Vast Advances Utility-Scale Concentrated Solar Thermal Plant as Worley Commences Engineering

Basic engineering of Vast’s 30MW VS1 Port Augusta CSP Project to be completed by July with groundbreaking slated for 2024

Vast Solar Pty Ltd (Vast), a renewable energy company specialising in concentrated solar thermal power (CSP) energy systems that generate zero-carbon, utility-scale, dispatchable electricity and industrial process heat, today announced it has awarded Worley Ltd. (Worley) (ASX: WOR) key engineering contracts for its VS1 CSP project.

VS1 is a 30MW / 288 MWh CSP plant being built in Port Augusta, South Australia. Utilising Vast's proprietary modular tower CSP v3.0 technology, VS1 will generate clean, low-cost, dispatchable power with over 8 hours of thermal energy storage. The project will create dozens of green manufacturing jobs, hundreds of jobs during construction and long-term plant operations roles.

Vast has appointed Worley and its specialist consulting division, Advisian, to complete VS1 basic engineering by July 2023, followed by front-end engineering design (FEED) in the balance of this calendar year. Construction of VS1 is on track to begin in 2024.

"With strong expertise in CSP, Worley and Advisian are the ideal engineering partners for VS1, which will utilise our industry-leading technology to capture and store the sun's energy during the day before generating heat and dispatchable power during the day or night," said Craig Wood, CEO of Vast.

"Vast has a long-standing relationship with Worley and Advisian dating back to assistance with the engineering and commissioning of our 1.1MW grid connected Jemalong demonstration plant," added Wood. "Their skill in integrating our technology with major packages to be delivered by key equipment partners from around the world will allow VS1 to progress towards FID late this year."

"Worley is pleased to continue their support of Vast Solar with the provision of specialist engineering skills. This work aligns with our corporate ambition to be recognized globally as leader in sustainability solutions and delivering a more sustainable world," said Peter Israel, Power & Energy Transition Practice Manager of Worley.

Vast's proprietary CSP v3.0 technology has received significant support from the Australian government. Most recently, the Australian Renewable Energy Agency (ARENA) announced it has approved up to AUD$65 million in funding to support construction of VS1.

VS1 will be co-located with Solar Methanol 1 (SM1), a world-first green methanol demonstration plant which, in February, was selected to receive AUD$19.48 million and EUR13.2 million from a collaboration between the Australian and German governments, respectively. SM1 will use zero emissions dispatchable electricity and heat from VS1 to produce green methanol for use as a sustainable shipping fuel.

About Vast

Vast is a renewable energy company that has 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.

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About Worley

Worley is a global company headquartered in Australia and our purpose is delivering a more sustainable world. Worley is a leading global provider of professional project and asset services in the energy, chemicals and resources sectors. As a knowledge-based service provider, we use our knowledge and capabilities to support our customers to reduce their emissions and move towards a low carbon future.

Worley Limited is listed on the Australian Securities Exchange (ASX: WOR).

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.

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