Operational and Funding Highlights
- Subsequently announced AUD30 million non-dilutive grant will be
released from AUD65 million of funding announced in February 2023
by the Minister for Climate Change and Energy, Hon Chris Bowen MP,
and Australian Renewable Energy Agency ("ARENA").
- Vast and its consortium partner, global energy company
Mabanaft, have awarded international engineering group Fichtner and
German e-fuels leader contracts to commence pre-front-end
engineering and design (FEED) work for SM1.
- Subsequently signed a development services agreement with GGS
Energy LLC (“GGS Energy”), a leading energy transition development
company with deep project development experience, to pursue a
commercial-scale synthetic fuels project in the Southwest United
States (Project Bravo).
- Vast successfully completes large-scale testing of its CSP
receiver tower in February 2025, marking the final technical
milestone ahead of deployment.
Financial Metrics for Six Months Ended December 31,
2024
- Total revenue of $6.6 million, consisting of grant revenue
- Available cash and equivalents of $6.9 million
- Net loss of $5.7 million primarily attributable to the business
engaging more engineers and project consultants to deliver studies
and basic design of “VS1” (a 30 MW / 288 MWh reference CSP plant
located in Port Augusta, South Australia)
- Total diluted common shares outstanding as of December 31, 2024
of 29,973,504
Vast Renewables Limited (“Vast” or the “Company”) (Nasdaq:
VSTE), a renewable energy company specializing in concentrated
solar thermal power (“CSP”) energy systems that generate
zero-carbon, utility-scale electricity and industrial process heat,
today announced operational and financial results for the first
half of the Company’s fiscal 2025, comprising the six months ended
December 31, 2024.
Funding Commitments
During the first half of fiscal year 2025, Vast announced
several funding commitments from strategic partners, including
signing an updated funding agreement to access up to AUD30 million
of its existing AUD65 million grant from ARENA. The funding will
support Vast’s green technology manufacturing and project
development activities as it deploys its next generation CSP
solution to deliver the clean, dispatchable power and heat that the
world needs. CSP is an obvious technology to deploy in one of the
sunniest countries on Earth in furtherance of Australia’s energy
transition. By capturing and storing the sun’s energy as heat, CSP
has the potential to power homes, industry and transport with
green, reliable and affordable energy. The AUD30 million funding
will also support Vast in the final project development activities
ahead of Final Investment Decision (FID) on VS1 in early 2025.
Operational Events
During the first half of fiscal year 2025, Vast continued to
make progress on its first utility-scale project for power
generation, known as VS1, located in Port Augusta in South
Australia.
To aid in this development, Vast executed an Exclusive
Collaboration Agreement with Masters & Young, a manufacturer of
printed circuit boards ("PCBs"). The parties have agreed to
collaborate exclusively in relation to Heliostat PCBs, master
transmitted PCBs, Vast Master Controller, Vast Master Transmitter
and Vast Master Drive boards, with a view of Masters & Young
supplying such products to any project developed by or supplied by
Vast that uses Vast’s CSP technology, including VS1.
The Company has achieved a breakthrough with the successful
launch of a first-of-its-kind CSP receiver tower. Craig Wood, CEO
of Vast, said: “This innovation in our receiver tower is driving
even greater performance from our clean energy solution. By
harnessing Australia’s abundant natural resources, our projects aim
to spark the growth of a domestic CSP industry while creating
export opportunities to deliver Australian green technology to
clean energy projects worldwide. We’re proud of the breakthroughs
we’ve achieved, and the immense potential our technology has to
play a vital role in the world’s decarbonisation efforts.”
The Company also announced that its wholly owned subsidiary,
Vast Renewables Holdco Corp., signed a development services
agreement with GGS Energy LLC, a leading energy transition
development company with deep project development experience, to
pursue a commercial-scale synthetic fuels project in the Southwest
United States (Project Bravo).
About Vast
Vast is a renewable energy company that has 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 utilizes a
proprietary, modular sodium loop to efficiently capture and convert
solar heat into these end products.
On December 19, 2023, Vast was listed on the Nasdaq under the
ticker symbol “VSTE”, while remaining headquartered in
Australia.
Visit www.vast.energy for more information.
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 Port Augusta
project, Vast's future financial performance, 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 "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "project," "should," "will," 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 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, Vast
disclaims 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. Vast
cautions 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 Vast. These risks include,
but are not limited to, general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; Vast's ability to obtain financing on commercially
acceptable terms or at all; 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 litigation, governmental or regulatory
proceedings, investigations or inquiries involving Vast, including
in relation to Vast's recent business combination; the inability to
recognize the anticipated benefits of Vast's recent business
combination; costs related to that 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 Annual Report on Form 20-F for the year ended June 30, 2024,
dated September 9, 2024, as amended on November 7, 2024, and other
documents filed, or to be filed with the SEC by Vast. 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 Vast's expectations can be found in Vast's periodic filings
with the SEC. Vast'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/20250228551757/en/
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
Vast Renewable (NASDAQ:VSTE)
Historical Stock Chart
From Feb 2025 to Mar 2025
Vast Renewable (NASDAQ:VSTE)
Historical Stock Chart
From Mar 2024 to Mar 2025
