Vast Renewables Limited (“Vast” or the “Company”), a renewable energy company specialising in concentrated solar thermal power (“CSP”) energy systems that generate zero-carbon, utility-scale electricity and industrial process heat, announced the completion of its business combination (the “Business Combination”) with Nabors Energy Transition Corp. (“NETC”), an affiliate of Nabors Industries Ltd. (“Nabors”) (NYSE: NBR).
In connection with the closing of the Business Combination, NETC merged with and into a wholly owned subsidiary of Vast, and NETC’s shares of Class A common stock, warrants to purchase shares of Class A common stock and units consisting of one share of Class A common stock and one-half of one redeemable warrant will cease trading on and be delisted from the New York Stock Exchange as of market open on Tuesday, December 19, 2023. Also on December 19, 2023, Vast’s ordinary shares are expected to begin trading on Nasdaq under the ticker symbol “VSTE” and its public warrants to purchase ordinary shares are also expected to begin trading on Nasdaq under the ticker symbol “VSTEW”.
“We are thrilled to complete this transaction with the NETC team and to take the next steps towards globally scaling our innovative CSP technology as a public company, while continuing to develop our growing pipeline of Australian projects,” said Craig Wood, Chief Executive Officer of Vast. “We believe that the completion of the transaction and our status as a new public company will help facilitate our ambitious growth plans to bring low-cost, zero carbon, dispatchable energy to the world.”
“Vast’s innovative and proven CSP v3.0 technology, advanced project pipeline, and the substantial potential to reduce emissions in industries that have historically been difficult to decarbonize, provide the elements for a successful business combination with NETC. Grants and other support from the Australian and German governments, along with partnerships with leading corporations, demonstrate growing support for Vast’s breakthrough solution. This transaction is a significant milestone as we advance our commitment to ‘Energy Without Compromise’,” stated Anthony G. Petrello, Chairman, President and Chief Executive Officer of NETC. “We remain very excited by the global opportunities, including the U.S. and Middle East, presented by Vast as its CSP technology is deployed and its project pipeline is developed.”
World-Leading Innovator in Concentrated Solar Thermal Power
The challenges for traditional solar power have been intermittency and limitations of battery storage. Vast solves these issues with its advanced CSP v3.0 technology. Founded in Australia in 2009, Vast’s proprietary CSP v3.0 system uses a modular tower design and a unique sodium loop for heat transfer to efficiently capture and store solar heat for conversion into clean and renewable electricity and heat. The Company’s system is designed to deliver greater efficiency, simplified permitting, faster construction and more reliable operations when compared to conventional central tower CSP plants.
Vast’s proprietary CSP v3.0 technology reflects and concentrates the sun’s rays onto multiple solar receivers that capture the sun’s energy as heat in sodium, then transfer the heat to molten salt for high density storage. The stored heat can then be used to generate dispatchable clean power 24/7 by generating steam for a turbine, produce heat directly for industrial purposes, or to deliver a mix of power and heat for the efficient production of green fuels such as green hydrogen, green methanol and sustainable aviation fuels, among others.
Continuing Strong Commercial Momentum
Since the announcement of the proposed Business Combination on February 14, 2023, Vast has continued to make significant strides, both commercially and technologically. Over the course of the past year, Vast has achieved a number of project updates and partnership agreements. These include Vast’s VS1 Port Augusta project receiving approval for AUD $65 million of conditional funding from the Australian Renewable Energy Agency (“ARENA”), a letter of intent (“LOI”) with a Mabanaft GmbH & Co. KG (“Mabanaft”) for an offtake and project equity investment in its world-first solar methanol project, SM1, the appointment of an experienced energy industry Chief Financial Officer, and key partnerships with industry-leading companies, including Canberra Airport Group and EDF Australia.
