Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.
Vast Renewables (Nasdaq: VSTE) has signed a development services agreement with GGS Energy to develop Project Bravo, a commercial-scale synthetic fuels project in the Southwest United States. The project will utilize Vast's CSP v3.0 technology to generate carbon-free heat and electricity for producing green methanol and sustainable aviation fuel (e-SAF). The development targets 550MWh of CSP generation, with potential to reduce green fuel production costs by up to 40%. This project follows Vast's Solar Methanol 1 (SM1) reference plant in Australia, which will produce 7,500 tonnes of green methanol annually using a 30 MW / 288 MWh CSP plant.
Vast Renewables (Nasdaq: VSTE) ha firmato un accordo di servizi di sviluppo con GGS Energy per sviluppare il Progetto Bravo, un progetto di combustibili sintetici su scala commerciale nel sud-ovest degli Stati Uniti. Il progetto utilizzerà la tecnologia CSP v3.0 di Vast per generare calore ed elettricità privi di carbonio per la produzione di metanolo verde e carburante sostenibile per l'aviazione (e-SAF). Lo sviluppo mira a generare 550 MWh di CSP, con il potenziale di ridurre i costi di produzione di combustibili verdi fino al 40%. Questo progetto segue l'impianto di riferimento Solar Methanol 1 (SM1) di Vast in Australia, che produrrà 7.500 tonnellate di metanolo verde all'anno utilizzando un impianto CSP da 30 MW / 288 MWh.
Vast Renewables (Nasdaq: VSTE) ha firmado un acuerdo de servicios de desarrollo con GGS Energy para desarrollar el Proyecto Bravo, un proyecto de combustibles sintéticos a escala comercial en el suroeste de los Estados Unidos. El proyecto utilizará la tecnología CSP v3.0 de Vast para generar calor y electricidad libres de carbono para la producción de metanol verde y combustible sostenible para la aviación (e-SAF). El desarrollo tiene como objetivo generar 550 MWh de CSP, con el potencial de reducir los costos de producción de combustibles verdes en hasta un 40%. Este proyecto sigue al planta de referencia Solar Methanol 1 (SM1) de Vast en Australia, que producirá 7,500 toneladas de metanol verde anualmente utilizando una planta CSP de 30 MW / 288 MWh.
Vast Renewables (Nasdaq: VSTE)는 GGS Energy와 함께 미국 남서부에서 상업적 규모의 합성 연료 프로젝트인 Bravo 프로젝트를 개발하기 위한 개발 서비스 계약을 체결했습니다. 이 프로젝트는 Vast의 CSP v3.0 기술을 활용하여 탄소 없는 열과 전기를 생성하고, 이를 통해 녹색 메탄올과 지속 가능한 항공 연료(e-SAF)를 생산할 예정입니다. 이 개발은 550MWh의 CSP 생성을 목표로 하며, 녹색 연료 생산 비용을 최대 40%까지 줄일 수 있는 잠재력을 가지고 있습니다. 이 프로젝트는 호주에 위치한 Vast의 Solar Methanol 1(SM1) 기준 플랜트를 이어가는 것으로, 이곳에서는 30 MW / 288 MWh CSP 플랜트를 사용하여 연간 7,500톤의 녹색 메탄올을 생산할 것입니다.
Vast Renewables (Nasdaq: VSTE) a signé un accord de services de développement avec GGS Energy pour développer le Projet Bravo, un projet de combustibles synthétiques à l'échelle commerciale dans le sud-ouest des États-Unis. Le projet utilisera la technologie CSP v3.0 de Vast pour générer de la chaleur et de l'électricité sans carbone pour produire du méthanol vert et du carburant aérien durable (e-SAF). Le développement vise à générer 550 MWh de CSP, avec un potentiel de réduction des coûts de production de carburants verts allant jusqu'à 40%. Ce projet fait suite à l'usine de référence Solar Methanol 1 (SM1) de Vast en Australie, qui produira 7 500 tonnes de méthanol vert par an grâce à une usine CSP de 30 MW / 288 MWh.
Vast Renewables (Nasdaq: VSTE) hat einen Entwicklungsdienstleistungsvertrag mit GGS Energy unterzeichnet, um das Projekt Bravo zu entwickeln, ein kommerzielles synthetisches Kraftstoffprojekt im Südwesten der Vereinigten Staaten. Das Projekt wird die CSP v3.0-Technologie von Vast nutzen, um kohlenstofffreie Wärme und Strom zur Herstellung von grünem Methanol und nachhaltigem Flugkraftstoff (e-SAF) zu erzeugen. Die Entwicklung zielt auf eine CSP-Erzeugung von 550 MWh ab, mit dem Potenzial, die Produktionskosten für grüne Kraftstoffe um bis zu 40% zu senken. Dieses Projekt folgt der Referenzanlage Solar Methanol 1 (SM1) von Vast in Australien, die jährlich 7.500 Tonnen grünes Methanol mit einer CSP-Anlage von 30 MW / 288 MWh produzieren wird.
- Potential 40% reduction in green fuel production costs using CSP technology
- Development target of 550MWh of CSP generation
- Project builds upon existing reference plant (SM1) with proven 7,500-tonne annual production capacity
- Expansion into U.S. market with potential for long-term offtake contracts
- Early-stage development status with uncertain timeline to completion
- Project details and final capacity still undetermined
Insights
This strategic partnership represents a significant technological and commercial milestone for Vast's CSP technology deployment. The 550MWh CSP generation target for Project Bravo substantially exceeds their Australian SM1 project (30 MW / 288 MWh), indicating aggressive scaling ambitions. The potential
The collaboration with GGS Energy provides important U.S. market access and development expertise. By focusing on green methanol and e-SAF production, Vast is targeting high-growth segments within the renewable fuels sector. The project's emphasis on securing long-term offtake contracts from global partners could provide stable revenue streams, though significant execution risks remain given the scale and complexity of the proposed facility.
The strategic positioning of Project Bravo in the U.S. Southwest capitalizes on optimal solar conditions while addressing critical gaps in domestic green fuel production capacity. The project's dual focus on green methanol and e-SAF aligns with mounting regulatory pressure and corporate commitments to decarbonize shipping and aviation sectors. The Australian SM1 project's modest 7,500 tonnes annual production capacity serves as a valuable proof-of-concept, though scaling to commercial volumes will require significant capital investment and operational expertise.
The partnership structure suggests a thoughtful approach to risk management, with GGS Energy's development experience complementing Vast's technological capabilities. The potential for follow-on projects could create substantial long-term value, particularly if early operations demonstrate the promised cost advantages.
HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) -- 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 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 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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