Vast Renewables Limited has secured up to AUD 180m ($113m) in conditional funding for the construction of its Port Augusta clean energy project, which will include a hydrogen-based green methanol plant.
Awarded by the Australian Renewable Energy Agency (ARENA), the Vast Solar 1 (VS1) initiative is part of the Port Augusta Green Energy Hub and includes an option to power a co-located green methanol production facility called Solar Methanol 1 (SM1).
Set to be developed in partnership with German company Mabanaft, SM1 will produce green methanol derived from hydrogen in South Australia.
Overall, the Australian project will utilise Vast’s next-generation concentrated solar thermal power (CSP) technology to provide long-duration renewable energy storage and generation to supply on-demand clean power to South Australia’s grid.
