Vast Announces Successful Closing of US$3.5 Million Convertible Notes

SYDNEY, Oct. 10, 2025 (GLOBE NEWSWIRE) -- Vast Renewables (“Vast” or the “Company”) (OTC:VSTTF), a leading Australian on-demand renewable energy and clean fuels platform, today announced it has successfully closed the placement of US$3.5 million of convertible notes with two of its largest and longest-standing investors, Nabors Industries and Canberra Airport Group.

The funding from the convertible notes will support the delivery of Vast’s Port Augusta Green Energy Hub, including its flagship utility-scale long duration energy storage project Vast Solar 1 (“VS1”), and development of its growing international project pipeline. This investment forms part of Vast’s broader capital raise, announced in August, which is actively engaging leading institutional and strategic investors.

“The successful close of this investment reflects strong confidence in Vast’s differentiated concentrating solar thermal power (“CSP”) technology and our commercial readiness as we rapidly progress toward Final Investment Decision (“FID”) on VS1 by the end of the year,” said Craig Wood, CEO of Vast.  

VS1 is a 30MW CSP plant located in Port Augusta, South Australia. VS1 will use Vast’s modular tower CSP v3.0 technology to generate clean, low-cost, dispatchable power with 10 hours of thermal energy storage. VS1 has secured up to A$290 million in conditional Australian Government support, including a A$180 million grant from the Australian Renewable Energy Agency (“ARENA”). Vast now estimates FID for VS1 will take place at the end of December 2025 with financial close at the end of March 2026. As we progress toward FID, Vast is actively engaging with long-term investors and strategic partners to secure the remaining financial support for the project.

The Port Augusta Green Energy Hub is also home to a 140MW / 2-hour lithium-ion battery, developed in partnership with clean energy storage technology company 1414 Degrees. This project provides critical storage and grid stability and is on track to reach FID in 2026.

Vast 2025 AGM and Annual Financial Accounts

Vast will hold its 2025 Annual General Meeting (“AGM”) on Friday November 14, 2025. For the AGM Vast will provide an update to shareholders on progress throughout 2025 and the outlook for the year ahead, as the Company deploys its next generation CSP solution to accelerate Australia’s energy transition. Prior to the AGM (on or around October 23, 2025) Vast will publish its Annual Financial Statements for the year ended 30 June 2025 on its website.

About Vast

Vast is a leading Australian on-demand renewable energy and clean fuels platform. Vast’s proprietary technology delivers 24/7 carbon-free heat and power at utility-scale to decarbonise the grid, green fuels production, and hard-to-abate industries. Visit www.vast.energy for more information.

Forward Looking Statements

The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding VS1, South Australian Solar Fuels (“SASF”), the Port Augusta Green Energy Hub, Vast's future financial performance, Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, capital expenditures, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "project," "should," "will," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast's ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast's ability to estimate project costs and to execute its business plan, including the completion of the Port Augusta Green Energy Hub (including VS1, SASF and/or the battery), at all or in a timely manner; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast; changes in applicable laws or regulations and general economic and market conditions impacting project costs and/or demand for Vast's products and services. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast's expectations can be found in Vast's filings previously made with the SEC. Vast's SEC filings are available publicly on the SEC's website at www.sec.gov
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Contacts

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

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

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