Vast Secures AUD 700,000 Grant from Australia-Singapore Initiative for Decarbonising Shipping to Progress World-First South Australia Solar Fuels Project

By: Vast Renewables Limited via GlobeNewswire

March 26, 2025 at 08:30 AM EDT

SA Solar Fuels will have the capacity to produce 7,500 tonnes per annum of sustainable fuels to meet the growing demand from maritime and aviation industries
Funding will support industry-leading optimisation work as the project advances towards FEED following successful completion of pre-FEED

SYDNEY, March 26, 2025 (GLOBE NEWSWIRE) -- HyFuel Solar Refinery Pty Ltd, a subsidiary of Vast Renewables Limited (Vast) (Nasdaq: VSTE), has been awarded AUD 700,000 through the Australia-Singapore Low Emissions Technologies (ASLET) initiative for maritime and port operations. The funding will progress the development of South Australia Solar Fuels (SA Solar Fuels), a world-first sustainable fuels project collaboration between Vast and global energy company Mabanaft.

SA Solar Fuels, previously known as Solar Methanol 1, or SM1, is being developed to meet the rapidly growing demand for sustainable fuels by the maritime and aviation industries, which urgently need pathways to decarbonise fuel to meet net zero targets.

The SA Solar Fuels demonstration plant will be capable of producing 7,500 tonnes per annum of green methanol, enough to fuel multiple car ferries for sustainable tourism or short-sea shipping for bulk freight in Australia. The groundbreaking technology demonstrated by SA Solar Fuels has the potential to produce hydrogen-derived sustainable fuels which can be used to replace fossil fuels in logistical operations, offering a low-carbon alternative to power ships, planes or other industrial applications.

Preliminary front-end engineering and design (pre-FEED) for SA Solar Fuels has been completed by global engineering firms Fichtner and bse Methanol. ASLET’s support will fund further project optimisation ahead of commencing front-end engineering and design (FEED), which will address technical, infrastructure, regulatory and commercial readiness elements of the project to ensure the successful adoption of green methanol in maritime operations.

Aimed at helping the maritime and port operations industries to accelerate towards a net-zero emissions future while delivering bilateral economic benefits, ASLET is co-delivered by Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Maritime and Port Authority of Singapore, and is supported by the Governments of Australia and Singapore.

“We are delighted to receive this backing from ASLET, which recognises the potential of our project to play a significant role in decarbonising global fuel production. We believe SA Solar Fuels offers a scalable solution which can produce green fuels at lower cost than renewable-powered alternatives. We are looking forward to progressing towards FEED with our partners at Mabanaft, and to advancing our global pipeline of green fuels projects,” said Vast CEO Craig Wood.

The ASLET funding is the latest boost of support for SA Solar Fuels, following the funding announced in January 2023 that Vast will receive up to AUD $19.48 million from the Australian Renewable Energy Agency (ARENA) and Mabanaft will receive up to EUR $12.4 million from Projektträger Jülich (PtJ) on behalf of the German government as part of the German-Australian Hydrogen Innovation and Technology Incubator (known as HyGATE).

Located at the Port Augusta Green Energy Hub, SA Solar Fuels will be powered by Vast’s next generation concentrated solar thermal power technology, which is expected to offer the lowest-cost energy source for green fuel production thanks to its ability to generate continuous heat and power. Calix, Vast’s principal CO₂ supply partner on the project, will supply unavoidable industrial CO₂ emissions through its co-located world-first carbon capture and utilisation demonstration plant. The CO₂ will be synthesised with green hydrogen to create sustainable fuels.

About Vast
Headquartered in Australia, Vast is a renewable energy company developing clean energy solutions that enable 24/7 green, low-cost heat and power to decarbonise the grid, green fuels production for the transport industry, and hard-to-abate industries. Vast’s next generation CSP v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert the sun’s energy.

Visit www.vast.energy for more information.

Contacts
For Investors:
Caldwell Bailey
ICR, Inc.
VastIR@icrinc.com

For US media:
Matt Dallas
ICR, Inc.
VastPR@icrinc.com

For Australian media:
Zac Link
Wilkinson Butler
zachary@wilkinsonbutler.com

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 VS1, Vast's future financial performance, Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, capital expenditures, 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 estimate project costs and to execute its business plan, including the completion of the Port Augusta project (including VS1), at all or in a timely manner; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast; changes in applicable laws or regulations and general economic and market conditions impacting project costs and/or 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

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Vast Secures AUD 700,000 Grant from Australia-Singapore Initiative for Decarbonising Shipping to Progress World-First South Australia Solar Fuels Project

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