, Australia
151 views
Photo from Vast and Nabors.

Australian solar company Vast merges with Nabors

The combined entity will go public on the New York Stock Exchange.

Vast Solar, an Australian concentrated solar company, has entered a business combination agreement with Nabors Energy Transition Corp., with the combined entity expected to be listed in on the New York Stock Exchange.

In a joint statement, they said the combined entity, Vast, will remain headquartered in Australia.

Vast is expected to get proceeds of up to $351m, around $286m of which were from NETC’s trust account and $15m from each of Nabors and Vast’s existing owners, AgCentral Energy, which will be funded in a combination of a pre-closing convertible note financing and private placement of ordinary shares.

READ MORE: ARENA provides $45.2m funding for Vast Solar project

It is also aiming to secure a minimum of $35m of additional capital from other third-party investors.

“This transaction lies at the centre of what we have been carefully creating and curating at Nabors over the past few years through investing in clean, baseload, scalable energy technologies” said Guillermo Sierra, VP of Energy Transition for NETC and VP of Strategic Initiatives for Nabors. 

“This transaction should allow Vast’s proprietary CSP technology to be scaled and accelerated by leveraging our global energy technology and operational platform. We believe that Vast will play a key role in solving the storage and dispatch challenges faced by renewable energy and in facilitating the transition to green fuels by providing clean process heat,” he added. 

Follow the links for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

India removes licence requirement to build transmission lines for bulk consumers
The rule applies to those with at least 25 MW of load for inter-state connection and at least 10 MW for intra-state.
NEFIN Group works double time to catch up on projects
CEO Glenn Lim explains how a delay turned out good as the company aims to reach 667 MW of capacity by 2026.
Summit Power International provides vital LNG support to Bangladesh
Without cross-border electricity supply, LNG is needed by a country facing geographical constraints to deploy renewables.