Vast Updates Shareholders at Annual General Meeting on Significant Progress Towards Delivering Continuous, Carbon Free Energy to the World
Vast Renewables (Nasdaq: VSTE) held its Annual General Meeting, highlighting progress in deploying its concentrated solar power (CSP) technology. The company secured access to up to $30 million from its existing $65 million ARENA grant. Two major projects are in development at Port Augusta, South Australia: Vast Solar 1 (VS1), a 30MW utility-scale CSP plant with 8 hours thermal storage, and Solar Methanol 1 (SM1), a renewable methanol production facility targeting 7,500 tonnes annual production.
The company completed FEED stage for VS1, targeting Final Investment Decision in Q1 2025. The estimated capital cost for VS1 is updated to AUD360-390 million. The company is expanding manufacturing capabilities in Queensland and strengthening business systems ahead of construction in 2025.
Vast Renewables (Nasdaq: VSTE) ha tenuto la sua Assemblea Generale Annuale, evidenziando i progressi nella diffusione della sua tecnologia di energia solare concentrata (CSP). L'azienda ha ottenuto accesso fino a 30 milioni di dollari dal suo attuale finanziamento ARENA di 65 milioni di dollari. Due progetti principali sono in fase di sviluppo a Port Augusta, in Australia Meridionale: Vast Solar 1 (VS1), una centrale CSP su scala utility da 30MW con 8 ore di stoccaggio termico, e Solar Methanol 1 (SM1), un impianto di produzione di metanolo rinnovabile che punta a una produzione annuale di 7.500 tonnellate.
L'azienda ha completato la fase FEED per VS1, puntando a una Decisione di Investimento Finale nel primo trimestre del 2025. Il costo di capitale stimato per VS1 è aggiornato a 360-390 milioni di dollari australiani. L'azienda sta ampliando le sue capacità di produzione nel Queensland e rafforzando i sistemi aziendali in vista della costruzione nel 2025.
Vast Renewables (Nasdaq: VSTE) celebró su Junta General Anual, destacando los avances en la implementación de su tecnología de energía solar concentrada (CSP). La compañía aseguró acceso a hasta 30 millones de dólares de su subvención existente de 65 millones de dólares de ARENA. Dos proyectos importantes están en desarrollo en Port Augusta, Australia del Sur: Vast Solar 1 (VS1), una planta CSP a escala de utilidad de 30MW con 8 horas de almacenamiento térmico, y Solar Methanol 1 (SM1), una instalación de producción de metanol renovable que busca una producción anual de 7,500 toneladas.
La compañía completó la etapa FEED para VS1, con el objetivo de tomar la Decisión Final de Inversión en el primer trimestre de 2025. El costo de capital estimado para VS1 se actualiza a 360-390 millones de dólares australianos. La compañía está ampliando sus capacidades de fabricación en Queensland y fortaleciendo los sistemas comerciales antes de la construcción en 2025.
Vast Renewables (Nasdaq: VSTE)는 연례 총회를 열고 집중형 태양열 발전(CSP) 기술 배치의 진전을 강조했습니다. 이 회사는 현재 6,500만 달러 ARENA 보조금에서 최대 3천만 달러에 대한 접근을 확보했습니다. 두 개의 주요 프로젝트가 남호주 포트 오거스타에서 개발 중입니다: Vast Solar 1 (VS1), 8시간의 열 저장 장치를 갖춘 30MW 규모의 CSP 발전소 및 연간 7,500톤의 생산을 목표로 하는 재생 메탄올 생산 시설인 Solar Methanol 1 (SM1)입니다.
회사는 VS1의 FEED 단계를 완료했으며, 2025년 1분기 내 최종 투자 결정을 목표로 하고 있습니다. VS1에 대한 추정 자본 비용은 3억 6천만 ~ 3억 9천만 호주 달러로 업데이트되었습니다. 이 회사는 퀸즐랜드에서 제조 능력을 확장하고 2025년 건설을 앞두고 비즈니스 시스템을 강화하고 있습니다.
Vast Renewables (Nasdaq: VSTE) a tenu son Assemblée Générale Annuelle, mettant en avant les progrès réalisés dans le déploiement de sa technologie d'énergie solaire concentrée (CSP). L'entreprise a sécurisé l'accès à jusqu'à 30 millions de dollars de sa subvention ARENA existante de 65 millions de dollars. Deux projets majeurs sont en cours de développement à Port Augusta, en Australie-Méridionale : Vast Solar 1 (VS1), une centrale CSP de 30 MW avec 8 heures de stockage thermique, et Solar Methanol 1 (SM1), une installation de production de méthanol renouvelable visant une production annuelle de 7 500 tonnes.
L'entreprise a achevé la phase FEED pour VS1, visant une Décision Finale d'Investissement au premier trimestre 2025. Le coût de capital estimé pour VS1 est mis à jour à 360-390 millions de dollars australiens. L'entreprise élargit ses capacités de fabrication dans le Queensland et renforce ses systèmes d'affaires avant le début de la construction en 2025.
Vast Renewables (Nasdaq: VSTE) hat seine Jahreshauptversammlung abgehalten und Fortschritte bei der Umsetzung seiner konzentrierten Solarenergie-Technologie (CSP) hervorgehoben. Das Unternehmen hat Zugang zu bis zu 30 Millionen Dollar aus dem bestehenden ARENA-Zuschuss von 65 Millionen Dollar erhalten. Zwei große Projekte sind in der Entwicklung in Port Augusta, Südaustralien: Vast Solar 1 (VS1), ein 30-MW-CSP-Kraftwerk mit 8 Stunden thermischer Speicherung, und Solar Methanol 1 (SM1), eine Produktionsstätte für erneuerbares Methanol mit einem Ziel von 7.500 Tonnen Jahresproduktion.
Das Unternehmen hat die FEED-Phase für VS1 abgeschlossen und strebt eine endgültige Investitionsentscheidung im ersten Quartal 2025 an. Die geschätzten Investitionskosten für VS1 wurden auf 360-390 Millionen AUD aktualisiert. Das Unternehmen erweitert seine Fertigungskapazitäten in Queensland und stärkt die Geschäftssysteme vor dem Bau im Jahr 2025.
- Secured up to $30M funding from ARENA grant
- VS1 project completed FEED stage, progressing toward Final Investment Decision
- Partnership with German company Mabanaft for renewable methanol production
- All AGM resolutions passed successfully
- VS1 project capital costs estimated at AUD360-390M, requiring significant funding
- Construction not yet started, pending Final Investment Decision in Q1 2025
Insights
The AGM update reveals significant strategic developments but lacks immediate financial impact. While securing up to
The development of VS1's 30MW capacity plant with 8-hour thermal storage represents a significant technological milestone in dispatchable renewable energy. The co-located Solar Methanol 1 facility's planned 7,500-tonne annual production capacity addresses a critical gap in maritime sector decarbonization. The expansion of manufacturing capabilities in Queensland and partnership with GGS Energy for US market entry indicates strong commercialization potential. The technology's ability to provide both power generation and industrial heat positions Vast uniquely in the renewable energy landscape, particularly for sunbelt countries seeking to phase out coal power.
SYDNEY, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a leading Australian green energy technology company, held its Annual General Meeting (“AGM”) on November 27, updating shareholders on progress towards deploying its next generation concentrated solar power (“CSP”) solution to deliver clean, continuous dispatchable power and heat.
The AGM saw Vast’s Chairman, Peter Botten, and CEO, Craig Wood, provide updates on the company’s achievements throughout 2024 and the outlook for the year ahead. All resolutions were successfully passed at the AGM, with Craig Wood, Colin Richardson and William Restrepo all re-elected as Directors.
The AGM follows Vast’s recent announcement that it has signed an updated funding agreement to access up to
The funding and Vast’s progress throughout 2024 pave the way for another successful year ahead. Vast’s technology is set to be deployed at utility-scale in Port Augusta, South Australia at the Vast Solar 1 (“VS1”) project to deliver green, reliable and affordable energy for South Australia’s grid. The technology will also power a world-first co-located renewable methanol production facility, Solar Methanol 1 (“SM1”). A real world, in-demand application for hydrogen, renewable methanol has the potential to decarbonise shipping and is already being used to power major container vessels.
Leveraging Australia’s natural resources, the projects are set to be a catalyst for a domestic Australian CSP industry, creating highly skilled green manufacturing and operational jobs, and helping Australia become an export powerhouse by supplying Australian green technology to clean energy projects around the world.
Vast is attracting significant interest from major investors, industry and international governments. Along with funding from ARENA, Vast is backed by EDF and Nabors Industries, and Vast’s renewable methanol project is supported by Mabanaft and the German Government.
The following addresses were made by Vast’s Chairman Peter Botten and CEO Craig Wood during Vast’s Annual General Meeting on November 27, 2024.
Chairman’s Address from Peter Botten
2024 has been a pivotal year in the growth of Vast since the business combination with Nabors Energy Transition Corp was completed in December last year. Significant progress has been made this year towards Vast’s vision of delivering continuous, carbon free energy to the world, leveraging our next generation CSP technology
As announced earlier this week, Vast has secured up to
Vast continues to progress towards final investment decision on our utility-scale CSP reference project in Port Augusta, South Australia (VS1). The project paves the way for Vast’s pipeline of utility-scale projects in Australia and internationally.
Alongside generating green electricity for the grid, we believe Vast’s technology will have a key role to play in reducing the cost of sustainable fuels production. Vast is also progressing a co-located renewable methanol production facility (SM1) at the Port Augusta site, partnering with German fuels giant Mabanaft on that project.
During the year, Vast also expanded its presence in the US market, signing a project development partnership with Houston-based renewables developer GGS Energy.
As Vast looks to 2025, the key focus will be on:
- Achieving financial close and commencing construction on the utility-scale electricity and renewable methanol projects in Port Augusta, South Australia
- Developing our Australian green technology manufacturing business to enable Vast to deliver its supply scope into VS1
- Further developing our pipeline of electricity, fuels and off-grid projects globally
We continue to see growing demand for the continuous, affordable electricity and heat our CSP technology can deliver. We believe it will be a critical solution to decarbonise the grid and phase out coal in sunny countries. We also see continued demand for our technology to power sustainable fuels production as well as off-grid use cases, including mining, industrial processes and data centres.
CEO’s Address from Craig Wood
As Peter mentioned, our utility-scale CSP reference project in Port Augusta, VS1, is progressing well. The plant will have 30MW capacity and 8 hours of thermal storage, providing dispatchable overnight power critical to stabilising South Australia’s grid. We recently finalised the FEED stage and we’re working diligently with our partners towards achieving Final Investment Decision in Q1 2025 with construction to commence shortly thereafter. The project has received support from the Australian Government, including from ARENA and the Department for Climate Change, Energy, Environment and Water.
The co-located renewable methanol plant, SM1, is also progressing well through the pre-FEED stage. The project will produce 7,500 tonnes of renewable methanol per annum, which will help decarbonise the local maritime industry. As a world-first project, we’re thrilled to be partnering with German company Mabanaft on this effort. Financial close is currently targeted for 2025.
Vast continues to strengthen our market-leading proprietary CSP technology, and to build out our manufacturing capability ahead of delivering Vast equipment into the VS1 project. Our solution leverages the abundant sunshine in sunbelt countries like Australia to power homes, industry and transport with green, reliable and affordable energy. We continue to improve the cost and performance of our modular, scalable technology, and to de-risk its manufacture and operation. Vast equipment is currently being produced at our facility in Queensland, Australia, and we’ll be scaling up our manufacturing capability to deliver to the Port Augusta projects starting in 2025.
Throughout 2024, we’ve also invested in our business systems and capabilities to set ourselves up for success. Vast has had a strong emphasis on safety during 2024, and we are focused on improving our safety performance as we head towards construction on site next year. We are investing in a new ERP to replace legacy systems as our requirements continue to evolve. We are also developing the quality and project control systems necessary to deliver the Port Augusta projects.
All of this activity means Vast’s team has continued to grow throughout the year, both in Australia and the US. This growth will continue early into 2025, and then accelerate as we move into construction of the VS1 and SM1 projects.
As Peter mentioned, we were delighted to announce earlier this week that Vast continues to enjoy strong support from ARENA as evidenced by up to
We look forward to another successful year in 2025 as we move into construction on VS1 and SM1, deliver Vast technology through our manufacturing business, and expand our project development pipeline in Australia, the US and other global markets.
We thank you, our shareholders, all of our partners and our employees for their ongoing support.
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.
Contacts
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
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 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, 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
FAQ
What is the capacity and storage capability of Vast's VS1 project (VSTE)?
How much renewable methanol will Vast's SM1 facility produce annually?
What is the updated capital cost estimate for Vast's VS1 project (VSTE)?
How much funding did Vast (VSTE) secure from ARENA in December 2024?
