- Vast successfully completes large-scale testing of its CSP
receiver tower, marking the final technical milestone
- With all key components validated, Vast is now set to deploy
its advanced clean energy solution at the Port Augusta Green Energy
Hub in South Australia, and at future projects
- Developed and manufactured in Australia, Vast’s award-winning
technology delivers highly efficient, cost-effective, and reliable
clean energy on demand
Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a leading
Australian clean energy solutions company, has achieved a
breakthrough with the successful launch of a first-of-its-kind
concentrated solar thermal power (“CSP”) receiver tower.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250211995272/en/
Vast's patented receiver tower at the
company’s facility in Queensland (Photo: Business Wire)
Designed and manufactured in Goodna, Queensland, the receiver
tower is the final component of Vast’s next generation clean energy
solution to be built and tested at operational scale. The
technology is set to be deployed at Vast’s Port Augusta Green
Energy Hub to power South Australia’s grid and green fuels
production. The milestone reinforces Vast’s readiness to deliver
solutions with best-in-class performance and is an important step
toward financial close for Vast Solar 1 (“VS1”), the company’s 30MW
utility scale reference project with 8 hours of storage.
Vast’s receiver tower design will deliver more efficient, lower
cost and lower risk dispatchable clean energy on demand,
outperforming any solution in market today. The receiver tower is
modular and repeatable with a simple supply chain, which Vast
believes will facilitate rapid construction on site and
straightforward commissioning. The design also reduces energy
losses and has limited moving parts to deliver reliable long-term
performance.
As one of the sunniest countries in the world, CSP is an obvious
choice in Australia’s energy transition. The technology’s long
duration energy storage capability and dispatchable capacity should
be a critical complement to intermittent solar PV and wind. Homes,
industry and transport need access to green, reliable and
affordable energy on demand when the sun isn’t shining and the wind
isn’t blowing.
Vast is a leader in the global CSP industry, pioneering the next
generation of technology that offers superior performance at lower
cost and risk. Vast’s patented technology is designed and made in
Australia, creating highly skilled green jobs and supporting
Australia’s goal to be a renewable energy superpower with
significant export opportunities.
Vast’s Port Augusta Green Energy Hub will showcase Vast’s CSP
v3.0 technology, following the successful operation for nearly
three years of a grid-connected demonstration project that received
the International Energy Agency’s SolarPACES 2019 Technical
Innovation Award.
Craig Wood, CEO of Vast, said: “This innovation in our receiver
tower is driving even greater performance from our clean energy
solution. By harnessing Australia’s abundant natural resources, our
projects aim to spark the growth of a domestic CSP industry while
creating export opportunities to deliver Australian green
technology to clean energy projects worldwide. We’re proud of the
breakthroughs we’ve achieved, and the immense potential our
technology has to play a vital role in the world’s decarbonisation
efforts.”
Vast’s award winning solution is set to be deployed at
utility-scale at VS1 to deliver energy into the national grid, and
to partly power a world-first co-located renewable methanol
production facility. Methanol has the potential to decarbonise
shipping and is already being used to power major container
vessels.
Vast also has a global pipeline of projects that will help to
decarbonise electricity generation and power the production of
green methanol and sustainable aviation fuels.
Vast continues to receive significant backing from the
Australian Government and major strategic investors including EDF
and Nabors Industries. Today’s breakthrough comes after Vast
announced in December it has signed an updated funding agreement to
access up to $30 million of its existing $65 million grant from the
Australian Renewable Energy Agency (“ARENA”) to support green
technology manufacturing and project development activities.
About Vast
Vast is a renewable energy company that has CSP systems to
generate, store, and dispatch carbon-free, utility-scale
electricity, industrial heat, or a combination to enable the
production of sustainable fuels. Vast’s CSP v3.0 approach 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.
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 the Port Augusta
project, 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 , 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 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, as amended on November 7, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211995272/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 WilkinsonButler nick@wilkinsonbutler.com
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