Core Insights - Vast Renewables has secured new funding and launched a capital raise to support its Port Augusta Green Energy Hub and international project pipeline [1][2] - The company has achieved significant milestones for its flagship project, Vast Solar 1 (VS1), including environmental approvals and grid connection progress [1][4] Funding and Investment - Vast has entered into a termsheet for US$3.5 million of convertible notes from Nabors Industries and Canberra Airport Group, expected to close by the end of August [2] - A capital raise targeting institutional and strategic investors has been launched, with Rennie Advisory appointed to lead the process [3] Project Development - The Port Augusta Green Energy Hub will deliver clean, dispatchable energy and support decarbonization efforts [4] - Significant milestones for the Hub include: - VS1: A 30MW concentrated solar thermal plant with 8 hours of storage, secured up to A$290 million in conditional Australian Government support, including a A$180 million ARENA grant [5] - 140MW / 2-hour lithium-ion battery project developed in partnership with 1414 Degrees, also on track for construction [5] - South Australian Solar Fuels (SASF): A green fuels demonstration facility for low-carbon hydrogen-derived fuels, with A$700,000 in funding from the Australia-Singapore Low Emissions Technologies initiative [5]
Vast Secures New Funding and Launches Capital Raise to Accelerate Port Augusta Green Energy Hub