Vast is a Sydney-based clean energy technology company whose proprietary technology delivers 24/7 carbon-free heat and power at utility scale. The company aims to decarbonise the grid, enable green fuels production, and serve hard-to-abate industries. It is developing the Port Augusta Green Energy Hub in South Australia, which includes VS1, a 30MW concentrated solar thermal plant with eight hours of storage, and a 140MW/2-hour lithium-ion battery developed with 1414 Degrees. Vast is also advancing South Australian Solar Fuels (SASF), a green fuels demonstration facility for low-carbon hydrogen-derived aviation and shipping fuels; SASF has completed pre-FEED and received A$700K in ASLET funding. VS1 has secured up to A$290 million in conditional Australian Government support, including an A$180M ARENA grant, and is on track for construction later this year. Vast recently raised an undisclosed amount in new funding and has launched a parallel capital raise targeting institutional and strategic investors, with Rennie Advisory appointed to lead the process. Vast Renewables has developed a proprietary CSP v3.0 technology that uses a modular sodium loop to capture, store and convert solar heat into electricity, industrial process heat and feedstock for green fuels. The company is advancing a planned 30 MW demonstration plant, Vast Solar 1 (VS1), with 288 MWh of thermal storage planned for Port Augusta, South Australia. VS1 has conditional support from the Australian Renewable Energy Agency (ARENA), which approved up to AUD 65 million in conditional grant funding. Vast is also leading a world-first green methanol demonstration, Solar Methanol 1 (SM1), in partnership with Mabanaft and has received conditional grants of AUD 19.48 million and EUR 13.2 million from an Australian–German collaboration. EDF Australia has committed EUR 10 million to Vast to support development of Australian CSP projects, with the commitment contingent on closing Vast’s planned business combination with Nabors Energy Transition Corp. The company positions its CSP and long-duration thermal storage to supply decarbonized electricity, industrial heat and green fuels to accelerate industrial decarbonisation in Australia.

Total raised

$11M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2023