Vast, a world-leader in concentrated solar thermal power, announces partnership with CYD to model molten salt tank performance as VS1 project moves forward

Vast and CYD develop innovative Avatar Model to simulate and optimise molten salt tank operation in first utility-scale project deploying Vast’s world-leading clean energy technology

Sydney, Australia, 11 August 2023 –Vast Solar Pty Ltd (“Vast” or the “Company”), a world-leader in concentrated solar thermal power (CSP), today announced a partnership with global design and manufacturing firm Contratos y Diseños Industriales (CYD) as the Company advances VS1, its 30MW/ 288MWh CSP project in Port Augusta, South Australia.  

Utilising Vast’s proprietary, modular tower CSP v3.0 technology, VS1 is designed to generate clean, low-cost, dispatchable power with over 8 hours of thermal energy storage. The project is projected to create dozens of green manufacturing jobs, as well as hundreds of jobs during construction and long-term plant operations roles. VS1 will be Vast’s first utility-scale project, and the Australian Renewable Energy Agency (ARENA) has approved up to AUD$65 million in funding for the project.

Vast has a strong track record in pioneering new tank designs and is a co-developer with CYD of Flexitank, which is the subject of a pending patent application. CYD is working with Vast on early design work on VS1 and is using a first-of-its-kind Avatar Model to simulate the construction and operation of the thermal energy storage tanks that contain molten salt at high temperatures. This is a step forward for the CSP industry, with the potential to enhance the performance of molten salt storage tanks once operational.

The Avatar Model concept, developed by the CYD team, utilises a virtual model (referred to as a dynamic digital twin) that aims to create the exact dimensions of VS1’s thermal energy storage system, and allows for testing and simulation under different conditions. This helps to identify and mitigate any problems, while optimising design and performance of the tanks before they are manufactured and installed.

Craig Wood, CEO of Vast, said:

“We are delighted to be working with CYD and to have their extensive global experience in CSP supporting VS1. The Avatar Model’s holistic approach to the design, manufacture, construction and operation of molten salt tanks will further strengthen VS1. This innovative approach to building CSP projects is a big step forward for Vast and the whole industry.”

Sergio Dávila from CYD said:

“Our collaboration with Vast is breaking new ground in the CSP industry. The Avatar Model has been developed using the extensive experience in the design and construction of molten salt tank technology amongst the Vast and CYD teams, supported by other leading companies and institutions. It provides an opportunity to implement learnings at an early-stage to ensure the optimal performance of thermal energy storage systems.”

About Vast

Vast is a renewable energy company that designs, builds and operates CSP systems to generate, store and dispatch carbon free, utility-scale electricity, industrial heat, and to enable the production of green fuels. Vast’s CSP v3.0 approach to CSP utilizes a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products.

On February 14, 2023, Vast announced a business combination agreement with Nabors Energy Transition Corp. (NYSE: NETC). The combined entity would be named Vast and its securities are expected to be listed on the New York Stock Exchange under the ticker symbol “VSTE” while remaining headquartered in Australia.

Visit www.vast.energy for more information.

About Nabors Energy Transition Corp.

Nabors Energy Transition Corp. (NYSE: NETC, NETC.WS, NETC.U) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. NETC was formed to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally.

NETC is an affiliate of Nabors Industries Ltd. (Nabors), a leading provider of advanced technology for the energy industry. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors, which owns the global industry’s largest fleet of land drilling rigs and equipment, is committed to innovate the future of energy and enable the transition to a lower-carbon world.

About CYD

CONTRATOS Y DISEÑOS INDUSTRIALES, S.A. (CYD) is an Spanish Engineering and Construction company founded in 1989 in BARCELONA, SPAIN to provide specialized services for industrial projects in different industries (power, renewables, chemicals, pharma).

Molten Salt Tanks (MST) are an important part of CYD’s business. Participating in the biggest and most important CSP projects around the World. CYD works in a continuing improvement of our designs based in the experience and lessons learned in the world, CYD is collaborating with this technology looking for the best solutions for CSP and thermal Storage where we are specialists.

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