Vast Renewables Limited VSTE has secured up to A$180 million ($113.3 million) in conditional funding from the Australian Renewable Energy Agency to support the construction of its Port Augusta project, Vast Solar 1 (VS1).

VS1 will deploy Vast's next-generation concentrated solar thermal power technology to deliver long-duration renewable energy storage and dispatchable power after sunset, strengthening South Australia’s grid reliability. The CSP system provides 24/7 carbon-free power and heat, supporting decarbonization across energy, transport, data centers, mining, and heavy industry. The project is backed by ARENA, EDF, and Nabors Industries.

The AUD180 million commitment brings Vast closer to a final investment decision for the A$360 million to A$390 million project, which is targeted for construction in 2025.

VS1 may also power Solar Methanol 1, a co-located green methanol facility being developed with Mabanaft to decarbonize shipping through hydrogen-based fuels. Green methanol, already used by major container ships, offers a scalable application for clean hydrogen in global transport.

Vast's South Australian initiatives will serve as a springboard for its global clean energy pipeline, supporting green fuel production and complementing intermittent solar and wind sources.

Its Queensland-manufactured technology is expected to create local jobs in green manufacturing, construction, and long-term operations. The new ARENA funding replaces a 2023 pledge and is subject to key project milestones and securing additional capital.

Price Action: VSTE shares are trading higher by 90.96% at $0.95 premarket at the last check Wednesday.

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