Vast Secures New Funding and Launches Capital Raise to Accelerate Port Augusta Green Energy Hub

By: Vast Renewables Limited via GlobeNewswire

August 11, 2025 at 09:04 AM EDT

SYDNEY, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Vast Renewables (“Vast” or the “Company”), a leading Australian clean energy technology company, today announced that it has secured new funding from existing shareholders and launched a capital raise to support the delivery of its flagship Port Augusta Green Energy Hub and growing international project pipeline. Vast also shared several major milestones for its flagship project, Vast Solar 1 (“VS1”), including environmental approvals and grid connection progress.

New investment secured and capital raise underway

Vast has entered into a termsheet for US$3.5 million of convertible notes from two of its largest and longest-standing investors, Nabors Industries and Canberra Airport Group. The financing is expected to close by the end of August. This continued backing reflects strong investor confidence in Vast’s differentiated technology and commercial readiness.

In parallel, Vast has launched a capital raise targeting leading institutional and strategic investors, with Rennie Advisory appointed to lead the process. Vast is also advancing a collaboration with a major player in the renewable energy sector with deep manufacturing capability and proven delivery of large-scale projects in comparable technologies. This partnership is focused on accelerating deployment of Vast’s technology in key global markets and unlocking additional commercial opportunities alongside the current project pipeline.

“The continued support from two of our long-term investors is a powerful endorsement of Vast’s technology and a strong vote of confidence in VS1,” said Craig Wood, CEO of Vast. “This new funding keeps us on track to break ground on VS1 later this year, while our broader capital raise will enable delivery of VS1 and accelerate the rollout of our global project pipeline.”

Port Augusta Green Energy Hub progressing towards construction

Located in South Australia, the Port Augusta Green Energy Hub will be home to a suite of integrated projects designed to deliver clean, dispatchable energy and enable decarbonisation of transport and industry:

VS1: A 30MW concentrated solar thermal plant with 8 hours of storage, VS1 has secured up to A$290 million in conditional Australian Government support, including a A$180 million ARENA grant. The project will deliver low-cost, low-carbon power on demand, and is on track for construction to begin later this year.
140MW / 2-hour lithium-ion battery: Developed in partnership with 1414 Degrees, this project provides critical storage and grid stability and is also on track to commence construction later this year.
South Australian Solar Fuels (SASF): A green fuels demonstration facility that aims to produce low-carbon hydrogen-derived fuels for aviation and shipping. With the pre-FEED stage now complete, MB Energy will conclude its involvement as the project progresses to FEED. Vast continues to lead development, supported by the award of A$700,000 in funding announced in March from the Australia-Singapore Low Emissions Technologies (ASLET) initiative for maritime and port operations.

Significant development milestones have been achieved across the Hub, including:

EPBC referral decision confirming the Hub is not a controlled action under national environmental law
Technical acceptance for VS1’s grid connection application
Generator Performance Standards approval for the battery energy storage system

About Vast

Vast is a leading Australian on-demand renewable energy and clean fuels platform. Vast’s proprietary technology delivers 24/7 carbon-free heat and power at utility-scale to decarbonise the grid, green fuels production, and hard-to-abate industries. 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

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, SASF, 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 Green Energy Hub (including VS1 and SASF), 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. 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 filings previously made with the SEC. Vast's SEC filings are available publicly on the SEC's website at www.sec.gov.