Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy
company planning to power green fuels production, today announced a
significant milestone in the development of its green methanol
plant, SM1. Vast and its consortium partner, global energy company
Mabanaft, have awarded international engineering group Fichtner and
German e-fuels leader bse Methanol contracts to commence
pre-front-end engineering and design (FEED) work. This follows the
appointment of Dr. Amy Philbrook, Arup’s Australasia Clean Fuels
Technical Lead, as Project Manager.
Part of the Port Augusta Green Energy Hub in
South Australia, SM1 will have the capacity to produce 7,500 tonnes
of green methanol each year. Methanol is one of the most
versatile hydrogen derivatives and, if produced using clean energy,
it has the potential to decarbonise shipping and aviation fuels.
SM1 will be supplied with baseload clean and renewable heat from
Vast’s 30 MW / 240 MWh concentrated solar thermal power (CSP)
plant.
Fichtner has extensive experience designing and
engineering renewable energy projects globally, including energy
storage and hydrogen, and has played a key role in the development
of SM1. Fichtner’s role in the project builds off their recent
report that highlighted using CSP in green fuels production can
potentially reduce costs by up to 40 percent. SM1 is a
first-of-its-kind project that can demonstrate this potential and
catalyse Australia’s green fuels industry and a global pipeline of
projects.
Pre-FEED is a critical milestone in the
project’s development. A key part of Fichtner’s work will involve
integrating the proven technologies to produce green methanol:
- Leilac calcination plant from
fellow Australian technology company, Calix, to capture unavoidable
process carbon dioxide produced in the making of cement and
lime
- Methanol plant, with German
technology company bse Methanol acting as process provider and
Original Equipment Manufacturer (OEM). bse Methanol has developed
the FlexMethanol® modules which enable the economic conversion of
energy and carbon dioxide from flue gas into a chemical energy
store by means of modular and decentralised production units.
- Electrolysis plant to produce
hydrogen
Vast is planning to develop SM1 with consortium
partner Mabanaft, a global energy company, after signing a joint
development agreement in June 2024. The project has secured funding
agreements for up to AUD $19.48 million from the Australian
Renewable Energy Agency (ARENA) and up to EUR 12.4 million from
Projektträger Jülich (PtJ) on behalf of the German government.
Craig Wood, CEO of Vast, said,
“Commencing pre-FEED is an important milestone to progress SM1, a
green methanol project that has the potential to make a real
difference to the hard-to-abate transport sector. We’re looking
forward to building on Fichtner and bse Methanol’s strong platform
of work to date to deliver SM1, and it’s fantastic to have Dr.
Philbrook onboard as a leading clean fuels expert to help deliver
this unique project.”
Philipp Kroepels, Director of New Energy
at Mabanaft, said, “With the commissioning of Fichtner and
bse Methanol, the SM1 project demonstrates tangible progress in
shaping the future. In the engineering group Fichtner and bse
Methanol, we see two well-known and experienced partners who can
make a significant contribution to the successful realisation of
the innovative solar methanol plant in Port Augusta, planned
jointly with Vast.”
Dr. Amy Philbrook from Arup
said, “Arup is excited to contribute to this pioneering solar
methanol project, which is poised to transform the transport
sector. With a strong consortium and cutting-edge technologies, SM1
is well placed to deliver Australia’s first solar fuel project. I’m
thrilled to be part of a team driving such a critical and
innovative project.”
Alex Dronoff, CEO of Fichtner Australia,
and Dr. Joachim von Schnitzler, Project Manager of Fichtner’s
international engineering team and Head of Future Fuel &
Gas, said, “We are very pleased and excited to be
continuing journey with Vast and Mabanaft, having been contracted
as engineering partner for the overall plant design and the
integration of technology packages with the commencement of the
pre-FEED. Fichtner has supported the SM1 project over the last few
years, including during the application for funding as part of the
German-Australian HYGATE Program, and we are proud to continue
supporting this promising development.”
Christian Schweitzer and Sten Wranik,
Managing Directors of bse Methanol, said, “We are proud to
receive the pre-FEED contract from the SM1 team for our technology
and to be part of the Australian and German team for this amazing
project. The selection is a clear commitment by our industry
partners to the use of our prefabricated and transportable methanol
modules at commercial scale, and we’re excited to show the flexible
operation of our methanol synthesis alongside power in
Australia.”
About Vast
Vast is a renewable energy company that has
developed CSP systems to generate, store and dispatch carbon free,
utility-scale electricity and industrial heat, and to unlock the
production of green fuels. Vast’s CSP v3.0 approach to CSP utilises
a proprietary, modular sodium loop to efficiently capture and
convert solar heat into these end products.
Visit www.vast.energy for more
information.
Contacts:
VastFor Investors: Caldwell
Bailey ICR, Inc. VastIR@icrinc.com
For Australian media: Nick Albrow Wilkinson
Butler nick@wilkinsonbutler.com
For US Media: Matt Dallas ICR, Inc.
VastPR@icrinc.com
Forward Looking StatementsThe
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 SM1, Vast's future financial
performance, Vast's strategy, future operations, financial
position, estimated revenues and losses, projected costs,
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 execute its business plan, including the completion of
the Port Augusta project (including SM1), at all or in a timely
manner and meet its projections; potential litigation, governmental
or regulatory proceedings, investigations or inquiries involving
Vast, including in relation to Vast's recent business combination;
the inability to recognize the anticipated benefits of Vast's
recent business combination; costs related to that business
combination; changes in applicable laws or regulations and general
economic and market conditions impacting 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, 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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