Vast Renewables and Mabanaft Move Forward with Green Methanol Project

Vast Renewables and Mabanaft Make Important Strides in Green Methanol Project

Vast Renewables Limited (NASDAQ: VSTE), a recognized leader in renewable energy solutions, has unveiled a remarkable achievement in its pursuit of sustainable fuels. The company, along with its consortium partner, Mabanaft, has initiated contracts with the engineering firm Fichtner and bse Methanol. This project aims to bring to life the innovative green methanol plant, known as SM1, a crucial step toward achieving significant milestones in clean energy production.

Introduction to the Green Methanol Plant

The SM1 plant is poised to operate within the Port Augusta Green Energy Hub in South Australia, set to produce an impressive 7,500 tonnes of green methanol annually. Methanol, a key component for hydrogen energy solutions, offers a pathway to decarbonizing industries like shipping and aviation. Notably, the plant will harness reliable clean heat from a 30 MW / 240 MWh concentrated solar thermal power (CSP) facility developed by Vast.

Fichtner's Role in Engineering Excellence

Fichtner's expertise will be integral to the pre-front-end engineering and design efforts for SM1. With extensive experience managing renewable energy projects globally, Fichtner is geared to effectively integrate various technologies essential for producing green methanol. Their involvement further extends from a recent report highlighting CSP’s cost-saving potential, which can reach up to 40% in green fuel production.

Project Components and Technologies

The production of green methanol will incorporate various cutting-edge technologies:

• The Leilac calcination plant from Calix will capture carbon dioxide produced during cement and lime manufacture.
• Bse Methanol will act as the process provider, utilizing their innovative FlexMethanol® modules to economically convert energy and carbon dioxide into methanol.
• A dedicated electrolysis plant will generate hydrogen, ensuring efficiency in the production process.

Significant Funding Support

The SM1 project has secured substantial funding, including up to AUD $19.48 million from the Australian Renewable Energy Agency (ARENA) and approximately EUR 12.4 million from Projektträger Jülich (PtJ), representing the German government. This financial backing underscores the project's viability and potential impact within green fuel initiatives.

Leadership Perspectives

Craig Wood, CEO of Vast, expressed enthusiasm about reaching the pre-FEED stage, signifying a pivotal step toward advancing the SM1 project. He highlighted the potential impact of this green methanol venture in aiding the transport sector's transformation. Wood is optimistic about the collaboration with Fichtner and bse Methanol, with Dr. Amy Philbrook from Arup taking the lead as Project Manager.

Philipp Kroepels from Mabanaft shared insights emphasizing the importance of the engineering collaboration with Fichtner and bse Methanol, asserting that it represents significant progress for the project. This innovative approach is expected to facilitate the successful realization of the ground-breaking solar methanol plant.

Contributions and Innovations

Dr. Amy Philbrook referred to the project as pioneering, with its promise to revolutionize the transport sector. The cohesive partnership comprised of vast experience and advanced technologies positions SM1 to become a benchmark for Australia's green fuel landscape.

CEO Alex Dronoff from Fichtner Australia echoed similar sentiments about the collaboration with Vast and Mabanaft, recognizing their ongoing commitment to the project. The willingness of industry leaders bse Methanol to share their expertise in methanol technology indicates a promising future for the facility.

About Vast Renewables

Vast is on the forefront of renewable energy development, utilizing CSP systems to produce and store carbon-free electricity and heat, laying the groundwork for green fuel manufacturing. Their proprietary sodium loop technology plays a crucial role in harnessing solar energy for these transformative processes.

Contact Information

For Investors: Caldwell Bailey, ICR, Inc., VastIR@icrinc.com

For Australian Media: Nick Albrow, Wilkinson Butler, nick@wilkinsonbutler.com

For US Media: Matt Dallas, ICR, Inc., VastPR@icrinc.com

Frequently Asked Questions

What is the primary goal of the SM1 project?

The SM1 project aims to produce green methanol, a sustainable fuel necessary for decarbonizing sectors like shipping and aviation.

Who are the main engineering partners in this project?

The engineering partners include Fichtner and bse Methanol, both recognized for their expertise in renewable energy systems.

What technologies will be integrated into the SM1 plant?

The plant will integrate a calcination plant for CO2 capture, methanol synthesis technology, and an electrolysis plant for hydrogen production.

How much funding has the SM1 project secured?

The project has received significant funding, totaling up to AUD $19.48 million from ARENA and approximately EUR 12.4 million from the German government.

Who is leading the SM1 project?

Dr. Amy Philbrook from Arup is appointed as the Project Manager for the SM1 initiative, bringing her expertise in clean fuels to the team.

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