EDF Australia (“EDF Australia”) today announced a Euro 10
million commitment to Vast Renewables Limited (“Vast”), a
renewable energy company specialising in concentrated solar power
(“CSP”) energy systems that generate zero-carbon,
utility-scale electricity and industrial process heat.
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The companies will partner to develop Australian CSP projects
that will further Australia’s transition to a clean-energy
economy.
EDF Australia’s capital commitment is subject to closing the
previously announced business combination between Vast and Nabors
Energy Transition Corp. (“NETC”) (NYSE: NETCU, NETC, NETCW)
and other customary conditions.
Vast’s proprietary CSP v3.0 technology has received significant
support from the Australian Renewable Energy Agency
(“ARENA”), which announced approval for up to AUD 65 million
in conditional grant funding to support the construction of Vast
Solar 1 (“VS1”), a planned 30MW CSP plant with 288 MWh of
thermal storage in Port Augusta, South Australia.
VS1 will be co-located with Vast’s planned Solar Methanol 1
(“SM1”), a world-first green methanol demonstration plant
led by Vast and German integrated energy giant Mabanaft, which was
awarded AUD 19.48 million and EUR 13.2 million of conditional grant
funding from an Australian and German government collaboration.
EDF Australia Country Manager James Katsikas said the company
was committed to assisting Australia’s transition to a clean-energy
economy. He emphasised EDF’s dedication to delivering a portfolio
of clean-energy projects across the national energy network and
highlighted the fact that EDF has an exceptional track record of
developing, designing, delivering and operating complex, unique
infrastructure projects.
“With our knowledge and experience, we are well-equipped to
successfully execute multiple projects within the clean-energy
value chain,” Mr Katsikas said.
“EDF Group is a long term, strategic investor with unparalleled
expertise in clean energy development. We spend over AUD 1 billion
annually on research and development and are uniquely placed to
accelerate the commercialisation of cutting-edge technologies like
Vast’s CSP 3.0. We look forward to collaborating with Vast and
believe this arrangement has the potential to accelerate the
nation’s transition towards clean energy production and
consumption,” he added.
Vast Chief Executive Officer Craig Wood said, “As one of the
largest energy utilities in the world, EDF operates gigawatts of
renewable projects and has world-leading expertise in the use of
sodium as a heat transfer fluid. We look forward to working with
EDF Australia to deliver long-duration storage and green fuels
projects, using our CSP technology to accelerate the
decarbonisation of Australian industry.”
Vast founder Johnny Kahlbetzer said, “It's fantastic to have EDF
validate our 14-year journey. Such development is integral to what
AgCentral and the Twynam Earth Fund are all about, finding
important decarbonisation technologies and getting them to
market.”
William Restrepo, NETC CFO, said, “EDF Australia’s partnership
with Vast is a critical milestone in catalysing the development of
future CSP projects in the country.”
“EDF Australia's capital commitment to Vast validates the
potential NETC sees in Vast to be a central player in the energy
transition in Australia and around the world.”
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 enable 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.
About EDF
As a major player in the energy transition and one of the
world's largest, diversified, clean energy producers, the EDF Group
is an integrated energy company active across the energy value
chain: generation, transmission, distribution, storage, energy
trading, energy sales and energy services. EDF Group is a world
leader in low-carbon energy, having developed a diversified
production mix.
The EDF Group operates in more than 25 countries across
Australia, Europe, North America, South America, Asia-Pacific,
Africa and the Middle East.
With:
- approximately 170,000 employees;
- a €390B balance sheet and consolidated sales of EUR 143.5
billion in 2022;
- over 40 million customer sites worldwide1;
- approximately 120GW of installed capacity producing 550+ TWh of
electricity generation;
- over €600M spent on research and development annually, and
- over €8B spent on supply chain and procurement annually,
we are uniquely placed to help the world achieve the energy
transition. In 2022, nearly 95% of the EDF Group's investments were
in accordance with the EDF Group's low-carbon goals and we are also
investing in new technologies to support energy transition. We are
committed to the energy transition globally. EDF's raison d’être is
to build a net zero energy future with electricity and innovative
solutions and services, to help save the planet and drive
well-being and economic development.
About Nabors Energy Transition Corp.
Nabors Energy Transition Corp. (NYSE: NETC, NETC.WS, NETC.U) is
a blank check company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganisation or similar business combination with one or more
businesses or entities. NETC was formed to identify solutions,
opportunities, companies or technologies that focus on advancing
the energy transition; specifically, ones that facilitate, improve
or complement the reduction of carbon or greenhouse gas emissions
while satisfying growing energy consumption across markets
globally.
NETC is an affiliate of Nabors Industries Ltd. ("Nabors")
(NYSE: NBR), a leading provider of advanced technology for the
energy industry. By leveraging its core competencies, particularly
in drilling, engineering, automation, data science and
manufacturing, Nabors, which owns the global industry's largest
fleet of land drilling rigs and equipment, is committed to innovate
the future of energy and enable the transition to a lower-carbon
world.
Important Information about the Business Combination and
Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval. In connection with the
proposed business combination (the "Business Combination") between
Vast Solar Pty Ltd ("Vast") and Nabors Energy Transition Corp.
("NETC"), Vast has filed a registration statement on Form F-4 (File
No. 333-272058) (as amended, the "Registration Statement") with the
U.S. Securities and Exchange Commission (the "SEC"), which includes
(i) a preliminary prospectus of Vast relating to the offer of
securities to be issued in connection with the proposed Business
Combination and (ii) a preliminary proxy statement of NETC to be
distributed to holders of NETC's capital stock in connection with
NETC's solicitation of proxies for the vote by NETC's stockholders
with respect to the proposed Business Combination and other matters
described in the Registration Statement. NETC and Vast also plan to
file other documents with the SEC regarding the proposed Business
Combination. The Registration Statement was declared effective by
the SEC on November 21, 2023, and mailing of a definitive proxy
statement/prospectus to the stockholders of NETC commenced on
November 21, 2023. INVESTORS AND SECURITY HOLDERS OF NETC AND VAST
ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY
STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS
AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE
PROPOSED BUSINESS COMBINATION THAT HAVE BEEN OR WILL BE FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION. Investors and security holders are able to
obtain free copies of the proxy statement/prospectus and other
documents containing important information about NETC and Vast once
such documents are filed with the SEC, through the website
maintained by the SEC at http://www.sec.gov. In addition, the
documents filed by NETC may be obtained free of charge from NETC's
website at www.nabors-etcorp.com or by written request to NETC at
515 West Greens Road, Suite 1200, Houston, TX 77067.
Participants in the Solicitation
NETC, Nabors, Vast and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of NETC in connection with the
proposed Business Combination. Information about the directors and
executive officers of NETC is set forth in the Registration
Statement under the section titled “Business of NETC and Certain
Information about NETC—Management” linked here. To the extent that
holdings of NETC's securities have changed since the amounts
printed in the Registration Statement filed on June 29, 2023, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. Additionally, NETC has
engaged Morrow Sodali LLC to assist in the solicitation of proxies,
whose contact information can be found in the Registration
Statement under the section titled “About this Proxy
Statement/Prospectus” linked here. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
is contained in the Registration Statement and other relevant
materials to be filed with the SEC when they become available. You
may obtain free copies of these documents as described in the
preceding paragraph.
Forward Looking Statements
The 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 the proposed Business
Combination, NETC's and Vast's ability to consummate the proposed
Business Combination, the benefits of the proposed Business
Combination, the proposed financing from EDF, EDF's ability to
provide the proposed financing and NETC's and Vast's future
financial performance following the proposed Business Combination,
as well as NETC's and 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 "could," "should," “will,” “may,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
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 NETC and 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, NETC and Vast disclaim 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. NETC and Vast caution 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 NETC and Vast. These risks include, but are not limited to,
general economic, financial, legal, political and business
conditions and changes in domestic and foreign markets; the
inability to complete the Business Combination or the convertible
debt and equity financings contemplated in connection with the
proposed Business Combination, including the proposed financing
from EDF and other investors (the “Financing”) in a timely manner
or at all (including due to the failure to receive required
stockholder or shareholder, as applicable, approvals, or the
failure of other closing conditions such as the satisfaction of the
minimum trust account amount following redemptions by NETC’s public
stockholders and the receipt of certain governmental and regulatory
approvals), which may adversely affect the price of NETC’s
securities; the inability of the Business Combination to be
completed by NETC’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by NETC; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
Business Combination or the Financing; the inability to recognize
the anticipated benefits of the proposed Business Combination; the
inability to obtain or maintain the listing of Vast’s shares on a
national exchange following the consummation of the proposed
Business Combination; costs related to the proposed Business
Combination; the risk that the proposed Business Combination
disrupts current plans and operations of Vast, business
relationships of Vast or Vast’s business generally as a result of
the announcement and consummation of the proposed Business
Combination; Vast’s ability to manage growth; Vast’s ability to
execute its business plan, including the completion of the Port
Augusta project, at all or in a timely manner and meet its
projections; potential disruption in Vast’s employee retention as a
result of the proposed Business Combination; potential litigation,
governmental or regulatory proceedings, investigations or inquiries
involving Vast or NETC, including in relation to the proposed
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 Registration Statement and
other documents filed, or to be filed with the SEC in connection
with the proposed Business Combination. 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 NETC’s expectations can be found in NETC’s periodic filings
with the SEC, including NETC’s Annual Report on Form 10-K filed
with the SEC on March 22, 2023 and any subsequently filed Quarterly
Reports on Form 10-Q. NETC’s SEC filings are available publicly on
the SEC’s website at www.sec.gov.
________________________ 1 Customers are counted per delivery
site and a customer can have two delivery points: one for
electricity and another one for gas
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version on businesswire.com: https://www.businesswire.com/news/home/20231208703419/en/
Vast For Investors: Caldwell Bailey ICR, Inc.
VastIR@icrinc.com For US Media: Matt Dallas ICR, Inc.
VastPR@icrinc.com For Australian media: Nick Albrow Wilkinson
Butler nick@wilkinsonbutler.com EDF Clare Wilkes
clare@taylorconnect.org Nabors Energy Transition Corp. For
Investors: William C. Conroy, CFA Vice President – Corporate
Development & Investor Relations (Nabors)
william.conroy@nabors.com For Media: Brian Brooks Senior Director,
Corporate Communications (Nabors) brian.brooks@nabors.com
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