Clean energy company, 1414 Degrees (ASX:14D) is up 22 per cent this morning on forging a joint venture with SiliconAurora, gaining potential access to ElectraNet’s Hill-to-Hill Transmission Line (H2H) to support early stage development of the Aurora Energy Precinct.
ElectraNet, a major electricity transmission company in South Australia, manages 5,591 km of high-voltage transmission lines. It also serves BHP group mines, Prominent Hill and Carrapateena, in the northern region of South Australia.
The joint venture initiated discussions, outlined in a term sheet, involving Vast Solar 1 and OZ Minerals Services (OZM), a BHP Group subsidiary. Negotiations between SiliconAurora, Vast Solar, and OZM are targeting finalisation of a binding agreement by September 30, 2024.
SiliconAurora and Vast Solar plan to conduct an independent technical review to evaluate any associated risks. The term sheet also incorporates provisions for termination if OZM finds the risks unsatisfactory post-review.
SiliconAurora has submitted a transmission connection application to ElectraNet for a battery energy storage system (BESS) to link to the National Electricity Market (NEM) through the H2H line. The application is currently being processed.
14D last traded at 7.3c, at 11:45am AEST.