Today in Perth at the Maritime Industries Australia Decarbonisation summit, Vast Solar Pty Ltd (Vast) announced that it has executed a letter of intent (LOI) with German energy company Mabanaft GmbH & Co. KG (Mabanaft) for potential offtake and equity investment in Solar Methanol 1 (SM1), a world-first green methanol demonstration plant.
Renewable energy developer Vast Solar will progress plans to deliver Australia’s first commercial-scale concentrated solar power plant after securing financial backing from the federal government to build a 30 MW/288 MWh facility near Port Augusta in South Australia.
An Australian cleantech company that claims its technology could enable hydrogen production of below $1.50 per kilogram by the middle of the decade is one of four green fuel projects to share in more than $100 million (USD 78 million) funding awarded as part of a collaboration between the Australian and German governments.