Vast Renewables (“Vast” or the “Company”) (OTC:VSTTF), a leading Australian on-demand renewable energy and clean fuels platform, today announced it has successfully closed the placement of US$3.5 million of convertible notes with two of its largest and longest-standing investors, Nabors Industries and Canberra Airport Group.
The funding from the convertible notes will support the delivery of Vast’s Port Augusta Green Energy Hub, including its flagship utility-scale long duration energy storage project Vast Solar 1 (“VS1”), and development of its growing international project pipeline. This investment forms part of Vast’s broader capital raise, announced in August, which is actively engaging leading institutional and strategic investors.
“The successful close of this investment reflects strong confidence in Vast’s differentiated concentrating solar thermal power (“CSP”) technology and our commercial readiness as we rapidly progress toward Final Investment Decision (“FID”) on VS1 by the end of the year,” said Craig Wood, CEO of Vast.
VS1 is a 30MW CSP plant located in Port Augusta, South Australia. VS1 will use Vast’s modular tower CSP v3.0 technology to generate clean, low-cost, dispatchable power with 10 hours of thermal energy storage. VS1 has secured up to A$290 million in conditional Australian Government support, including a A$180 million grant from the Australian Renewable Energy Agency (“ARENA”). Vast now estimates FID for VS1 will take place at the end of December 2025 with financial close at the end of March 2026. As we progress toward FID, Vast is actively engaging with long-term investors and strategic partners to secure the remaining financial support for the project.
The Port Augusta Green Energy Hub is also home to a 140MW / 2-hour lithium-ion battery, developed in partnership with clean energy storage technology company 1414 Degrees. This project provides critical storage and grid stability and is on track to reach FID in 2026.
Vast 2025 AGM and Annual Financial Accounts
Vast will hold its 2025 Annual General Meeting (“AGM”) on Friday November 14, 2025. For the AGM Vast will provide an update to shareholders on progress throughout 2025 and the outlook for the year ahead, as the Company deploys its next generation CSP solution to accelerate Australia’s energy transition. Prior to the AGM (on or around October 23, 2025) Vast will publish its Annual Financial Statements for the year ended 30 June 2025 on its website.
About Vast
Vast is a leading Australian on-demand renewable energy and clean fuels platform. Vast’s proprietary technology delivers 24/7 carbon-free heat and power at utility-scale to decarbonise the grid, green fuels production, and hard-to-abate industries. Visit www.vast.energy for more information.
