Vast Solar Pty Ltd. today said it entered into a subscription agreement with Canberra Airport Group to purchase up to $10 million of Vast ordinary shares at an approximate price of $10.20 per share through an investment vehicle. The agreement is subject to closing the business combination between Vast and Nabors energy Transition.
$5 million of Canberra Airport's commitment will serve as a backstop for subsequent capital raised by Vast from additional third-party debt or equity financing sources and is subject to a nominal commitment fee.
Announced in February, the SPAC deal carries an implied pro forma equity value between $305 million and $586 million, depending on redemptions. Nabors Energy must meet a $50 million minimum cash condition to close.
Vast's proprietary CSP v3.0 technology has received significant support from the Australian renewable energy Agency (ARENA), which recently announced approval for up to AUD $65 million in grant funding to support the construction of Vast Solar 1 (VS1), a 30MW CSP plant with 288 MWh of thermal storage located in Port Augusta, South Australia.
VS1 will be co-located with Solar Methanol 1 (SM1), a world-first green methanol demonstration plant which has been selected to receive AUD $19.48 million and EUR €13.2 million of grant funding from a collaboration between the Australian and German Governments, respectively. Read more.
Source: Nabors Energy Transition and Vast Solar Add M Equity Commitment to Deal