Core Insights - Vast Renewables has successfully closed a placement of US$3.5 million in convertible notes with major investors, Nabors Industries and Canberra Airport Group, indicating strong investor confidence in the company [1][3]. Funding and Project Development - The funding will support the Port Augusta Green Energy Hub, including the flagship utility-scale long duration energy storage project, Vast Solar 1 (VS1), and the development of an international project pipeline [2]. - The investment is part of a broader capital raise initiated in August, which is attracting leading institutional and strategic investors [2]. Technology and Project Details - VS1 is a 30MW concentrating solar power (CSP) plant located in Port Augusta, South Australia, utilizing Vast's modular tower CSP v3.0 technology to generate clean, low-cost, dispatchable power with 10 hours of thermal energy storage [4]. - The project has secured up to A$290 million in conditional support from the Australian Government, including a A$180 million grant from the Australian Renewable Energy Agency (ARENA) [4]. - Final Investment Decision (FID) for VS1 is expected by the end of December 2025, with financial close anticipated by the end of March 2026 [4]. Additional Projects - The Port Augusta Green Energy Hub also includes a 140MW / 2-hour lithium-ion battery project, developed in partnership with 1414 Degrees, aimed at providing critical storage and grid stability, with FID expected in 2026 [5]. Upcoming Events - Vast will hold its 2025 Annual General Meeting (AGM) on November 14, 2025, where it will update shareholders on progress and outlook for the upcoming year [6]. - The company plans to publish its Annual Financial Statements for the year ended June 30, 2025, around October 23, 2025 [6]. Company Overview - Vast Renewables is a leading Australian on-demand renewable energy and clean fuels platform, focusing on delivering 24/7 carbon-free heat and power at utility scale to decarbonize the grid and support green fuels production [7].

Core Viewpoint - Vast Renewables Limited has secured up to AUD180 million in conditional funding from the Australian Renewable Energy Agency (ARENA) for its Port Augusta utility-scale clean energy project, Vast Solar 1 (VS1) [1][9] Funding and Financials - The funding from ARENA is crucial for finalizing financing for VS1, which has an estimated capital expenditure of AUD360 million to AUD390 million for construction [4][8] - The funding replaces a previous commitment announced in February 2023 and is subject to conditions such as completing project development activities and securing remaining funding [8] Project Overview - VS1 will utilize Vast's next-generation concentrated solar thermal power (CSP) technology to provide long-duration renewable energy storage and generation, particularly during peak pricing periods after sunset [2][9] - The project is part of the Port Augusta Green Energy Hub and includes an option to power a co-located green methanol production facility, Solar Methanol 1 (SM1) [5] Technological Impact - Vast's technology aims to deliver round-the-clock, affordable carbon-free power and heat, contributing to the decarbonization of various sectors including shipping, aviation, and hard-to-abate industries [3][10] - The company’s projects are expected to support the production of green methanol and sustainable aviation fuels, enhancing the global energy transition [6] Strategic Partnerships - The Australian Government, through ARENA, along with strategic investors EDF and Nabors Industries, has been a significant supporter of Vast [3][9] - The CEO of Vast emphasized the importance of their clean energy solutions in accelerating the energy transition and creating jobs in green manufacturing and construction [7]