The Melrose Park-based company announced last month it had stood down managing director Jamie Summons pending completion of the independent investigation.
Late yesterday the publicly-listed company announced to the ASX that Summons had “not passed the probationary period of his employment contract and his employment with 1414 Degrees has ceased”.
Summons began in the role on January 4.
The announcement said Dr Jordan Parham would continue in his role of acting chief executive officer.
“The Board of Directors, including interim Chair Mr Tony Sacre, are now in the process of appointing a permanent chief executive,” last night’s statement said.
Earlier this month 1414 Degrees announced its executive chair Dr Kevin Moriarty would step down from his role as chair but would remain a non-executive Director of the company.
He has provided three months’ notice of his intended resignation from executive duties and will be replaced by Sacre as an independent, non-executive director and as interim chair of the board of directors.
Moriarty had headed up the company for the past five years.
He and COO Parham were managing the day-to-day operations of the company while Summons was stood down until the June 4 appointment of Parham to the role of acting chief executive officer.
It has been a challenging 12 months for the thermal energy storage company, which listed on the ASX in September 2018 after raising $16.3 million as part of its IPO. Its opening share price was $0.30.
The company’s share price nosedived in June last year following a review, which showed its technology was less efficient and reliable than previously forecast.
1414 Degrees’ technology stores energy generated from electricity or gas as thermal energy by heating and melting containers full of silicon. Energy can then be supplied as heat and electricity in the proportions required by consumers.
However, the technical and commercial status review ordered by Moriarty found its prototype silicon storage technology could not sustain many cycles without degrading.
It also found that its third-party energy recovery system could not perform to the required efficiency specifications.
The company’s share price was down 12 per cent this morning to be $0.11 at 11.30am.
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