Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy
company specialising in concentrated solar thermal power (CSP)
systems that generate zero-carbon, utility-scale electricity and
industrial process heat, today announced it has signed a
development services agreement with GGS Energy LLC (“GGS Energy”),
a leading energy transition development company with deep project
development experience, to pursue a commercial-scale synthetic
fuels project in the Southwest United States (Project Bravo).
Project Bravo, Vast’s first deployment in the
U.S., will see Vast’s CSP v3.0 technology used to generate carbon
free heat and electricity to power a co-located refinery that will
produce green methanol and/or electrically powered sustainable
aviation fuel (e-SAF). The project is expected to be located in the
Southwest United States.
Methanol is one of the most versatile hydrogen
derivatives which, if produced using clean energy, has the
potential to decarbonise shipping and aviation fuels. Using CSP can
potentially reduce green fuel production costs by up to 40 percent
according to a recent report by engineering group Fichtner.
Furthermore, e-SAF will be critical to reducing emissions from the
aviation industry over the coming decades. Given these and other
strong demand trends, the parties expect to attract high-quality,
long-term offtake contracts from global strategic partners.
Project Bravo will build on Solar Methanol 1
(SM1), the CSP-powered green methanol reference plant to be located
in Australia at the Port Augusta Green Energy Hub, that Vast is
co-developing with global energy company Mabanaft. SM1 will be
supplied with baseload renewable heat from Vast’s co-located 30 MW
/ 288 MWh CSP plant, and it will have the capacity to produce 7,500
tonnes of green methanol each year.
Vast has been undertaking early-stage
development activities for Project Bravo, including initial design,
site selection and feasibility assessments, to create a viable
project ready for the next phase of development in collaboration
with GGS Energy. The project has a development target of 550MWh of
CSP generation, with further details to be released as development
activities unfold.
The development services agreement sets out how
Vast will advance Project Bravo with GGS Energy, a subsidiary of
Glacier Global Partners that was formed in 2020 as an energy
transition company focused on developing utility-scale renewable
energy. The project’s success could unlock the mass production of
green fuels from synthetic feedstocks in the US and catalyse a
pipeline of future projects.
Craig Wood, CEO of Vast, said, “CSP has the
potential to unlock low-cost green fuel production in the U.S., and
it can play a significant role in helping decarbonise shipping and
aviation. We are delighted to have GGS Energy as a development
partner to advance our plans in the U.S., which is a key market for
Vast’s technology.”
Tommy Soriero from GGS Energy said, “GGS Energy
is excited to partner with Vast and work to develop Project Bravo.
This collaboration marks a significant step toward a sustainable
future, harnessing advanced technology to produce low-cost green
fuels. We are eager to combine our expertise and resources to
ensure the success and impact of future innovative projects
starting with Project Bravo.”
About Vast
Vast is a renewable energy company that has
developed CSP systems to generate, store and dispatch carbon free,
utility-scale electricity and industrial heat, and to unlock 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.
Visit www.vast.energy for more
information.
About GGS Energy LLC
GGS Energy was formed in 2020 as an energy
infrastructure company focusing on developments of utility-scale
energy transition projects. The GGS team has an extensive
infrastructure development experience in the U.S. and
internationally utilizing multiple technologies including utility
scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many
more.
Contacts:
Vast
For Investors: Caldwell Bailey ICR, Inc.
VastIR@icrinc.com
For Australian media: Nick Albrow Wilkinson
Butler nick@wilkinsonbutler.com
For US Media: Matt Dallas ICR, Inc.
VastPR@icrinc.com
Forward Looking StatementsThe
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 Project Bravo, Vast's future financial
performance, 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 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; Vast's ability to obtain financing on commercially
acceptable terms or at all; Vast’s ability to manage growth; Vast's
ability to execute its business plan, including the completion of
the Port Augusta project (including SM1) and Project Bravo, at all
or in a timely manner and meet its projections; potential
litigation, governmental or regulatory proceedings, investigations
or inquiries involving Vast, including in relation to Vast's recent
business combination; the inability to recognize the anticipated
benefits of Vast's recent business combination; costs related to
that 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 Annual Report on
Form 20-F for the year ended June 30, 2024, dated September 9,
2024, 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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