Vast, a clean energy company headquartered in Sydney, announced a new influx of capital and the launch of a new raise. The company has secured $3.5 million from Nabors Industries and Canberra Airport Group, and it commenced another round of funding to deliver its Port Augusta Green Energy Hub and support other international projects.
The Port Augusta Green Energy Hub will house projects designed to deliver clean, dispatchable energy to help decarbonize the transport and industry sectors. Located in South Australia, several elements of the hub will begin construction later this year, including VS1, a 30 megawatt concentrated solar thermal plant providing eight hours of storage, and a 140 megawatt lithium-ion battery offering critical storage and grid stability.
Further down the pipeline is Vast’s South Australian solar fuels demonstration facility that will produce low-carbon hydrogen-derived fuels for aviation and shipping applications. With the help of its newly launched capital raise, Vast will advance an existing partnership with a major renewable energy player to accelerate the deployment of Vast’s technology in key global markets.
