Clean energy firm Vast Renewables has secured new funding from shareholders and launched a capital raise to accelerate its flagship Port Augusta Green Energy Hub and project pipeline.
Vast has entered into a termsheet for US$3.5 million of convertible notes from two of its largest and longest-standing investors, Nabors Industries and Canberra Airport Group. In parallel, the company has launched a capital raise targeting leading institutional and strategic investors, with Rennie Advisory appointed to lead the process.
Related article: Vast secures $700,000 grant to decarbonise shipping
Vast is also advancing a collaboration with a major player in the renewable energy sector with deep manufacturing capability and proven delivery of large-scale projects in comparable technologies. This partnership is focused on accelerating deployment of Vast’s technology in key global markets and unlocking additional commercial opportunities alongside the current project pipeline.
“The continued support from two of our long-term investors is a powerful endorsement of Vast’s technology and a strong vote of confidence in VS1,” Vast CEO Craig Wood said.
“This new funding keeps us on track to break ground on VS1 later this year, while our broader capital raise will enable delivery of VS1 and accelerate the rollout of our global project pipeline.”
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Located in South Australia, the Port Augusta Green Energy Hub will be home to a suite of integrated projects designed to deliver clean, dispatchable energy and enable decarbonisation of transport and industry, including:
- VS1: A 30MW concentrated solar thermal plant with eight hours of storage, VS1 has secured up to $290 million in conditional Australian Government support, including a $180 million ARENA grant. The project will deliver low-cost, low-carbon power on demand, and is on track for construction to begin later this year.
- 140MW/2-hour lithium-ion battery: Developed in partnership with 1414 Degrees, this project provides critical storage and grid stability and is also on track to commence construction later this year.
- South Australian Solar Fuels (SASF): A green fuels demonstration facility that aims to produce low-carbon hydrogen-derived fuels for aviation and shipping. With the pre-FEED stage now complete, MB Energy will conclude its involvement as the project progresses to FEED. Vast continues to lead development, supported by the award of A$700,000 in funding announced in March from the Australia-Singapore Low Emissions Technologies (ASLET) initiative for maritime and port operations.
