Vast Renewables Secures Funding, Progressing on Australian Port Augusta Solar, Storage Project
Australia’s Vast Renewables has secured $3.5 million in new funding to help in its work to develop the Port Augusta Green Energy Hub project that will combine solar thermal power and battery storage to produce hydrogen-derived fuels in the southern part of the nation.
Vast Renewables has the $3.5 million term sheet from two of its investors, Nabors Industries and Canberra Airport Group. That financing closes this month, and the company is also launching another capital raise focused on institutional investors.
“The continued support from two of our long-term investors is a powerful endorsement of Vast’s technology and a strong vote of confidence in VS1,” said Craig Wood, CEO of Vast. “This new funding keeps us on track to break ground on VS1 later this year, while our broader capital raise will enable delivery of VS1 and accelerate the rollout of our global project pipeline.”
The Port Augusta Green Energy Hub will include a suite of integrated projects designed to deliver clean, dispatchable energy and enable decarbonization of transport and industry, including a 30-MW concentrated solar thermal plant with 8 hours of storage. The Vast Solar 1 project has secured up to $189.35 million in conditional Australian Government support, including a $117.53 million ARENA grant. The project is on track for construction to begin later in 2025.
Another component of the Port Augusta Green Energy Hub is the 140 MW / 2-hour lithium-ion battery. It is being developed in partnership with 1414 Degrees, and is also on track to commence construction later in 2025.
Other parts of the project: South Australian Solar Fuels (SASF): A green fuels demonstration facility aims to produce low-carbon hydrogen-derived fuels for aviation and shipping. With the pre-FEED stage completed, MB Energy will conclude its involvement as the project progresses to the front end engineering and design phase.
Vast continues to lead development, supported by the award of US$457,079 in funding announced in March from the Australia-Singapore Low Emissions Technologies (ASLET) initiative for maritime and port operations.