The funding from the convertible notes will support the delivery of Vast's Port Augusta Green Energy Hub, including its flagship utility-scale long duration energy storage project Vast Solar 1 ("VS1"), and development of its growing international project pipeline. This investment forms part of Vast's broader capital raise, announced in August, which is actively engaging leading institutional and strategic investors.
"The successful close of this investment reflects strong confidence in Vast's differentiated concentrating solar thermal power ("CSP") technology and our commercial readiness as we rapidly progress toward Final Investment Decision ("FID") on VS1 by the end of the year," said Craig Wood, CEO of Vast.
VS1 is a 30MW CSP plant located in Port Augusta, South Australia. VS1 will use Vast's modular tower CSP v3.0 technology to generate clean, low-cost, dispatchable power with 10 hours of thermal energy storage. VS1 has secured up to A$290 million in conditional Australian Government support, including a A$180 million grant from the Australian Renewable Energy Agency ("ARENA"). Vast now estimates FID for VS1 will take place at the end of December 2025 with financial close at the end of March 2026. As we progress toward FID, Vast is actively engaging with long-term investors and strategic partners to secure the remaining financial support ...
