Vast Renewables Limited (“Vast” (Nasdaq: VSTE), a renewable
energy company specialising in concentrated solar thermal power
(CSP) energy systems that generate zero-carbon, utility-scale
electricity and industrial process heat, today announced, along
with its consortium partner Mabanaft, that they have signed funding
agreements for up to ~AUD $40 million for the solar methanol plant,
known as SM1.
As announced in January 2023, Vast will receive up to AUD $19.48
million from the Australian Renewable Energy Agency (ARENA) and
Mabanaft will receive up to EUR $12.4 million from Projektträger
Jülich (PtJ) on behalf of the German government after the SM1
project was selected last year as a part of the German-Australian
Hydrogen Innovation and Technology Incubator (known as HyGATE).
“This is a giant leap for green fuel production globally,” said
Craig Wood, CEO of Vast. “Solar methanol, produced at plants like
SM1, has the potential to make a huge difference to the transport
sector where it has proven difficult to decarbonise fuel sources.
This funding is a testament to the tremendous opportunity provided
by Vast’s technology as well as our partners within the Solar
Methanol Consortium.”
Philipp Kroepels, Director New Energy at Mabanaft reaffirms:
"With access to green methanol, our range of sustainable energy
solutions for our customers continues to grow. The funding
agreements make a crucial recognition and validation of our
decarbonisation efforts and can make a strong contribution to
strengthening Germany's leading role in the global energy
transition."
The funding agreements are an important step forward for SM1, as
well as the HyGATE program which seeks to support real-world pilot,
trial, and demonstration projects along the hydrogen supply chain.
Vast and Mabanaft are assessing SM1 with the Solar Methanol
Consortium and are supported by fellow Australian technology
company Calix as Principal CO2 Supply Partner and the Australian
Solar Thermal Research Institute (ASTRI).
Methanol is one of the most versatile hydrogen derivatives
which, if produced using clean energy, has the potential to
decarbonise several hard-to-abate industries, including shipping
and aviation. SM1 will be powered by Vast’s CSP v3.0 technology,
which aims to generate zero-emission heat and electricity to
produce green methanol. CSP can provide an optimal balance of
renewable heat and power, as required for the production of green
fuels, and using the technology could potentially achieve a
reduction of green fuel production costs of up to 40 per cent.
SM1 aims to produce up to 7,500 tonnes per annum of green
methanol and the Consortium has attracted the interest of major
off-takers. The project aims to be a catalyst for a solar methanol
industry in Australia, with the potential to export the fuel to
Germany and other global markets, creating hundreds of highly
skilled jobs.
About Vast
Vast is a renewable energy company that has CSP systems to
generate, store, and dispatch carbon-free, utility-scale
electricity, industrial heat, and to enable the production of green
fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary,
modular sodium loop to efficiently capture and convert solar heat
into these end products.
On December 19, 2023, Vast listed on the Nasdaq under the ticker
symbol “VSTE”, while remaining headquartered in Australia.
Visit www.vast.energy for more information.
About Mabanaft
Mabanaft is a leading independent and integrated energy company
providing its customers with innovative energy solutions for their
transportation, heating, industrial and agricultural needs. The
group is active in import, distribution and marketing of petroleum
products, natural gas liquids, chemicals and biofuels, and supports
its customers’ transition to cleaner fuels by providing alternative
long-term solutions. www.mabanaft.com
Forward-Looking Statements
The information included herein and in any oral statements made
in connection herewith include "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of present or
historical fact included herein, regarding SM1, Vast's future
financial performance, as well as Vast's strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used herein, including any oral
statements made in connection herewith, the words “anticipate,”
“believe,” "could," “estimate,” “expect,” “intend,” “may,”
“project,” "should," “will,” the negative of such terms and other
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on Vast management’s current expectations and assumptions, whether
or not identified in this press release, about future events and
are based on currently available information as to the outcome and
timing of future events. Except as otherwise required by applicable
law, Vast disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. Vast cautions you that these forward-looking statements are
subject to risks and uncertainties, most of which are difficult to
predict and many of which are beyond the control of Vast. These
risks include, but are not limited to, general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the inability to recognise the anticipated
benefits of Vast’s recent business combination; costs related to
that business combination; Vast’s ability to manage growth; Vast’s
ability to execute its business plan, including the completion of
the Port Augusta project (including SM1), at all or in a timely
manner and meet its projections; potential litigation, governmental
or regulatory proceedings, investigations or inquiries involving
Vast or its subsidiaries, including in relation to Vast’s recent
business combination; changes in applicable laws or regulations and
general economic and market conditions impacting demand for Vast’s
products and services. Additional risks are set forth in the
section titled "Risk Factors" in the final prospectus, dated
November 22, 2023, as supplemented, and other documents filed, or
to be filed with the SEC by Vast. Should one or more of the risks
or uncertainties described herein and in any oral statements made
in connection therewith occur, or should underlying assumptions
prove incorrect, actual results and plans could differ materially
from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact
Vast’s expectations can be found in Vast’s periodic filings with
the SEC. Vast’s SEC filings are available publicly on the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20240214393273/en/
For Investors: Caldwell Bailey ICR, Inc. VastIR@icrinc.com For
US media: Matt Dallas ICR, Inc. VastPR@icrinc.com For Australian
media: Nick Albrow Wilkinson Butler nick@wilkinsonbutler.com
Mabanaft Communications: communications@mabanaft.com
Vast Renewable (NASDAQ:VSTE)
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