Vast Renewables, a leading 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 $3.5 million of convertible notes from two of its largest and longest-standing investors, Nabors Industries and Canberra Airport Group. The financing is expected to close by the end of August. 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.

“The continued support from two of our long-term investors is a powerful endorsement of Vast’s technology and a strong vote of confidence in VS1,” said Craig Wood, CEO of Vast. “This new funding keeps us on track to break ground on VS1 later this year, while our broader capital raise will enable delivery of VS1 and accelerate the rollout of our global project pipeline.”

Port Augusta Green Energy Hub progressing towards construction

Located in South Australia, the Port Augusta Green Energy Hub will be home to a suite of integrated projects designed to deliver clean, dispatchable energy and enable decarbonisation of transport and industry:

• VS1: A 30MW concentrated solar thermal plant with 8 hours of storage, VS1 has secured up to A$290 million in conditional Australian Government support, including a A$180 million ARENA grant. The project will deliver low-cost, low-carbon power on demand, and is on track for construction to begin later this year.
• 140 MW/2-hour lithium-ion battery: Developed in partnership with 1414 Degrees, this project provides critical storage and grid stability and is also on track to commence construction later this year.
• South Australian Solar Fuels (SASF): A green fuels demonstration facility that aims to produce low-carbon H₂-derived fuels for aviation and shipping. With the pre-FEED stage now complete, MB Energy will conclude its involvement as the project progresses to FEED. Vast continues to lead development, supported by the award of A$700,000 in funding announced in March from the Australia-Singapore Low Emissions Technologies (ASLET) initiative for maritime and port operations.

Significant development milestones have been achieved across the Hub, including:

• EPBC referral decision confirming the Hub is not a controlled action under national environmental law
• Technical acceptance for VS1’s grid connection application
• Generator Performance Standards approval for the battery energy storage system.