, Australia
Photo from Vast Energy

Vast, Mabanaft signs $26m funding agreement for a CSP-powered solar methanol plant

The SM1 plant aims to generate over 7,500 tonnes per annum of green methanol.

Vast Renewables Limited, along with its consortium partner, Mabanaft, has signed funding agreements for up to $26m (A$40m) for a CSP-powered solar methanol plant.

The solar methanol facility, called SM1, is designed to assist in decarbonising shipping.

Vast will collect over $12.64m (A$19.48m) from the Australian Renewable Energy Agency (ARENA) and Mabanaft will receive over $13.31m (EUR 12.4m) from Projektträger Jülich (PtJ) on behalf of the German government after being selected as part of the German-Australian Hydrogen Innovation and Technology Incubator (HyGATE).

ALSO READ: India’s installed capacity reaches 428.3 GW in 2023

“Solar methanol, produced at plants like SM1, has the potential to make a huge difference to the transport sector where it has proven difficult to decarbonise fuel sources. This funding is a testament to the tremendous opportunity provided by Vast’s technology as well as our partners within the Solar Methanol Consortium,” Craig Wood, CEO of Vast, stated.

SM1 intends to produce over 7,500 tonnes per annum of green methanol, powered by Vast’s CSP v3.0 technology that generates zero-emission heat and electricity to produce green methanol. The facility is one of the many efforts to bolster the solar methanol industry in Australia.

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

Permit processes need streamlining to drive APAC’s wind energy growth
A ‘route-to-market’ approach will help emerging markets boost their offshore wind capacity, says expert.
Regulation
Developer-led approach poses uncertainty for South Korea’s offshore wind
Experts believe the government can streamline the process by taking the lead in site designation and subsea surveys.
Power Utility
How is APAC faring in managing solar PV waste?
Recycling solar panels remains expensive compared to bringing the waste to landfills.