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Australian CSP Giant Vast Solar Signs SPAC Deal with US-based Nabors Energy

Vast Solar Pty Ltd. has come into a Business Combination Agreement with Nabors Energy Transition Corp. (NETC). The amalgamated enterprise will be known as Vast Solar and is anticipated to be listed on the New York Stock Exchange (NYSE).

February 16, 2023. By EI News Network

Vast Solar Pty Ltd. has come into a Business Combination Agreement with Nabors Energy Transition Corp. (NETC). The amalgamated enterprise is known as Vast and is anticipated to be listed on the New York Stock Exchange (NYSE).

Its Special Purpose Acquisition Company (SPAC) deal is anticipated to serve and supply aggregate proceeds of up to $351m. This consists of up to $286m from the trust account of Nabors Energy Transition, prior to executing possible redemptions.

Vast Solar has evolved a solely next-generation CSP system that provides clean, dispatchable generation of renewable energy for utility-scale power, industrial heat and clean fuel production applications.

Vast’s technology is delineated to cope with the manufacturability and reliability issues that slowed the adoption of conventional CSP technology and supply an accommodated cost of energy that is contested with, or superior level, solar PV plus storage.

The Company’s CSP system utilizes a supplied modular tower design and a sodium heat transfer loop to gather energy from the sun, which is then stored in molten salt for later dispatch as either power or heat.

The Company is currently developing 230MW of projects, including a 30 MW grid-connected facility in Port Augusta, Australia that is expected to become operational in 2025, and a 20 tonnes per day solar methanol facility that will be co-located with and partially powered by the 30MW plant.

Presently, Vast is developing 230MW of concentrated solar power projects. These include a 30MW grid-connected plant in Port Augusta, Australia scheduled to begin operations in 2025 and a 20 tonne per day solar methanol facility that will be co-located with and powered partially by the plant.

The company has a multi-GW pipeline of potential concentrated solar power projects to be built in various parts of the world.

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