- Welcomes Vast to its Portfolio of Clean, Renewable,
Scalable, Dispatchable Energy Technology Investments
HAMILTON, Bermuda, Dec. 19,
2023 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:
NBR, "Nabors") issued the following statement today from Chairman,
President and CEO Anthony G.
Petrello regarding the closing of the previously announced
business combination between Nabors Energy Transition Corporation
("NETC"), the special purpose acquisition company (SPAC) sponsored
by Nabors, and Vast Renewables Limited ("Vast"). The combined
company now trades on the NASDAQ exchange under the ticker symbol
"VSTE."
"The challenge for traditional solar power is
the need to provide 24/7, baseload dispatchable power safely and
cost effectively. Vast solves these issues with its advanced
concentrated solar thermal power (CSP) v3.0 technology. Nabors
sponsored NETC as a capital efficient way to pursue significant
investment opportunities supporting the energy transition. We are
pleased that the business combination between NETC and Vast has
been completed.
"Vast's innovative and proven CSP energy systems
deliver clean, dispatchable power and heat for utility-scale power
generation, green fuels production and industrial process heat
applications. Overcoming the traditional challenges of renewables,
Vast holds the potential to deliver clean baseload power and
decarbonize aviation, heavy industry and other hard-to-abate
sectors.
"With the addition of Vast to Nabors' broader
technology portfolio, we believe we are closer to the vision for
clean, renewable, scalable, affordable and dispatchable energy –
the type of energy the world needs. (Watch the Video)
Vast has received significant support from the Australian
Renewable Energy Agency (ARENA), which recently announced approval
for up to AUD $65 million in grant
funding to support the construction of Vast Solar 1, a 30MW CSP
plant with 288 MWh of thermal storage located in Port Augusta,
South Australia. VS1 will be
co-located with Vast's follow-on project, Solar Methanol 1, a
world-first green methanol demonstration plant which has been
selected to receive AUD $19.48
million and EUR €13.2 million of grant funding from a
collaboration between the Australian and German Governments,
respectively.
Most importantly, Vast received a Euro 10
million commitment from EDF Australia in connection with the
parties' entry into a joint development agreement to develop
Australian CSP projects to further transition Australia to a clean-energy economy. The EDF
Group is a major player in the energy transition and one of the
world's largest diversified clean energy producers, In addition,
Vast has received a $7 million
investment from Canberra Airport Group to support Vast's pursuit of
sustainable aviation fuel projects.
Nabors, together with its affiliates, holds a significant
minority ownership position in Vast.
Further details, materials and information about the transaction
are available on the respective company websites,
https://www.vastsolar.com/investors and
https://www.nabors-etcorp.com.
Building Momentum for 2024 and Beyond
Nabors announced its energy transition strategy in 2021 and has
made significant strides towards its goal of delivering "Energy
Without Compromise." Anthony
Petrello concluded by saying:
"Our strategy to manage the energy transition is
to embrace energy innovation over energy exclusion. We support
socially responsible hydrocarbons and renewable energy. We focus on
using technology to overcome the challenges to ultimately realize a
diverse energy mix that is affordable, reliable and clean. While we
pursue technologies to scale clean renewable technology, we remain
focused on our core business and enabling responsible hydrocarbon
production."
"For example, we established an expansive
product line designed to reduce emissions at the wellsite. Fuel
enhancers, AI-based engine management automation, rig
electrification solutions, energy storage and hydrogen injection
systems now in testing, are just a few technologies Nabors uses to
lower fuel consumption and emissions. This portfolio has been
deployed across three continents and used in onshore and offshore
drilling operations and completion jobs.
"In addition to Vast, and in pursuit of clean,
renewable, scalable and dispatchable energy solutions, Nabors has
invested in geothermal, alternative energy storage, emissions
monitoring, hydrogen and advanced materials."
For more information about these initiatives, please visit our
technology and venture investment webpages.
About Nabors Industries
Nabors is a leading provider of advanced technology for the
energy industry. With presence in more than 20 countries, Nabors
has established a global network of people, technology and
equipment to deploy solutions that deliver safe, efficient and
responsible energy production. By leveraging its core competencies,
particularly in drilling, engineering, automation, data science and
manufacturing, Nabors aims to innovate the future of energy and
enable the transition to a lower-carbon world. Learn more about
Nabors and its energy technology leadership: www.nabors.com.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. These risks
include, but are not limited to, general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the failure to realize the anticipated
benefits of the transaction; the outcome of any legal proceedings
that may be instituted against NETC or Vast in connection with the
transaction; difficulties or delays in the development of Vast's
concentrated solar power facilities; the risks related to the
rollout of Vast's business and the timing of expected business
milestones; the risks that Vast's products will not be commercially
attractive; the risks that Vast's marketing efforts and expansion
strategies will be unsuccessful; the effects of competition from
other forms of energy generation including both fossil-fuels and
renewables on Vast's future business. As a result of these factors,
Nabors' actual results may differ materially from those indicated
or implied by such forward-looking statements. The forward-looking
statements contained in this press release reflect management's
estimates and beliefs as of the date of this press release. Nabors
does not undertake to update these forward-looking statements.
Investor Contacts:
William C. Conroy
+1 281-775-2423
william.conroy@nabors.com
Kara K. Peak
+1 281-775-4954
kara.peak@nabors.com
Media Contact:
Brian Brooks
+1 281-775-4370
brian.brooks@nabors.com
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SOURCE Nabors Industries Ltd.