Vast Renewables Limited, in collaboration with Mabanaft, announced last week the signing of new funding agreements totaling approximately AUD $40 million for the Solar Methanol Plant, SM1.
Selected as part of the German-Australian Hydrogen Innovation and Technology Incubator (HyGATE) in 2023, SM1 is set to propel the transition to green energy in the transport sector.
Vast previously secured funding commitments for SM1, with AUD $19.48 million from the Australian Renewable Energy Agency (ARENA) and EUR $12.4 million from Projektträger Jülich (PtJ) on behalf of the German government.
However, this recent announcement underscores a fresh round of funding, which further supports the development and implementation of the SM1 project. This new funding, amounting to approximately AUD $40 million, signifies a renewed commitment from both Vast and Mabanaft, emphasizing their dedication to driving forward the transition to sustainable energy solutions.
Craig Wood, CEO of Vast, expressed his enthusiasm regarding the additional funding: “This renewed support for SM1 underscores the continued belief in the potential of our technology to revolutionize green fuel production. We are excited to continue our collaboration with Mabanaft and other partners to bring this innovative project to fruition.”
Philipp Kroepels, Director New Energy at Mabanaft, echoed Wood’s sentiments, emphasizing the importance of this new funding round in advancing the SM1 project: “The additional funding reaffirms our commitment to driving forward the transition to sustainable energy solutions. We believe that SM1 holds tremendous potential to make a significant impact in decarbonizing the transport sector.”
The Solar Methanol Consortium, consisting of Vast, Mabanaft, Calix, and the Australian Solar Thermal Research Institute (ASTRI), remains dedicated to leveraging innovative technology to produce green methanol sustainably. Powered by Vast’s CSP v3.0 technology, SM1 aims to generate zero-emission heat and electricity, paving the way for a more sustainable future.
With this fresh injection of funding, SM1 is poised to accelerate its development and make significant strides towards realizing its vision of transforming green fuel production on a global scale.
