Vast Solar goes public with NETC on the NY Stock Exchange as Vast

Vast Solar goes public as Vast with NETC on the NY Stock Exchange. The Australian company is a forerunner winner of the SolarPACES Innovation Award due to its unique high-temperature sodium heat transfer fluid supplied from multiple solar towers, combining aspects of both trough and tower CSP (Concentrated solar energy)

Press release:

Australia’s clean energy industry got a boost after that Extensive solar energya leader in concentrated solar thermal (CSP), announced today that it would go public through a business combination with Nabors Energy Transition Corp. (NETC).

While remaining headquartered in Australia, the now combined entity will be called Vast and is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “VSTE”.

NETC is a subsidiary of Nabors Industries Ltd (“Nabors”) (NYSE: NBR), a leading provider of advanced technology to the energy industry, located in more than 15 countries worldwide, providing contract oil and gas drilling services worth Rs. more than $3.5 billion in enterprise value. This transaction underlines Nabors’ commitment to the energy transition, an extension of its existing in-house technology development and venture capital investments in clean, baseload and scalable energy technologies, and provides the opportunity to leverage Nabors’ global supply chain and operating footprint, advanced engineering and manufacturing capabilities, as well as its considerable expertise in robotics and automation.

Vast’s CSP technology collects and stores the sun’s energy throughout the day for delivery at any time, making reliable, clean power a reality 24 hours a day. Vast’s next-generation proprietary CSP system provides clean, shippable renewable energy for utility-scale power, industrial heat and clean fuel production applications.

The proposed business combination will accelerate the global deployment of Vast’s internationally acclaimed Australian-made CSP technology. Vast has deliberately sought access to foreign and domestic capital to accelerate the development of this exciting industry.

For Australia, the announcement has the potential to attract domestic investment, create jobs and reduce emissions. It could also be a catalyst for a leading CSP industry and help Australia become a clean energy export superpower.

The support of the Australian government has been critical in getting Vast to this point, and the transaction recognizes the strength and interest in the Australian renewable energy sector.

The Australian Renewable Energy Agency (ARENA) continues to support Vast, its pipeline of Australian projects, including VS1 and SM1. The business combination will help bring international capital to these projects and support Vast’s growth.

ARENA has supported Vast’s technology since 2012, including by providing $9.9 million in funding for the 1.1 MW CSP Pilot Plant in Jemalong, New South Wales.

Announced this week, ARENA has approved $65 million in funding for Vast to build VS1, a first-of-its-kind 30 MW/288 MWh Concentrated Solar Power Plant (CSP) in Port Augusta, South Australia. This project will create up to 450 jobs during the construction phase. In addition, the Port Augusta demonstration plant will create up to 70 permanent jobs in long-term manufacturing, plant operations and maintenance roles.

This month, Vast was selected to receive AUD $19.48 million and EUR 13.2 million funding from HyGATE, a collaboration between the Australian and German governments, for Solar Methanol 1 (SM1), a Vast-led Consortium that will help to hard-to-reduce industries, including shipping and aviation.

In addition to the Australian government, Vast has collaborated with Australian research institutions and universities to develop and refine its industry-leading technology. As a result, Vast expects its technology to play an equally important role in the energy transition, while ensuring Australia shares in the benefits of its cleantech innovation.

Vast is currently working with state and federal governments to identify the location of its first full-scale manufacturing facility, which will produce Vast’s Australia-designed and manufactured CSP technology.