Vast Completes Prototyping for Innovative Clean Energy Solution with Concentrated Solar Thermal Technology

Vast Ready to Deliver First-of-its-Kind Clean Energy Solution with Final Prototyping Completed

Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a prominent Australian clean energy solutions company, has achieved a significant milestone by successfully launching a groundbreaking concentrated solar thermal power (“CSP”) receiver tower. This innovative tower, designed and manufactured in Goodna, Queensland, is the final component of Vast’s next-generation clean energy solution, which will be built and tested at an operational scale.

The new technology will be deployed at Vast’s Port Augusta Green Energy Hub, where it will contribute to powering South Australia’s grid and producing green fuels. This achievement underscores Vast’s commitment to delivering solutions with top-tier performance and marks an important step toward securing financial closure for Vast Solar 1 (“VS1”), the company’s 30MW utility-scale reference project, which will feature 8 hours of energy storage.

Vast’s receiver tower design promises to provide more efficient, cost-effective, and lower-risk dispatchable clean energy on demand, surpassing any current market solutions. The tower’s modular and repeatable design, along with a simplified supply chain, is expected to facilitate rapid on-site construction and easy commissioning. Additionally, the design minimizes energy losses and incorporates few moving parts, ensuring reliable long-term performance.

As one of the sunniest countries globally, Australia is poised to make CSP a vital part of its energy transition. The technology’s capacity for long-duration energy storage and dispatchable output is expected to complement the variable nature of solar PV and wind energy. Access to green, dependable, and affordable energy is crucial for homes, industries, and transportation, especially during times when the sun isn’t shining or the wind isn’t blowing.

Vast is a leader in the global CSP industry, pioneering advanced technologies that deliver superior performance at reduced costs and risks. The company’s patented technology is designed and manufactured in Australia, fostering the creation of highly skilled green jobs and supporting Australia’s ambition to become a renewable energy superpower with substantial export potential.

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

Craig Wood, CEO of Vast, shared his enthusiasm, stating, “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 decarbonization efforts.”

Vast’s award-winning solution is set to be deployed at utility scale in VS1 to contribute energy to the national grid and partially power a world-first co-located renewable methanol production facility. Methanol has the potential to decarbonize shipping and is already being utilized to power major container vessels. Additionally, Vast has a global pipeline of projects aimed at decarbonizing electricity generation and facilitating the production of green methanol and sustainable aviation fuels.

The company continues to receive substantial support from the Australian Government and significant strategic investors, including EDF and Nabors Industries. This latest breakthrough follows an announcement in December that Vast signed an updated funding agreement to access up to $30 million from 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 specializing in CSP systems that generate, store, and dispatch carbon-free, utility-scale electricity and industrial heat, or a combination of both, to enable the production of sustainable fuels. Vast’s CSP v3.0 approach employs a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. On December 19, 2023, Vast was listed on the Nasdaq under the ticker symbol “VSTE,” while remaining headquartered in Australia. For more information, visit www.vast.energy.