decisions before it signs an official agreement in mid-2022
- The parties will initially explore the development of a battery energy storage system with the final investment decision targeted by the end of 2022
- On the market today, 14D is up 9.52 per cent and trading at 11.5 cents per share
1414 Degrees (14D) has teamed up with Ovida Infrastructure to develop the Aurora
Energy Project.
Ovida is owned by Jemena Group, one of Australia’s largest owners and operators of energy infrastructure with over $11 billion of assets under management.
The parties have signed a memorandum of understanding (MoU).
Under this agreement, 14D and Ovida will work together to undertake relevant project-related activities to allow both parties to make decisions before it signs an official agreement in mid-2022, where Ovida may own an interest in the project.
In executing the MoU, an initial payment of $300,000 is to be made by Ovida.
The parties will initially explore the development of a battery energy storage system with the final investment decision targeted by the end of 2022.
CEO Matt Squire is pleased to be working with Ovida to progress the Aurora project.
“Having a partner with their technical and financial capability will accelerate not just its development but also its construction and operation. Aurora is an excellent site for establishing a long term dispatchable renewable energy power generation facility, which will increasingly be in demand as efforts to decarbonise accelerate and coal power stations close down in the NEM,” Mr Squire said.
“Following on from our announcement in October regarding our SiBox technology project in collaboration with Woodside, 1414 Degrees is now well positioned with high calibre prospective partners for both of its core renewable energy activities.”
On the market today, 14D was up 9.52 per cent and is trading at 11.5 cents per share at 12:30 pm AEDT.