Vast Unveils LOI with Mabanaft for Potential Equity Investment in World-First Solar Methanol Project at the Maritime Industries Australia Decarbonisation Summit

PERTH, Australia–(BUSINESS WIRE)–Today in Perth at the Maritime Industries Australia Decarbonisation Summit, Vast Solar Pty Ltd (Vast) announced that it has executed a letter of intent (LOI) with German energy company Mabanaft GmbH & Co. KG (Mabanaft) for potential offtake and equity investment in Solar Methanol 1 (SM1), a world-first green methanol demonstration plant.

Vast is a concentrated solar thermal power (CSP) technology and project developer, creating energy systems that have the potential to generate green, dispatchable utility-scale electricity and industrial process heat. SM1 is expected to be partly-powered by dispatchable electricity and heat from VS1, Vast’s 30MW / 288 MWh CSP project co-located with SM1 in Port Augusta, South Australia.

Mabanaft is active in many markets in the import, distribution and marketing of petroleum products, natural gas liquids, chemicals and biofuels, and it is supporting its customers’ transition to cleaner fuels by providing alternative long-term solutions.

The LOI with Mabanaft comes after the Solar Methanol Consortium, comprising Vast and project partners such as Calix and Fichtner Engineering, was provisionally selected to receive a conditional award of AUD$19.48m and EUR13.2m from a collaboration between the Australian and German Governments to develop SM1, which will produce up to 7,500 tonnes per annum of green methanol.

After successful completion of the Front End Engineering and Design (FEED), a Final Investment Decision (FID) will be made, with equity funding expected to be matched by ARENA and PtJ for a total funding envelope of up to AUD$78 million.

Craig Wood, CEO of Vast, said:

“Partnering with Mabanaft is an important step forward for SM1 that we believe will unlock significant development of the project. Together with the Solar Methanol Consortium, we are excited to partner with a company such as Mabanaft that offers its customers innovative energy solutions for their transportation, heating, industrial and agricultural needs.”

Oleksandr Siromakha, Head of Sustainable Fuels at Mabanaft, said:

“When produced from renewable energy sources, methanol becomes a promising fuel option that holds great potential for reducing greenhouse gas emissions. It can play an important role for reducing CO2 emissions, especially in shipping, mining and other areas. We are looking forward to collaborating with such strong partners in this exciting project.”

Calix CEO and Managing Director, Phil Hodgson said:

“Calix welcomes Mabanaft as a partner to the Solar Methanol Consortium. Today’s announcement is testament to the significant demand for more sustainable transport fuels and is an important milestone in the consortium’s journey to use renewable energy, hydrogen and CO₂ captured from industry to help decarbonise this hard-to-abate sector.”

Theophil Laukemann, Managing Director of Fichtner, said:

“Acting as Lead Engineering Integrator for the Solar Methanol Consortium, Fichtner GmbH & Co. KG together with Fichtner Australia Pty. Ltd is pleased to see Mabanaft entering the SM1 Project. Mabanaft is the ideal partner for the SM1 project, in particular taking into account the objectives of the German-Australian HyGATE initiative.”

About Vast

Vast is a world-leading renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat. Vast’s modular tower “CSP v3.0” system is more efficient and easier to permit, build and maintain than larger central tower CSP systems, and its ability to deliver both electricity and heat unlocks production of low-cost green fuels.

Visit www.vast.energy for more information.

About Mabanaft

Mabanaft is a leading independent and integrated energy company providing its customers with innovative energy solutions for their transportation, heating, industrial and agricultural needs. The group is active in import, distribution and marketing of petroleum products, natural gas liquids, chemicals and biofuels, and supports its customers’ transition to cleaner fuels by providing alternative long-term solutions.

Forward Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Vast’s future financial performance, as well as Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project, at all or in a timely manner and meet its projections; potential disruption in Vast’s employee retention; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services; and additional risks disclosed by Vast in public statements or filings from time to time. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.

Contacts

For Investors:

Caldwell Bailey

ICR, Inc.

VastIR@icrinc.com

For Media:

US: Matt Dallas

ICR, Inc.

VastPR@icrinc.com

For Media:

AUS: Denise Kazan

Wilkinson Butler

denise@wilkinsonbutler.com