Vast Renewables Limited has successfully finalized its business combination with Nabors Energy Transition Corp. (NETC), an affiliate of Nabors Industries Ltd., marking the creation of a major concentrated solar thermal power (CSP) company.
Delisting from NYSE and Transition to Nasdaq
As a result of the business combination, NETC’s shares on the New York Stock Exchange will cease trading and be delisted on December 19, 2023. Simultaneously, Vast’s ordinary shares are set to begin trading on Nasdaq under the symbols “VSTE,” and public warrants will trade under “VSTEW.”
Leadership’s Vision for Global Expansion
Craig Wood, CEO of Vast, expressed excitement about the transaction’s completion, emphasizing the company’s commitment to scaling its CSP technology globally. He sees the move to become a public entity as a catalyst for bringing low-cost, zero-carbon energy worldwide.
Anthony G. Petrello, Chairman, President, and CEO of NETC, highlighted Vast’s innovative CSP v3.0 technology and the potential to reduce emissions in challenging industries. The collaboration has garnered support from the Australian and German governments and industry partnerships.
Innovative CSP Technology Solving Solar Power Challenges
Vast’s CSP v3.0 technology addresses traditional solar power challenges, such as intermittency and battery storage limitations. The modular tower design and sodium loop for heat transfer offer efficient capture and storage of solar heat, ensuring clean and renewable electricity and heat production.
Commercial Milestones and Partnerships
Since the announcement of the proposed business combination in February 2023, Vast has achieved significant milestones and entered into key partnerships. Notable developments include commitments from EDF Australia and Canberra Airport Group, strategic appointments like Federico Sandoval as Project Director, and partnerships with global firms like CYD for modeling molten salt tank performance.
Funding and Gross Proceeds Overview
The transaction has brought in approximately USD $60 million in gross proceeds for Vast. These funds will support the acceleration of commercial operations, project development, manufacturing facility deployment, research and development, and general corporate purposes.
This marks a pivotal moment for Vast as it positions itself as a world-leading CSP company, aiming to revolutionize the energy landscape with its advanced technology and commitment to sustainability.
Source：businesswire.com
