Vast Solar

About

Vast Solar develops modular concentrated solar power systems using mirrors and a proprietary sodium heat-transfer loop with molten-salt storage to generate, store, and dispatch utility-scale heat, electricity, and green fuels.

Mission

Vast Solar develops proprietary concentrated solar thermal (CSP v3.0) systems that generate, store and dispatch carbon‑free utility‑scale electricity and industrial heat and enable production of green fuels. Its CSP v3.0 uses a proprietary, modular sodium loop to capture and convert solar heat. Vast is advancing the Vast Solar 1 (VS1) 30MW CSP plant with 288 MWh thermal storage in Port Augusta, which received conditional support from ARENA (up to AUD $65 million). VS1 will be co‑located with Solar Methanol 1 (SM1), a green methanol demonstration project that has secured AUD $19.48 million and EUR €13.2 million in grant funding from Australian and German government collaborations. The company is pursuing sustainable aviation fuel and other green‑fuel applications and has attracted strategic investor interest tied to those markets. Vast’s near‑term financing and public listing plans are being conducted in connection with a proposed business combination with Nabors Energy Transition Corp. Vast Solar builds modular concentrated solar power (CSP) systems that use mirrors to concentrate sunlight, sodium as the heat transfer fluid, and molten-salt storage to deliver dispatchable heat and power. Its technology features a modular design and patented control systems intended to achieve higher-temperature heat, improved reliability, and cost reduction versus traditional CSP. ARENA has supported Vast Solar since 2012, including $9.9 million toward a 1.1 MW pilot plant in Jemalong, New South Wales. ARENA approved $65 million in conditional funding on behalf of the Australian Government to construct VS1, a 30 MW / 288 MWh commercial-scale CSP plant in Port Augusta, South Australia; the total VS1 project cost is $203 million and financial close is targeted for late 2023. VS1 is expected to take two years to build with commercial operations commencing in late 2025, and its electricity and heat will also power a linked 10 MW electrolyser for solar methanol production backed by $19.48 million in conditional HyGATE funding. The project aims to demonstrate technical and operational performance at utility scale to unlock further investment and provide a pathway for Australian industry decarbonisation.

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