Nabors Industries ( NYSE: NBR ) said Tuesday its special purpose acquisition company, Nabors Energy Transition Corp. ( NYSE: NETC ), agreed to acquire Australian renewable energy company Vast Ltd. in a deal valued at as much as $586M.
Vast says it has developed a proprietary next-generation CSP system that uses a distributed modular tower design and a sodium heat transfer loop to gather energy from the sun, which is then stored in molten salt for later dispatch as either power or heat.
The company is developing 230 MW of projects, including a 30 MW grid-connected facility in Australia that is expected to become operational in 2025, and a 20 tons/day solar methanol facility that will be co-located with and partially powered by the 30 MW plant; Vast says it also has a multi-GW global pipeline of potential CSP projects.
Vast will be listed on the New York Stock Exchange under the ticker symbol VSTE after the deal closes.
Nabors ( NBR ) said Vast marks its ninth and largest energy transition investment to date.
Nabors Industries ( NBR ) reported a Q4 loss of $69M, or $7.87/share, but remains worth buying cautiously up to $175, Fun Trading writes in an analysis posted recently on Seeking Alpha .
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Nabors-backed SPAC buys solar company Vast in deal valued up to $586M