Vast Executes VS1 Engineering Contracts Advancing Toward Construction of 288 MWh Concentrated Solar Thermal Power Plant

Vast Executes VS1 Engineering Contracts Advancing Toward Construction of 288 MWh Concentrated Solar Thermal ...  GlobeNewswire

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Apr 15, 2024 - 10:00
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Vast Executes VS1 Engineering Contracts Advancing Toward Construction of 288 MWh Concentrated Solar Thermal Power Plant

Vast Executes VS1 Engineering Contracts Advancing Toward Construction of 288 MWh Concentrated Solar Thermal Power Plant

Vast Renewables Limited Executes Key Engineering Contracts for VS1 Project

SYDNEY, Australia, April 15, 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, has announced the execution of key engineering contracts with Afry, FYFE, Primero, and Worley. These contracts will complete the Front-End Engineering Design (FEED) for its VS1 project.

VS1 Project Overview

VS1 is a 30MW / 288 MWh CSP plant to be located in Port Augusta, South Australia. Utilizing Vast’s proprietary modular tower CSP v3.0 technology, VS1 will generate clean, low-cost, dispatchable power with over 8 hours of thermal energy storage. The project is anticipated to create dozens of green manufacturing jobs, hundreds of jobs during construction, and long-term plant operations roles.

Engineering Contracts

Today’s announcement with Afry, FYFE, Primero, and Worley follows Vast’s appointment in May 2023 of Worley and its specialist consulting division, Worley Consulting, to complete VS1 basic engineering. FEED is expected to be completed by August ahead of a Final Investment Decision in Q3 2024 and construction starting in late 2024.

  • Afry, FYFE, Primero, and Worley bring extensive experience designing, engineering, and building major energy projects in remote Australia and around the world.

Craig Wood, CEO of Vast said, “This is a major step forward for Vast and VS1, putting this historic CSP project on the path to construction. Afry, FYFE, Primero, and Worley will bring the right combination of global and local expertise to VS1, which will utilize our industry-leading technology to capture and store the sun’s energy during the day before generating heat and dispatchable power during the day or night.”

Sustainable Development Goals (SDGs)

Vast’s proprietary CSP v3.0 technology has received significant support from the Australian Government, including the Australian Renewable Energy Agency (ARENA), announcing it has approved up to AUD$65 million in funding to support the construction of VS1. This aligns with SDG 7: Affordable and Clean Energy.

VS1 will be co-located with Solar Methanol 1 (SM1), a world-first green methanol demonstration plant. In February, Vast, along with its consortium partner, announced that they signed funding agreements to receive AUD$19.48 million and EUR13.2 million from a collaboration between the Australian and German governments, respectively. SM1 will use zero-emissions dispatchable electricity and heat from VS1 to produce green methanol for use as a sustainable shipping fuel. This aligns with SDG 9: Industry, Innovation, and Infrastructure and SDG 13: Climate Action.

Vast’s 1.1 MW CSP Demonstration Plant in Forbes, Australia was operated for 32 months

About Vast
Vast is a renewable energy company that has CSP systems to generate, store, and dispatch carbon-free, utility-scale electricity, industrial heat, or a combination to enable the production of green fuels. Vast’s CSP v3.0 approach utilizes a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products.

On December 19, 2023, Vast listed on the Nasdaq under the ticker symbol “VSTE”, while remaining headquartered in Australia.

Visit www.vast.energy for more information.

About Afry

AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. With 19,000 devoted experts in the industry, energy and infrastructure sectors, AFRY is seeking to create impact for generations to come. The company has Nordic roots with a global reach, net sales of 27 BSEK and is listed on Nasdaq Stockholm.

About Fyfe

Fyfe is a fully integrated engineering, environment, planning and survey firm, employing 465+ staff across major capital cities and regional centers in Australia.

About Primero

Primero, a subsidiary of NRW Holdings, is a multi-national engineering, procurement, and construction business with a global reach. Primero was founded in 2011 with a vision to create a vertically integrated business in the mineral processing, energy, iron ore, and non-process infrastructure (NPI) market segments as a turnkey project solution provider.

From major greenfield projects through to brownfield projects on operating sites, Primero’s team of professionals work with clients from the outset to solve complex engineering challenges and create fit for purpose design and construction solutions.

About Worley

Worley Limited is a global company headquartered in Australia and listed on the Australian Securities Exchange (ASX: WOR). The company is a leading global provider of professional project and asset services in the energy, chemicals, and resources sectors. As a knowledge-based service provider, Worley uses its knowledge and capabilities to support customers to reduce their emissions and move towards a low carbon future.

Contacts

For Investors:
Caldwell Bailey
ICR, Inc.
VastIR@icrinc.comSDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

  • SDG 7: Affordable and Clean Energy
  • SDG 9: Industry, Innovation, and Infrastructure
  • SDG 13: Climate Action
  • SDG 17: Partnerships for the Goals

The article discusses Vast Renewables Limited’s VS1 project, which is a concentrated solar thermal power (CSP) plant that aims to generate clean, low-cost, dispatchable power. This aligns with SDG 7, which focuses on ensuring access to affordable, reliable, sustainable, and modern energy for all. Additionally, the project involves engineering and construction contracts with various companies, highlighting the importance of partnerships and collaboration (SDG 17). The use of renewable energy technologies also contributes to SDG 9 by promoting sustainable industry and infrastructure. Finally, the project’s objective of generating zero-carbon electricity supports SDG 13’s goal of taking urgent action to combat climate change.

2. What specific targets under those SDGs can be identified based on the article’s content?

  • SDG 7.2: Increase the share of renewable energy in the global energy mix
  • SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
  • SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
  • SDG 17.17: Encourage and promote effective public-private partnerships

The article mentions that Vast’s VS1 project utilizes concentrated solar thermal power technology, which contributes to increasing the share of renewable energy in the global energy mix (SDG 7.2). The project also involves engineering contracts to complete the Front-End Engineering Design (FEED), which aligns with the target of upgrading infrastructure and retrofitting industries to make them sustainable (SDG 9.4). The integration of climate change measures into the project’s planning and design supports SDG 13.2. Lastly, the partnerships between Vast and various companies demonstrate the promotion of effective public-private partnerships (SDG 17.17).

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

  • Percentage of renewable energy in the global energy mix
  • Investment in sustainable infrastructure and industries
  • Number of policies and strategies that integrate climate change measures
  • Number of public-private partnership agreements

While the article does not explicitly mention specific indicators, the identified targets can be measured using indicators such as the percentage of renewable energy in the global energy mix, the amount of investment in sustainable infrastructure and industries, the number of policies and strategies that integrate climate change measures, and the number of public-private partnership agreements established.

Table: SDGs, Targets, and Indicators

SDGs Targets Indicators
SDG 7: Affordable and Clean Energy 7.2: Increase the share of renewable energy in the global energy mix Percentage of renewable energy in the global energy mix
SDG 9: Industry, Innovation, and Infrastructure 9.4: Upgrade infrastructure and retrofit industries to make them sustainable Investment in sustainable infrastructure and industries
SDG 13: Climate Action 13.2: Integrate climate change measures into national policies, strategies, and planning Number of policies and strategies that integrate climate change measures
SDG 17: Partnerships for the Goals 17.17: Encourage and promote effective public-private partnerships Number of public-private partnership agreements

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: globenewswire.com

 

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