Basic engineering of Vast’s 30MW VS1 Port
Augusta CSP Project to be completed by July with groundbreaking
slated for 2024
Vast Solar Pty Ltd (Vast), a renewable energy company
specialising in concentrated solar thermal power (CSP) energy
systems that generate zero-carbon, utility-scale, dispatchable
electricity and industrial process heat, today announced it has
awarded Worley Ltd. (Worley) (ASX: WOR) key engineering contracts
for its VS1 CSP project.
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Vast’s 1.1 MW CSP Demonstration Plant in
Forbes, Australia was operated for 32 months (Photo: Business
Wire)
VS1 is a 30MW / 288 MWh CSP plant being built in Port Augusta,
South Australia. Utilising Vast’s proprietary modular tower CSP
v3.0 technology, VS1 will generate clean, low-cost, dispatchable
power with over 8 hours of thermal energy storage. The project will
create dozens of green manufacturing jobs, hundreds of jobs during
construction and long-term plant operations roles.
Vast has appointed Worley and its specialist consulting
division, Advisian, to complete VS1 basic engineering by July 2023,
followed by front-end engineering design (FEED) in the balance of
this calendar year. Construction of VS1 is on track to begin in
2024.
"With strong expertise in CSP, Worley and Advisian are the ideal
engineering partners for VS1, which will utilise our
industry-leading technology to capture and store the sun’s energy
during the day before generating heat and dispatchable power during
the day or night,” said Craig Wood, CEO of Vast.
“Vast has a long-standing relationship with Worley and Advisian
dating back to assistance with the engineering and commissioning of
our 1.1MW grid connected Jemalong demonstration plant,” added Wood.
“Their skill in integrating our technology with major packages to
be delivered by key equipment partners from around the world will
allow VS1 to progress towards FID late this year.”
“Worley is pleased to continue their support of Vast Solar with
the provision of specialist engineering skills. This work aligns
with our corporate ambition to be recognized globally as leader in
sustainability solutions and delivering a more sustainable world,”
said Peter Israel, Power & Energy Transition Practice Manager
of Worley.
Vast’s proprietary CSP v3.0 technology has received significant
support from the Australian government. Most recently, the
Australian Renewable Energy Agency (ARENA) announced it has
approved up to AUD$65 million in funding to support construction of
VS1.
VS1 will be co-located with Solar Methanol 1 (SM1), a
world-first green methanol demonstration plant which, in February,
was selected to receive AUD$19.48 million and EUR13.2 million from
a collaboration between the Australian and German governments,
respectively. SM1 will use zero emissions dispatchable electricity
and heat from VS1 to produce green methanol for use as a
sustainable shipping fuel.
About Vast
Vast is a renewable energy company that has CSP systems to
generate, store and dispatch carbon free, utility-scale
electricity, industrial heat, and to enable the production of green
fuels. Vast’s CSP v3.0 approach to CSP utilizes a proprietary,
modular sodium loop to efficiently capture and convert solar heat
into these end products.
On February 14, 2023, Vast announced a business combination
agreement with Nabors Energy Transition Corp. (NYSE: NETC). The
combined entity would be named Vast and its securities are expected
to be listed on the New York Stock Exchange under the ticker symbol
“VSTE” while remaining headquartered in Australia.
Visit www.vast.energy for more information.
About Worley
Worley is a global company headquartered in Australia and our
purpose is delivering a more sustainable world. Worley is a leading
global provider of professional project and asset services in the
energy, chemicals and resources sectors. As a knowledge-based
service provider, we use our knowledge and capabilities to support
our customers to reduce their emissions and move towards a low
carbon future.
Worley Limited is listed on the Australian Securities Exchange
(ASX: WOR).
About Nabors Energy Transition Corp.
Nabors Energy Transition Corp. (NYSE: NETC, NETC.WS, NETC.U) is
a blank check company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or entities. NETC was formed to identify solutions,
opportunities, companies or technologies that focus on advancing
the energy transition; specifically, ones that facilitate, improve
or complement the reduction of carbon or greenhouse gas emissions
while satisfying growing energy consumption across markets
globally.
NETC is an affiliate of Nabors Industries Ltd. (Nabors), a
leading provider of advanced technology for the energy industry. By
leveraging its core competencies, particularly in drilling,
engineering, automation, data science and manufacturing, Nabors,
which owns the global industry’s largest fleet of land drilling
rigs and equipment, is committed to innovate the future of energy
and enable the transition to a lower-carbon world.
Important Information about the Business Combination and
Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval.
In connection with the proposed business combination (the
Business Combination) between Vast and Nabors Energy Transition
Corp. (NETC), Vast has filed a Registration Statement on Form F-4
(the Registration Statement) with the U.S. Securities and Exchange
Commission (the SEC), which includes (i) a preliminary prospectus
of Vast relating to the offer of securities to be issued in
connection with the proposed Business Combination and (ii) a
preliminary proxy statement of NETC to be distributed to holders of
NETC’s capital stock in connection with NETC’s solicitation of
proxies for the vote by NETC’s stockholders with respect to the
proposed Business Combination and other matters described in the
Registration Statement. NETC and Vast also plan to file other
documents with the SEC regarding the proposed Business Combination.
After the Registration Statement has been declared effective by the
SEC, a definitive proxy statement/prospectus will be mailed to the
stockholders of NETC. INVESTORS AND SECURITY HOLDERS OF NETC AND
VAST ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY
STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS
AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE
PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS
COMBINATION.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus and other documents
containing important information about NETC and Vast once such
documents are filed with the SEC, through the website maintained by
the SEC at http://www.sec.gov. In addition, the documents filed by
NETC may be obtained free of charge from NETC’s website at
www.nabors-etcorp.com or by written request to NETC at 515 West
Greens Road, Suite 1200, Houston, TX 77067.
Participants in the Solicitation
NETC, Nabors, Vast and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of NETC in connection with the
proposed Business Combination. Information about the directors and
executive officers of NETC is set forth in the Registration
Statement Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the Registration Statement, the proxy statement/prospectus and
other relevant materials to be filed with the SEC when they become
available. You may obtain free copies of these documents as
described in the preceding paragraph.
Forward Looking Statements
The information included herein and in any oral statements made
in connection herewith include “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of present or
historical fact included herein, regarding the proposed Business
Combination, NETC’s and Vast’s ability to consummate the proposed
Business Combination, the benefits of the proposed Business
Combination and NETC’s and Vast’s future financial performance
following the proposed Business Combination, as well as NETC’s and
Vast’s strategy, future operations, financial position, estimated
revenues and losses, projected costs, prospects, plans and
objectives of management are forward-looking statements. When used
herein, including any oral statements made in connection herewith,
the words “could,” “should,” “will,” “may,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on NETC and Vast management’s
current expectations and assumptions about future events and are
based on currently available information as to the outcome and
timing of future events. Except as otherwise required by applicable
law, NETC and Vast disclaim any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. NETC and Vast caution you that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of NETC and Vast. These risks include, but are not limited to,
general economic, financial, legal, political and business
conditions and changes in domestic and foreign markets; the
inability to complete the Business Combination or the convertible
debt and equity financings contemplated in connection with the
proposed Business Combination (the “Financing”) in a timely manner
or at all (including due to the failure to receive required
stockholder or shareholder, as applicable, approvals, or the
failure of other closing conditions such as the satisfaction of the
minimum trust account amount following redemptions by NETC’s public
stockholders and the receipt of certain governmental and regulatory
approvals), which may adversely affect the price of NETC’s
securities; the inability of the Business Combination to be
completed by NETC’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by NETC; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
Business Combination or the Financing; the inability to recognize
the anticipated benefits of the proposed Business Combination; the
inability to obtain or maintain the listing of Vast’s shares on a
national exchange following the consummation of the proposed
Business Combination; costs related to the proposed Business
Combination; the risk that the proposed Business Combination
disrupts current plans and operations of Vast, business
relationships of Vast or Vast’s business generally as a result of
the announcement and consummation of the proposed Business
Combination; Vast’s ability to manage growth; Vast’s ability to
execute its business plan, including the completion of the Port
Augusta project, at all or in a timely manner and meet its
projections; potential disruption in Vast’s employee retention as a
result of the proposed Business Combination; potential litigation,
governmental or regulatory proceedings, investigations or inquiries
involving Vast or NETC, including in relation to the proposed
Business Combination; changes in applicable laws or regulations and
general economic and market conditions impacting demand for Vast’s
products and services. Additional risks are set forth in the
section titled "Risk Factors" in the Registration Statement and
other documents filed, or to be filed, by NETC and Vast with the
SEC. Should one or more of the risks or uncertainties described
herein and in any oral statements made in connection therewith
occur, or should underlying assumptions prove incorrect, actual
results and plans could differ materially from those expressed in
any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230605005052/en/
Vast For Investors: Caldwell Bailey ICR, Inc.
VastIR@icrinc.com
For US Media: Matt Dallas ICR, Inc. VastPR@icrinc.com
For Australian media: Nick Albrow Wilkinson Butler
nick@wilkinsonbutler.com
Nabors Energy Transition Corp. Contacts For Investors:
William C. Conroy, CFA Vice President – Corporate Development &
Investor Relations William.conroy@nabors.com
For Media: Brian Brooks Senior Director, Corporate
Communications Brian.brooks@nabors.com
Grafico Azioni Nabors Energy Transition (NYSE:NETC)
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