Vast receives approval to plan a photovoltaic installation powered by CSP

PORT AUGUSTA, Australia, May 30, 2024 (GLOBE NEWSWIRE) — Vast (Vast Renewables Limited) (Nasdaq: VSTE), a renewable energy company specializing in concentrated solar power (CSP) energy systems that generate zero-emission, utility – industrial scale electricity and heat, received permission to build Solar Methanol 1 (SM1), a reference power plant powered by CSP that will produce ecological fuels.

SM1 will be located in Port Augusta, South Australia, and will have the capacity to produce 7,500 tonnes per annum of green methanol, one of the most versatile hydrogen derivatives which, if produced using Vast’s CSP technology, can decarbonise shipping and is already used to power major container ships.

Vast cooperates with the global energy company Mabanaft GmbH & Co. KG (Mabanaft) over SM1. The project will combine proven technologies for the production of green methanol: the Leilac calcination installation belonging to the Australian technology company Calix, aimed at capturing carbon dioxide inevitably produced during the production of cement and lime; electrolysis plant producing hydrogen; and a methanol plant.

The project supports South Australia’s efforts to develop a domestic hydrogen industry and, if successful, could create an important pathway for scalable green fuel production independent of finite biomass resources.

The project will be powered by VS1, a nearby 30 MW/288 MWh CSP power plant that will use Vast CSP v3.0 technology to provide renewable heat and electricity for the production of sustainable fuels.

In February, Vast and its project partners announced funding agreements for SM1 of up to A$19.48 million from the Australian Renewable Energy Agency (ARENA). Additional financing of up to EUR 12.4 million has been awarded to project partner Mabanaft by Projektträger Jülich (PtJ). PtJ is a partner of the public sector in Germany in science, industry and politics. This funding is part of HyGATE, a collaboration between the Australian and German governments to support real-world pilot, trial and demonstration projects in the hydrogen supply chain.

The planning permission is an important step forward as the SM1 project nears its final investment decision.

Craig Wood, CEO of Vast, said:

“The planning consent is an important milestone for this major project for Port Augusta and South Australia. SM1 will produce cheap green fuels that can play an important role in decarbonizing the global maritime industry. The combination of technologies can scale rapidly, acting as a catalyst for the green fuels industry in Australia and around the world.”

Calix CEO and Managing Director, Phil Hodgson, said:

“Capturing and using unavoidable emissions from cement and lime is an exciting option to help decarbonize many hard-to-mit industries. It is great to see this innovative and collaborative project reach another important milestone, bringing us one step closer to realizing the world’s first solar methanol plant.”

Volker Ebeling, senior vice president for new energy, supply and infrastructure at Mabanaft, said:

“After assessing effectiveness, we expect to develop larger-scale projects that would serve other markets, including Europe.”

About Vasta
  
Vast is a renewable energy company that has developed CSP systems for generating, storing and transmitting emission-free electricity and industrial heat on an industrial scale, as well as enabling the production of green fuels. Vast’s approach to CSP v3.0 uses a proprietary, modular sodium loop to efficiently capture and convert solar heat into end products.

Visit www.vast.energy for more information.

About Calix

Calix Limited (ASX: CXL) is an environmental technology company that solves pressing global challenges in industrial decarbonization and sustainability. Calix’s unique, patented core platform technology provides efficient indirect heating of raw materials to enable renewable energy-powered mineral processing and efficient capture of unavoidable industrial emissions.

www.calix.global

About Mabanaf

Mabanaft is a leading independent and integrated energy company providing its customers with innovative energy solutions for transportation, heating, industry and agriculture. The group is active in the import, distribution and marketing of petroleum products, liquefied natural gas, chemicals and biofuels and supports its customers in the transition to cleaner fuels by providing alternative, long-term solutions.

www.mabanaft.com

Communication: 

Extensive

For investors:
Caldwell Bailey
ICR limited liability company
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For US media:
Matt Dallas
ICR limited liability company
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For Australian media:
Nick Albrow
Wilkinson Butler
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Forward-looking statements

The information contained herein and in any oral statements made in connection herewith constitutes “forward-looking statements” within the meaning of Art. 27A of the Securities Act of 1933, as amended, and Art. 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of current or historical facts contained herein, regarding SM1, Vast’s future financial performance, Vast’s strategy, future operations, financial condition, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking future report. Throughout this document, including any oral statements made in connection with this document, the words “anticipate”, “believe”, “may”, “estimate”, “expect”, “intend”, “may”, “project”, “should ”, “will”, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast’s management’s current expectations and assumptions regarding future events and on currently available information regarding the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any obligation to update any forward-looking statements, all of which are expressly qualified by the statements contained in this section, to reflect events or circumstances that occur after the date hereof. Vast cautions that these forward-looking statements involve risks and uncertainties, most of which are difficult to predict and many of which are beyond Vast’s control. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; inability to recognize the anticipated benefits of Vast’s recent business combination; costs associated with this business combination; Vasta’s ability to manage growth; Vast’s ability to implement its business plan, including the completion of the Port Augusta project (including SM1), at all or on time and meet its targets; potential litigation, governmental or regulatory proceedings, investigations or inquiries relating to Vast, including in connection with Vast’s recent business combination; changes in applicable laws or regulations and general economic and market conditions affecting the demand for Vast products and services. Additional risks are identified in the section titled “Risk Factors” in the final prospectus dated April 26, 2024, as supplemented, and in other documents filed or expected to be filed by Vast with the Securities and Exchange Commission. If one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith materialize, or if the underlying assumptions prove incorrect, actual results and plans may differ materially from those expressed in any forward-looking statements. Additional information regarding these and other factors that may affect Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s filings with the SEC are publicly available on the SEC’s website at www.sec.gov.