Vast Solar, a renewable energy company specializing in concentrated solar power (CSP) energy systems, and Nabors Energy Transition today announced a merger agreement at an implied pro forma equity value between $305 million and $586 million depending on redemptions.
If approved Vast would list on the NYSE under the ticker symbol VSTE.
Affiliates of Nabors and AgCentral Energy each committed up to $15 million of capital in a combination of a pre-closing convertible note financing and a private placement. The SPAC is targeting a minimum of $35 million of additional capital from other third-party investors.
At closing, the balance of the SPAC's trust, net of any redemptions and expenses, will be released to Vast. AgCentral Energy and management will roll 100% of their interests in Vast into the combined company.
Nabors Energy Transition raised $240 million in a November 2021 ipo.
Nabors may deposit into trust $2.76 million for each of two available deadline extensions of three months each. Affiliates of the SPAC's sponsor expect to make the first deposit for a three-month extension prior to Feb. 18, giving the firm until May 18 to close the deal.
Founded in Australia in 2009, Vast's proprietary CSP system uses a modular tower design and a sodium loop for heat transfer to capture and store solar heat for conversion into clean and renewable electricity and heat. The company's system is designed to deliver greater efficiency, simplified permitting, faster construction and more reliable operations when compared to conventional central tower CSP plants. Read more.
Source: Vast Solar and Nabors Energy Transition to Combine