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.

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.

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.

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.