The Australian unit of French energy major EDF has committed EUR 10 million (USD 10.8m) to Australian concentrated solar power (CSP) specialist Vast Renewables Ltd, with the companies planning to partner to develop CSP projects in Australia, Vast said on Friday.
The capital commitment is contingent on closing Vast’s go-public merger with Nabors Energy Transition Corp (NYSE:NETC), a blank check company, backed by Nabors Industries Ltd (NYSE:NBR), the operator of the world’s largest land-based drilling rig fleet.
Vast has secured up to AUD 65 million (USD 42.7m/EUR 39.6m) in conditional grant funding from the Australian Renewable Energy Agency (ARENA) for its Vast Solar 1 project, which will deliver a 30-MW CSP plant with 288 MWh of thermal storage in Port Augusta, South Australia. This project will be co-located with Vast’s Solar Methanol 1 green methanol demonstration plant, on which Vast is partnering with German energy company Mabanaft and which has been awarded funding from an Australian and German government collaboration.
“As one of the largest energy utilities in the world, EDF operates gigawatts of renewable projects and has world-leading expertise in the use of sodium as a heat transfer fluid,” said Vast chief executive Craig Wood. “We look forward to working with EDF Australia to deliver long-duration storage and green fuels projects, using our CSP technology to accelerate the decarbonisation of Australian industry,” Wood added.
