Vast Renewables (Vast), a major Australian clean energy technology company, has secured new funding from existing shareholders and launched a capital raise to support the delivery of its flagship Port Augusta Green Energy Hub and growing international project pipeline. Vast also shared several major milestones for its flagship project, Vast Solar 1 (VS1), including environmental approvals and grid connection progress.
Vast has entered into a termsheet for USD 3.5M of convertible notes from Nabors Industries and Canberra Airport Group. This continued backing reflects strong investor confidence in Vast’s differentiated technology and commercial readiness.
In parallel, Vast has launched a capital raise targeting leading institutional and strategic investors, with Rennie Advisory appointed to lead the process. Vast is also advancing a collaboration with a major player in the renewable energy sector with deep manufacturing capability and proven delivery of large-scale projects in comparable technologies. This partnership is focused on accelerating deployment of Vast’s technology in key global markets and unlocking additional commercial opportunities alongside the current project pipeline.
VS1 is a 30MW concentrated solar thermal plant with 8 hours of storage. The project will deliver low-cost, low-carbon power on demand, and is on track for construction to begin later this year.