Nabors Industries, the Bermudian-domiciled energy technology company, has completed its most impactful energy transition investment to date, the company’s leader has declared.

Nabors closed the previously announced business combination between Nabors Energy Transition Corporation, the special purpose acquisition company sponsored by Nabors, and Vast Renewables Ltd.

The combined company now trades on the Nasdaq exchange under the ticker symbol "VSTE".

Anthony G Petrello, Nabors’ chairman, president and CEO, said: "The challenge for traditional solar power is the need to provide 24/7, baseload dispatchable power safely and cost effectively.

“Vast solves these issues with its advanced concentrated solar thermal power v3.0 technology. Nabors sponsored NETC as a capital efficient way to pursue significant investment opportunities supporting the energy transition. We are pleased that the business combination between NETC and Vast has been completed.

"Vast's innovative and proven CSP energy systems deliver clean, dispatchable power and heat for utility-scale power generation, green fuels production and industrial process heat applications.

“Overcoming the traditional challenges of renewables, Vast holds the potential to deliver clean baseload power and decarbonise aviation, heavy industry and other hard-to-abate sectors.

"With the addition of Vast to Nabors' broader technology portfolio, we believe we are closer to the vision for clean, renewable, scalable, affordable and dispatchable energy – the type of energy the world needs.”

The company said Vast has received significant support from the Australian Renewable Energy Agency, which recently announced approval for up to AUD $65 million (approximately $43.9 million) in grant funding to support the construction of Vast Solar 1, a 30MW CSP plant with 288 MWh of thermal storage located in Port Augusta, South Australia.

VS1 will be co-located with Vast's follow-on project, Solar Methanol 1, a world-first green methanol demonstration plant which has been selected to receive AUD $19.48 million (approximately $13.2 million) and €13.2 million (approximately $14.45 million) of grant funding from a collaboration between the Australian and German governments, respectively.

Most importantly, Nabors said, Vast received a €10 million (approximately $10.95 million) commitment from EDF Australia in connection with the parties' entry into a joint development agreement to develop Australian CSP projects to further transition Australia to a clean-energy economy.

Nabors said the EDF Group is a major player in the energy transition and one of the world's largest diversified clean energy producers. In addition, Vast has received a $7 million investment from Canberra Airport Group to support Vast's pursuit of sustainable aviation fuel projects.

Nabors, together with its affiliates, holds a significant minority ownership position in Vast.

Nabors announced its energy transition strategy in 2021 and said it has made significant strides towards its goal of delivering "energy without compromise".

Mr Petrello said: "Our strategy to manage the energy transition is to embrace energy innovation over energy exclusion.

“We support socially responsible hydrocarbons and renewable energy. We focus on using technology to overcome the challenges to ultimately realise a diverse energy mix that is affordable, reliable and clean.

“While we pursue technologies to scale clean renewable technology, we remain focused on our core business and enabling responsible hydrocarbon production."

He added: "For example, we established an expansive product line designed to reduce emissions at the well site.

“Fuel enhancers, AI-based engine management automation, rig electrification solutions, energy storage and hydrogen injection systems now in testing, are just a few technologies Nabors uses to lower fuel consumption and emissions.

“This portfolio has been deployed across three continents and used in onshore and offshore drilling operations and completion jobs.

"In addition to Vast, and in pursuit of clean, renewable, scalable and dispatchable energy solutions, Nabors has invested in geothermal, alternative energy storage, emissions monitoring, hydrogen and advanced materials."