1414 Degrees chair will step back from executive role but says ‘we’re on a winner’

Executive chair of Adelaide renewables company 1414 Degrees will resign from the role, but says the company’s future is bright.

1414 Degrees director Dr Kevin Moriarty.

1414 Degrees executive chairman Dr Kevin Moriarty has given notice he will resign from executive duties, but will remain on the board of the Adelaide company as a non-executive director.

Dr Moriarty said that after five years with the company, and at the age of 74, he was looking for someone else to take a leadership role.

Dr Moriarty is the largest shareholder in the company, which is aiming to commercialise its SiBox technology, which stores energy as heat in molten silicon.

“I’ve taken the company through several of the ups and downs of technology development,’’ Dr Moriarty said.

“We’re on a winner now. I’m very confident about the prospects for the company.’’

1414 last week announced it had identified a pathway to commercialise SiBox, and would build a $2 million, 1 megawatt hour demonstration module, to be commissioned in September 2022.

“A comprehensive test program will enable the company to build a multi-module 75MWh commercial pilot, scheduled to be commissioned in 2025, as previously announced,’’ the company said.

“The company is progressing partnerships and grants for the full commercialisation process.’’

1414 recently farewelled board member Richard Willson, who resigned as a non-executive director and company secretary on May 24, after being appointed on July 2 last year.

Jamie Summons - the former managing director of 1414 Degrees.

1414 Degrees told the ASX in a statement on Friday that Dr Moriarty had provided three months notice of his intended resignation from executive duties, in accordance with his employment contract.

“Whilst Dr Moriarty will not be required to attend work or to perform his executive duties during the period of his notice, the company will continue to benefit from Dr Moriarty’s extensive experience and knowledge in his role as non-executive director,’’ the company said.

Tony Sacre has been appointed as an independent director and interim chair.

1414 Degrees also said that in light of Dr Moriarty’s resignation and the absence of Mr Summons, the company’s chief operating officer Dr Jordan Parham had been appointed acting chief executive.

The company had three directors leave in the 2019-20 financial year, with Robert Shepherd resigning on November 7, 2019, while Penelope Bettison joined the board on September 27 2019, and resigned on July 28 2020, while Ian Little was appointed on the same day and resigned on July 1, 2020.

1414 shares were steady on 14.5c.

Originally published as 1414 Degrees chair will step back from executive role but says ‘we’re on a winner’