Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast.
The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close.
A further $5 million is to serve as a backstop for future debt or equity Vast intends to raise, and the investor is to be paid a nominal fee for the commitment.
Nabors Energy Transition initially announced its $250 million combination with Vast in February. Sydney-based Vast has developed technology to generate renewable energy via concentrated solar power (CSR) plants with multiple projects in its pipeline in Australia.
Nabors Energy Transition targeted a $35 million PIPE raise at announcement and the deal carries a $50 million minimum cash condition.
These funds are needed by Vast to advance its concentrated solar projects, one of which would capture solar power to produce green methanol. These projects have already received grants totaling about $70 million from the Australian and German governments.
Canberra Airport’s investment comes as a part of its interest in advancements towards using solar to produce sustainable aviation fuels, according to the press release.
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