Canberra Airport Group has committed to
purchase USD $5 million of Vast ordinary shares and conditionally a
further USD $5 million of Vast ordinary shares ahead of Vast’s US
public listing
Vast Solar Pty Ltd (Vast), a world-leader in concentrated solar
thermal power (CSP) energy systems, today announced that it has
entered into a subscription agreement with Canberra Airport Group
(Canberra Airport) to purchase up to USD $10 million of Vast
ordinary shares at an approximate price of USD10.20 per share
through an investment vehicle. The agreement is subject to closing
of the previously announced business combination between Vast and
Nabors Energy Transition Corp. (NETC).
Canberra Airport’s investment recognises the potential for
Vast’s technology to be used to produce low-cost sustainable
aviation fuels, a key challenge for the aviation industry as it
aims to achieve decarbonisation targets.
Vast’s proprietary CSP v3.0 technology 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 (VS1), a 30MW
CSP plant with 288 MWh of thermal storage located in Port Augusta,
South Australia.
VS1 will be co-located with Solar Methanol 1 (SM1), 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.
USD $5 million of Canberra Airport’s commitment will serve as a
backstop for subsequent capital raised by Vast from additional
third-party debt or equity financing sources and is subject to a
nominal commitment fee.
The investment is another in Canberra Airport’s long-standing
and deep commitment to implementing sustainability measures
throughout its business, including solar generation, rainwater
harvesting, carbon sequestration, alternative agriculture, and wind
farming.
Stephen Byron, Managing Director of Canberra Airport, said: “We
are confident in Vast and know that its unique technology will be
important to power the grid and green fuels projects including
Sustainable Aviation Fuel and methanol for shipping. We have been
conducting due diligence of Vast for some time and are delighted to
be investing in the growth of the business.”
Craig Wood, CEO of Vast, said: “Canberra Airport’s commitment
will help us accelerate the global implementation of our
proprietary CSP v.3.0 technology for the decarbonisation of
methanol and sustainable fuel production. Canberra Airport’s
extensive experience and long history in the aviation industry will
be tremendously valuable as we start to produce sustainable
aviation fuels in the coming years.
“This is a significant step towards the completion of the
business combination and will help us bring our Australia-made
technology to the world,” he added.
About Vast
Vast is a renewable energy company that has developed CSP
systems to generate, store and dispatch carbon free, utility-scale
electricity and industrial heat, and to enable the production of
green fuels. Vast’s CSP v3.0 approach to CSP utilises a
proprietary, modular sodium loop to efficiently capture and convert
solar heat into these end products.
Visit www.vast.energy for more information.
About Canberra Airport Group
Canberra Airport Group is a family-owned company with over 45
years of experience in property development and asset management
across multiple asset classes. Since its purchase of Canberra
Airport in 1998, it has invested over $2 billion in aviation,
commercial and retail infrastructure to grow the airport precinct
into a modern and sophisticated transportation and business
hub.
Visit www.canberraairport.com.au 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,
reorganisation 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 Solar Pty Ltd (“Vast") and
Nabors Energy Transition Corp. (“NETC”), Vast has filed a
registration statement on Form F-4 (File No. 333-272058) (as
amended, 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 HAVE BEEN OR WILL BE FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION.
Investors and security holders are 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. To the extent that holdings of NETC’s securities have
changed since the amounts printed in the Registration Statement
filed on June 29, 2023, such changes have been or will be reflected
on Statements of Change in Ownership on Form 4 filed with the SEC.
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 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, the proposed financing from Capital Airport Group
(“CAG”), CAG’s ability to provide the proposed financing 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,
including the proposed financing from CAG (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 with the SEC in connection
with the proposed Business Combination. 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.
Additional information concerning these and other factors that may
impact NETC’s expectations can be found in NETC’s periodic filings
with the SEC, including NETC’s Annual Report on Form 10-K filed
with the SEC on March 22, 2023 and any subsequently filed Quarterly
Reports on Form 10-Q. NETC’s SEC filings are available publicly on
the SEC’s website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230921845320/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
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
