Vast Renewables Limited, a company specializing in concentrated solar thermal power (CSP) energy systems that generate zero-carbon, utility-scale electricity and industrial process heat, announced funding agreements of up to ~AUD $40 million for its solar methanol plant, SM1, in partnership with Mabanaft.

The funding, including support from Australian and German governments, aims to advance green fuel production, particularly in the transport sector. SM1, part of the German-Australian HyGATE program, aims to produce green methanol using Vast’s CSP v3.0 technology, potentially reducing production costs by up to 40%. The project targets 7,500 tonnes per annum of green methanol production, attracting major off-takers and potentially creating hundreds of skilled jobs in Australia, with export potential to global markets.

Read the full article: https://www.vast.energy/