Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy
company specialising in concentrated solar thermal power (CSP)
systems that generate zero-carbon, utility-scale electricity and
industrial process heat, today announced it has executed key
engineering contracts with Afry, FYFE, Primero and Worley to
complete Front-End Engineering Design (FEED) on its VS1
project.
VS1 is a 30MW / 288 MWh CSP plant to be located
in Port Augusta, South Australia. Utilising Vast’s proprietary
modular tower CSP v3.0 technology, VS1 will generate clean,
low-cost, dispatchable power with over 8 hours of thermal energy
storage. The project is anticipated to create dozens of green
manufacturing jobs, hundreds of jobs during construction and
long-term plant operations roles.
Today’s announcement with Afry, FYFE, Primero
and Worley follows Vast’s appointment in May 2023 of Worley and its
specialist consulting division, Worley Consulting, to complete VS1
basic engineering. FEED is expected to be completed by August ahead
of a Final Investment Decision in Q3 2024 and construction starting
in late 2024.
Afry, FYFE, Primero and Worley bring extensive
experience designing, engineering and building major energy
projects in remote Australia and around the world.
Craig Wood, CEO of Vast said, "This is a major
step forward for Vast and VS1, putting this historic CSP project on
the path to construction. Afry, FYFE, Primero and Worley will bring
the right combination of global and local expertise to VS1, which
will utilise our industry-leading technology to capture and store
the sun’s energy during the day before generating heat and
dispatchable power during the day or night.”
Vast’s proprietary CSP v3.0 technology has
received significant support from the Australian Government,
including the Australian Renewable Energy Agency (ARENA),
announcing it has approved up to AUD$65 million in funding to
support the construction of VS1.
VS1 will be co-located with Solar Methanol 1
(SM1), a world-first green methanol demonstration plant. In
February, Vast, along with its consortium partner, announced that
they signed funding agreements to receive AUD$19.48 million and
EUR13.2 million from a collaboration between the Australian and
German governments, respectively. SM1 will use zero-emissions
dispatchable electricity and heat from VS1 to produce green
methanol for use as a sustainable shipping fuel.
Vast’s 1.1 MW CSP Demonstration Plant in
Forbes, Australia was operated for 32 months
About Vast Vast is a
renewable energy company that has CSP systems to generate, store,
and dispatch carbon-free, utility-scale electricity, industrial
heat, or a combination to enable the production of green fuels.
Vast’s CSP v3.0 approach utilises a proprietary, modular sodium
loop to efficiently capture and convert solar heat into these end
products.
On December 19, 2023, Vast listed on the Nasdaq
under the ticker symbol “VSTE”, while remaining headquartered in
Australia.
Visit www.vast.energy for more
information.
About Afry
AFRY provides engineering, design, digital and
advisory services to accelerate the transition towards a
sustainable society. With 19,000 devoted experts in the industry,
energy and infrastructure sectors, AFRY is seeking to create impact
for generations to come. The company has Nordic roots with a global
reach, net sales of 27 BSEK and is listed on Nasdaq Stockholm.
About Fyfe
Fyfe is a fully integrated engineering,
environment, planning and survey firm, employing 465+ staff across
major capital cities and regional centres in Australia.
About Primero
Primero, a subsidiary of NRW Holdings, is a
multi-national engineering, procurement and construction business
with a global reach. Primero was founded in 2011 with a vision to
create a vertically integrated business in the mineral processing,
energy, iron ore and non-process infrastructure (NPI) market
segments as a turnkey project solution provider.
From major greenfield projects through to
brownfield projects on operating sites, Primero’s team of
professionals work with clients from the outset to solve complex
engineering challenges and create fit for purpose design and
construction solutions.
About Worley
Worley Limited is a global company headquartered in Australia
and listed on the Australian Securities Exchange (ASX: WOR). The
company is a leading global provider of professional project and
asset services in the energy, chemicals and resources sectors. As a
knowledge-based service provider, Worley uses its knowledge and
capabilities to support customers to reduce their emissions and
move towards a low carbon future.
Contacts For
Investors: Caldwell Bailey ICR,
Inc. VastIR@icrinc.com
For US media: Matt Dallas ICR,
Inc. VastPR@icrinc.com
For Australian media: Nick Albrow Wilkinson
Butler nick@wilkinsonbutler.com
Forward-Looking
Statements
The information included herein and in any oral
statements made in connection herewith include "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included herein, regarding VS1, SM1,
Vast's future financial performance, as well as Vast's strategy,
future operations, financial position, estimated revenues and
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used herein,
including any oral statements made in connection herewith, the
words “anticipate,” “believe,” "could," “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 management’s current expectations and
assumptions, whether or not identified in this press release, about
future events and are based on currently available information as
to the outcome and timing of future events. Except as otherwise
required by applicable law, Vast disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date hereof. Vast cautions you that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of Vast. These risks include, but are not limited to, general
economic, financial, legal, political and business conditions and
changes in domestic and foreign markets; the inability to recognise
the anticipated benefits of Vast’s recent business combination;
costs related to that business combination; Vast’s ability to
manage growth; Vast’s ability to execute its business plan,
including the completion of the Port Augusta project (including VS1
and SM1), at all or in a timely manner and meet its projections;
Vast’s ability to comply with its, and its counterparties’
respective compliance with their, respective obligations under the
FEED contracts, funding agreements related to VS1 and SM1 and
Vast’s other financing and commercial agreements; potential
litigation, governmental or regulatory proceedings, investigations
or inquiries involving Vast or its subsidiaries, including in
relation to Vast’s recent business combination; changes in
applicable laws or regulations and general economic and market
conditions impacting demand for Vast’s products and services.
Additional risks are set forth in the section titled "Risk Factors"
in the final prospectus, dated March 11, 2024, as supplemented, and
other documents filed, or to be filed with the SEC by Vast. Should
one or more of the risks or uncertainties described herein and in
any oral statements made in connection therewith occur, or should
underlying assumptions prove incorrect, actual results and plans
could differ materially from those expressed in any forward-looking
statements. Additional information concerning these and other
factors that may impact Vast’s expectations can be found in Vast’s
periodic filings with the SEC. Vast’s SEC filings are available
publicly on the SEC’s website at www.sec.gov.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0aefddee-19f6-41b0-b9e3-120a46d23161
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