Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a leading Australian clean energy solutions company, has achieved a breakthrough with the successful launch of a first-of-its-kind concentrated solar thermal power (“CSP”) receiver tower.

Designed and manufactured in Goodna, Queensland, the receiver tower is the final component of Vast’s next generation clean energy solution to be built and tested at operational scale. The technology is set to be deployed at Vast’s Port Augusta Green Energy Hub to power South Australia’s grid and green fuels production. The milestone reinforces Vast’s readiness to deliver solutions with best-in-class performance and is an important step toward financial close for Vast Solar 1 (“VS1”), the company’s 30MW utility scale reference project with 8 hours of storage.

Vast’s receiver tower design will deliver more efficient, lower cost and lower risk dispatchable clean energy on demand, outperforming any solution in market today. The receiver tower is modular and repeatable with a simple supply chain, which Vast believes will facilitate rapid construction on site and straightforward commissioning. The design also reduces energy losses and has limited moving parts to deliver reliable long-term performance.

As one of the sunniest countries in the world, CSP is an obvious choice in Australia’s energy transition. The technology’s long duration energy storage capability and dispatchable capacity should be a critical complement to intermittent solar PV and wind. Homes, industry and transport need access to green, reliable and affordable energy on demand when the sun isn’t shining and the wind isn’t blowing.

Vast is a leader in the global CSP industry, pioneering the next generation of technology that offers superior performance at lower cost and risk. Vast’s patented technology is designed and made in Australia, creating highly skilled green jobs and supporting Australia’s goal to be a renewable energy superpower with significant export opportunities.

Vast’s Port Augusta Green Energy Hub will showcase Vast’s CSP v3.0 technology, following the successful operation for nearly three years of a grid-connected demonstration project that received the International Energy Agency’s SolarPACES 2019 Technical Innovation Award.

Craig Wood, CEO of Vast, said: “This innovation in our receiver tower is driving even greater performance from our clean energy solution. By harnessing Australia’s abundant natural resources, our projects aim to spark the growth of a domestic CSP industry while creating export opportunities to deliver Australian green technology to clean energy projects worldwide. We’re proud of the breakthroughs we’ve achieved, and the immense potential our technology has to play a vital role in the world’s decarbonisation efforts.”

Vast’s award winning solution is set to be deployed at utility-scale at VS1 to deliver energy into the national grid, and to partly power a world-first co-located renewable methanol production facility. Methanol has the potential to decarbonise shipping and is already being used to power major container vessels.

Vast also has a global pipeline of projects that will help to decarbonise electricity generation and power the production of green methanol and sustainable aviation fuels.

Vast continues to receive significant backing from the Australian Government and major strategic investors including EDF and Nabors Industries. Today’s breakthrough comes after Vast announced in December it has signed an updated funding agreement to access up to $30 million of its existing $65 million grant from the Australian Renewable Energy Agency (“ARENA”) to support green technology manufacturing and project development activities.

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 sustainable 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.