Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

Vast Renewables Limited becomes a key player in synthetic fuels production with its first U.S. commercial-scale project in collaboration with GGS Energy

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specializing in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo). This partnership marks Vast’s first deployment in the U.S., leveraging its CSP v3.0 technology to power sustainable fuel production.

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Project Bravo, Vast’s first U.S.-based initiative, will deploy Vast’s CSP v3.0 technology to generate carbon-free heat and electricity. This energy will power a co-located refinery aimed at producing green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is set to be located in the Southwest United States.

Methanol, one of the most versatile hydrogen derivatives, has the potential to decarbonize shipping and aviation fuels if produced using clean energy. Utilizing CSP can reduce green fuel production costs by up to 40 percent, according to engineering group Fichtner. Additionally, e-SAF will play a critical role in lowering emissions within the aviation industry over the coming decades. The high demand for these fuels is anticipated to attract long-term offtake contracts from global strategic partners.

Building on Solar Methanol 1 (SM1)

Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant at the Port Augusta Green Energy Hub in Australia. Vast is co-developing this project with global energy company Mabanaft. SM1 will be powered by baseload renewable heat from Vast’s 30 MW / 288 MWh CSP plant and has the capacity to produce 7,500 tonnes of green methanol annually.

Vast has been conducting early-stage development activities for Project Bravo, including initial design, site selection, and feasibility assessments. The project targets 550 MWh of CSP generation, with further updates to follow as development progresses.

Development Services Agreement with GGS Energy

The development services agreement outlines how Vast and GGS Energy, a subsidiary of Glacier Global Partners, will collaborate to advance Project Bravo. GGS Energy was formed in 2020 with a focus on developing utility-scale renewable energy projects. The success of this project has the potential to catalyze mass green fuel production from synthetic feedstocks in the U.S. and inspire future initiatives.

Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonize shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

Tommy Soriero, from GGS Energy, stated, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

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, unlocking the production of green fuels. Vast’s CSP v3.0 approach utilizes a proprietary, modular sodium loop to capture and convert solar heat efficiently. For more information, visit www.vast.energy.

About GGS Energy LLC

GGS Energy was formed in 2020 as an energy infrastructure company focusing on utility-scale energy transition projects. The GGS team brings extensive infrastructure development experience both in the U.S. and internationally, working with technologies including CSP, coal-to-liquids projects, PV solar, wind, and battery energy storage systems (BESS).