On December 19, 2023, Vast’s ordinary shares
expected to begin trading on Nasdaq under the ticker symbol
“VSTE”
Vast Renewables Limited (“Vast” or the “Company”), a renewable
energy company specialising in concentrated solar thermal power
(“CSP”) energy systems that generate zero-carbon, utility-scale
electricity and industrial process heat, today announced the
completion of its business combination (the “Business Combination”)
with Nabors Energy Transition Corp. (“NETC”), an affiliate of
Nabors Industries Ltd. (“Nabors”) (NYSE: NBR).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231218549845/en/
In connection with the closing of the Business Combination, NETC
merged with and into a wholly owned subsidiary of Vast, and NETC’s
shares of Class A common stock, warrants to purchase shares of
Class A common stock and units consisting of one share of Class A
common stock and one-half of one redeemable warrant will cease
trading on and be delisted from the New York Stock Exchange as of
market open on Tuesday, December 19, 2023. Also on December 19,
2023, Vast’s ordinary shares are expected to begin trading on
Nasdaq under the ticker symbol “VSTE” and its public warrants to
purchase ordinary shares are also expected to begin trading on
Nasdaq under the ticker symbol “VSTEW”.
“We are thrilled to complete this transaction with the NETC team
and to take the next steps towards globally scaling our innovative
CSP technology as a public company, while continuing to develop our
growing pipeline of Australian projects,” said Craig Wood, Chief
Executive Officer of Vast. “We believe that the completion of the
transaction and our status as a new public company will help
facilitate our ambitious growth plans to bring low-cost, zero
carbon, dispatchable energy to the world.”
“Vast’s innovative and proven CSP v3.0 technology, advanced
project pipeline, and the substantial potential to reduce emissions
in industries that have historically been difficult to decarbonize,
provide the elements for a successful business combination with
NETC. Grants and other support from the Australian and German
governments, along with partnerships with leading corporations,
demonstrate growing support for Vast’s breakthrough solution. This
transaction is a significant milestone as we advance our commitment
to ‘Energy Without Compromise’,” stated Anthony G. Petrello,
Chairman, President and Chief Executive Officer of NETC. “We remain
very excited by the global opportunities, including the U.S. and
Middle East, presented by Vast as its CSP technology is deployed
and its project pipeline is developed.”
World-Leading Innovator in Concentrated Solar Thermal
Power
The challenges for traditional solar power have been
intermittency and limitations of battery storage. Vast solves these
issues with its advanced CSP v3.0 technology. Founded in Australia
in 2009, Vast’s proprietary CSP v3.0 system uses a modular tower
design and a unique sodium loop for heat transfer to efficiently
capture and store solar heat for conversion into clean and
renewable electricity and heat. The Company’s system is designed to
deliver greater efficiency, simplified permitting, faster
construction and more reliable operations when compared to
conventional central tower CSP plants.
Vast’s proprietary CSP v3.0 technology reflects and concentrates
the sun’s rays onto multiple solar receivers that capture the sun’s
energy as heat in sodium, then transfer the heat to molten salt for
high density storage. The stored heat can then be used to generate
dispatchable clean power 24/7 by generating steam for a turbine,
produce heat directly for industrial purposes, or to deliver a mix
of power and heat for the efficient production of green fuels such
as green hydrogen, green methanol and sustainable aviation fuels,
among others.
Continuing Strong Commercial Momentum
Since the announcement of the proposed Business Combination on
February 14, 2023, Vast has continued to make significant strides,
both commercially and technologically. Over the course of the past
year, Vast has achieved a number of project updates and partnership
agreements. These include Vast’s VS1 Port Augusta project receiving
approval for AUD $65 million of conditional funding from the
Australian Renewable Energy Agency (“ARENA”), a letter of intent
(“LOI”) with a Mabanaft GmbH & Co. KG (“Mabanaft”) for an
offtake and project equity investment in its world-first solar
methanol project, SM1, the appointment of an experienced energy
industry Chief Financial Officer, and key partnerships with
industry-leading companies, including Canberra Airport Group and
EDF Australia. Some of the most notable developments announced by
Vast during 2023 include:
EDF Australia commits Euro 10 million to Vast (December
8, 2023) – Vast received a EUR10 million commitment from EDF
Australia in connection with entering into a joint development
agreement between the parties to develop Australian CSP projects to
further transition Australia to a clean-energy economy.
Vast receives equity commitment for up to USD $10 million
from Canberra Airport Group (September 22, 2023) – Vast
announced that it has entered into a subscription agreement with
Canberra Airport Group to purchase up to USD $10 million of Vast
ordinary shares at an approximate price of USD $10.20 per share
through an investment vehicle.
Vast, a world-leader in concentrated solar thermal power
(CSP), appoints experienced CSP executive Federico Sandoval as
Project Director for VS1 in South Australia (September 7, 2023)
– Vast announced the appointment of Federico Sandoval as its new
Project Director for VS1, Vast’s 30MW / 288MWh CSP project in Port
Augusta, South Australia.
Vast Announces Appointment of Mark Smith as Chief Financial
Officer (August 23, 2023) – Vast announced the appointment of
Marshall D. (Mark) Smith as the Company’s new Chief Financial
Officer, effective as of September 18, 2023.
Vast, a world-leader in concentrated solar thermal power,
announces partnership with CYD to model molten salt tank
performance as VS1 project moves forward (August 11, 2023) –
Vast announced a partnership with global design and manufacturing
firm Contratos y Diseños Industriales (CYD) as the Company advances
VS1, its 30MW / 288MWh CSP project in Port Augusta, South
Australia.
Vast Advances Utility-Scale Concentrated Solar Thermal Plant
as Worley Commences Engineering (June 6, 2023) – Vast announced
it has awarded Worley Ltd. (Worley) (ASX: WOR) key engineering
contracts for its VS1 CSP project.
Vast Unveils LOI with Mabanaft for Potential Equity
Investment in World-First Solar Methanol Project at the Maritime
Industries Australia Decarbonisation Summit (May 18, 2023) –
Vast announced that it has executed a LOI with German energy
company Mabanaft for potential offtake and equity investment in
Solar Methanol 1 (SM1), a world-first green methanol demonstration
plant.
Vast Solar Becomes Vast (May 8, 2023) – Australian
renewable energy company Vast is proud to announce its rebrand,
effective from May 8, 2023.
Vast CSP reference plant, VS1 Port Augusta, to receive $65
million funding from ARENA (February 13, 2023) – Vast Solar has
welcomed the Minister for Climate Change and Energy’s and ARENA’s
announcement that it has approved funding of AUD $65 million for
VS1, Vast’s 30MW/ 288MWh reference plant in Port Augusta, South
Australia.
Vast selected by Australian and German governments for
AUD$19.48m and EUR13.2m to advance green methanol production
(January 23, 2023) – Vast and the Solar Methanol Consortium have
been selected to receive AUD $19.48 million and EUR $13.2 million
from a collaboration between the Australian and German Governments
to develop a world-first green methanol demonstration plant, SM1 in
Port Augusta, South Australia.
Transaction Overview
As a result of this transaction, Vast has received funds or
commitments totaling approximately USD $60 million of gross
proceeds.
Proceeds from the transaction will be used to fund acceleration
of Vast’s commercial operations (including capital requirements
associated with planned electricity, sustainable aviation fuel and
methanol production facilities), project sourcing and development
activities, deployment of manufacturing facilities for Vast’s
proprietary CSP v3.0 systems, continued research and development
and general corporate purposes. Certain proceeds will also be used
to pay fees and expenses related to the Business Combination. Vast
will continue to be based in Sydney, Australia and led by Craig
Wood, Chief Executive Officer of Vast, and other key members of
Vast’s current executive leadership.
Vinson & Elkins L.L.P. and King & Wood Mallesons acted
as legal advisors to NETC. Milbank LLP acted as legal advisor to
Nabors. Guggenheim Securities, LLC acted as exclusive financial
advisor to NETC. White & Case LLP and Gilbert + Tobin acted as
legal advisors to Vast.
About Vast
Vast is a renewable energy company that has developed CSP
systems to generate, store and dispatch carbon-free, utility-scale
electricity and industrial heat, and to enable the production of
green fuels. Vast's CSP v3.0 approach to CSP utilises a
proprietary, modular sodium loop to efficiently capture and convert
solar heat into these end products.
Visit www.vast.energy for more information.
About Nabors Energy Transition Corp.
Nabors Energy Transition Corp. is a blank check company formed
for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganisation or similar
business combination with one or more businesses or entities. NETC
was formed to identify solutions, opportunities, companies or
technologies that focus on advancing the energy transition;
specifically, ones that facilitate, improve or complement the
reduction of carbon or greenhouse gas emissions while satisfying
growing energy consumption across markets globally.
NETC is an affiliate of Nabors, a leading provider of advanced
technology for the energy industry. By leveraging its core
competencies, particularly in drilling, engineering, automation,
data science and manufacturing, Nabors, which owns the global
industry's largest fleet of land drilling rigs and equipment, is
committed to innovate the future of energy and enable the
transition to a lower-carbon world.
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 the Business
Combination, the benefits of the Business Combination, the
partnerships with EDF Australia (“EDF”) and Canberra Airport Group,
and Vast's future financial performance following the Business
Combination, as well as NETC's and 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 "could,"
"should," “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” 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 NETC and 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, NETC and Vast disclaim 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. NETC and Vast caution 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 NETC and 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 recognize the anticipated benefits of the Business
Combination; costs related to the Business Combination; Vast’s
ability to manage growth; Vast’s ability to execute its business
plan, including the completion of the Port Augusta project, at all
or in a timely manner and meet its projections; potential
litigation, governmental or regulatory proceedings, investigations
or inquiries involving Vast or NETC, including in relation to the
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
November 22, 2023, as supplemented, and other documents filed, or
to be filed with the SEC in connection with the Business
Combination by Vast and NETC. 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 and NETC’s expectations can be found in Vast’s and NETC’s
periodic filings with the SEC. Vast’s and NETC’s SEC filings are
available publicly on the SEC’s website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231218549845/en/
Vast
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
Nabors Energy Transition Corp.
For Investors: William C. Conroy, CFA Vice President – Corporate
Development & Investor Relations (Nabors)
william.conroy@nabors.com
For Media: Brian Brooks Senior Director, Corporate
Communications (Nabors) brian.brooks@nabors.com
Nabors Energy Transition (NYSE:NETC)
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