Vast and Mabanaft Secure AUD $40 Million Funding For CSP-Powered Solar Methanol Plant SM1 To Help Decarbonise Shipping
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Vast Renewables Limited (Vast) and Mabanaft have secured up to AUD $40 million in funding for the SM1 solar methanol plant, aimed at decarbonizing shipping by producing green methanol using concentrated solar thermal power (CSP) technology. The funding, provided by the Australian Renewable Energy Agency (ARENA) and Projektträger Jülich (PtJ) on behalf of the German government, supports the German-Australian Hydrogen Innovation and Technology Incubator (HyGATE) program. SM1, powered by Vast's CSP v3.0 technology, aims to produce up to 7,500 tonnes of green methanol annually, potentially reducing green fuel production costs by up to 40% and creating hundreds of jobs.
February 14, 2024 | 1:04 pm
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Vast Renewables Limited (VSTE) secures funding for the SM1 solar methanol plant, aiming to produce green methanol to decarbonize shipping, supported by CSP technology.
The funding for the SM1 project is a significant development for Vast Renewables, highlighting the company's innovative approach to green fuel production and its potential impact on decarbonizing the shipping industry. The involvement of ARENA and the German government through PtJ adds credibility and financial support to the project, likely boosting investor confidence in Vast's technology and market potential. The project's success could lead to increased demand for Vast's CSP technology and open up new revenue streams, positively impacting the company's stock price in the short term.
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