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.