Vast Renewables Powers Up: $30M Funding Fuels Australia's Next-Gen Solar And Methanol Breakthrough

Vast Renewables Limited VSTE shares traded higher after the company signed an updated funding agreement.

The agreement will give access up to $30 million of its $65 million grant from the Australian Renewable Energy Agency.

The funding will support Vast’s green technology manufacturing and project development, enabling the deployment of its next-generation concentrated solar thermal power (CSP) solution to provide clean, dispatchable power and heat.

Vast has developed next-generation proprietary CSP technology, offering superior performance at lower cost and risk.

The company has a global project pipeline aimed at decarbonizing electricity generation and powering green methanol and sustainable aviation fuel production.

Proven at its pilot project in New South Wales, Vast’s technology is set for utility-scale deployment at Vast Solar 1 (VS1), a 30MW power plant with 8 hours of storage in South Australia’s Port Augusta Green Energy Hub.

The Port Augusta CSP project will generate clean, dispatchable electricity for the National Electricity Market and power Solar Methanol 1 (SM1), a world-first green methanol production facility.

Vast’s Australian-made CSP technology, produced at its Queensland facility, will benefit from $30 million in funding from ARENA.

This will support the scaling of manufacturing for VS1 and future projects, as well as final development activities ahead of the Final Investment Decision in early 2025.

The funding is expected to create green manufacturing, construction, and long-term operations jobs.

Construction of VS1 is expected to start in the second quarter of 2025, with capital expenditures estimated between A$360 million and A$390 million.

CEO Craig Wood emphasized that the Australian Government support positions Vast to lead a domestic CSP industry and expand its global project pipeline.

Price Action: VSTE shares are up 30.4% at $2.151 at the last check Monday.

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