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1 minute read

Vast and Mabanaft advance Port Augusta bio-methane project to kick-start Australia’s bio-fuels sector

Vast Renewables Limited (Nasdaq: VSTE), a renewable energy company utilizing concentrated solar thermal power (CSP) systems, has signed a Joint Development Agreement (JDA) with global energy company Mabanaft to advance Solar Methanol 1 (SM1), a green methanol reference plant.

Located at the Port Augusta Green Energy Hub in South Australia, SM1 will produce 7,500 tonnes of green methanol annually, a key hydrogen derivative that can decarbonize industries like shipping and aviation. The plant will be powered by Vast’s 30 MW / 288 MWh CSP plant, potentially reducing green fuel production costs by up to 40%, according to engineering group Fichtner. The JDA outlines the development of the project and highlights Vast and Mabanaft’s commitment to the energy transition, with funding agreements for SM1 up to AUD $40 million. Vast will receive AUD $19.48 million from the Australian Renewable Energy Agency (ARENA), and Mabanaft, subject to final investment decisions, will receive up to €12.4 million from Projektträger Jülich on behalf of the German government. The project, supported by Calix as Principal CO2 Supply Partner and the Australian Solar Thermal Research Institute (ASTRI), aims to demonstrate the potential of CSP technology in producing low-cost green fuels for global markets.

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