Welcome you back!

The Lite version support up to 2TB of storage capacity
and you can find more details bout it at the following link:
http://www.open-e.com/products/open-...tware-v7-lite/

And yes it's free, and you can update it to became a full version at anytime you want by applying the license to it.

Are you looking to use it with iSCSI targets or NAS share volumes?

About Windows 8.1, we did not test it yet, but it should work.