Vast and CYD develop innovative Avatar Model
to simulate and optimise molten salt tank operation in first
utility-scale project deploying Vast’s world-leading clean energy
technology
Vast Solar Pty Ltd (“Vast” or the “Company”), a world-leader in
concentrated solar thermal power (CSP), today announced a
partnership with global design and manufacturing firm Contratos y
Diseños Industriales (CYD) as the Company advances VS1, its 30MW/
288MWh CSP project in Port Augusta, South Australia.
Utilising Vast’s proprietary, modular tower CSP v3.0 technology,
VS1 is designed to generate clean, low-cost, dispatchable power
with over 8 hours of thermal energy storage. The project is
projected to create dozens of green manufacturing jobs, as well as
hundreds of jobs during construction and long-term plant operations
roles. VS1 will be Vast’s first utility-scale project, and the
Australian Renewable Energy Agency (ARENA) has approved up to
AUD$65 million in funding for the project.
Vast has a strong track record in pioneering new tank designs
and is a co-developer with CYD of Flexitank, which is the subject
of a pending patent application. CYD is working with Vast on early
design work on VS1 and is using a first-of-its-kind Avatar Model to
simulate the construction and operation of the thermal energy
storage tanks that contain molten salt at high temperatures. This
is a step forward for the CSP industry, with the potential to
enhance the performance of molten salt storage tanks once
operational.
The Avatar Model concept, developed by the CYD team, utilises a
virtual model (referred to as a dynamic digital twin) that aims to
create the exact dimensions of VS1’s thermal energy storage system,
and allows for testing and simulation under different conditions.
This helps to identify and mitigate any problems, while optimising
design and performance of the tanks before they are manufactured
and installed.
Craig Wood, CEO of Vast, said:
“We are delighted to be working with CYD and to have their
extensive global experience in CSP supporting VS1. The Avatar
Model’s holistic approach to the design, manufacture, construction
and operation of molten salt tanks will further strengthen VS1.
This innovative approach to building CSP projects is a big step
forward for Vast and the whole industry.”
Sergio Dávila from CYD said:
“Our collaboration with Vast is breaking new ground in the CSP
industry. The Avatar Model has been developed using the extensive
experience in the design and construction of molten salt tank
technology amongst the Vast and CYD teams, supported by other
leading companies and institutions. It provides an opportunity to
implement learnings at an early-stage to ensure the optimal
performance of thermal energy storage systems.”
About Vast
Vast is a renewable energy company that designs, builds and
operates 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 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.
About CYD
CONTRATOS Y DISEÑOS INDUSTRIALES, S.A. (CYD) is an Spanish
Engineering and Construction company founded in 1989 in BARCELONA,
SPAIN to provide specialized services for industrial projects in
different industries (power, renewables, chemicals, pharma). Molten
Salt Tanks (MST) are an important part of CYD’s business.
Participating in the biggest and most important CSP projects around
the World. CYD works in a continuing improvement of our designs
based in the experience and lessons learned in the world, CYD is
collaborating with this technology looking for the best solutions
for CSP and thermal Storage where we are specialists.
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/20230810691430/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. 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 Contratos y
Diseños Industriales, SA ( CYD ) Sergio Dávila Business
development Manager sergiodavila@cyd.es
Grafico Azioni Nabors Energy Transition (NYSE:NETC)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Nabors Energy Transition (NYSE:NETC)
Storico
Da Feb 2024 a Feb 2025
