Vast, an Australian renewable energy technology company along with its consortium partner Mabanaft, a Hamburg-based independent and integrated energy company, secured up to ~ AUD 40M (nearly €24.27M) in funding for their solar methanol plant, SM1.
The plant focuses on zero-carbon, utility-scale electricity, and industrial process heat.
As announced in January 2023, Vast will receive up to AUD 19.48M from the Australian Renewable Energy Agency and Mabanaft will receive up to €12.4M from Projektträger Jülich on behalf of the German government after the SM1 project was selected last year as a part of the German-Australian Hydrogen Innovation and Technology Incubator.
Craig Wood, CEO of Vast says, “This is a giant leap for green fuel production globally. Solar methanol, produced at plants like SM1, has the potential to make a huge difference to the transport sector where it has proven difficult to decarbonise fuel sources.
“This funding is a testament to the tremendous opportunity provided by Vast’s technology as well as our partners within the Solar Methanol Consortium.”
The solar methanol plant
Vast, a renewable energy company, uses CSP systems, particularly the proprietary CSP v3.0 with a modular sodium loop, to generate carbon-free electricity, and industrial heat, and facilitate green fuel production.
SM1, powered by Vast’s CSP v3.0 technology, aims to produce 7,500 tonnes per annum of green methanol. Methanol, a versatile hydrogen derivative, can decarbonise challenging industries like shipping and aviation.
Vast claims that its CSP v3.0 has the potential to reduce green fuel production costs by up to 40 per cent. The Consortium, including Calix and ASTRI, envisions SM1 as a catalyst for a solar methanol industry in Australia, with export potential to global markets, creating numerous skilled jobs.
Capital utilisation
Philipp Kroepels, Director New Energy at Mabanaft says, “With access to green methanol, our range of sustainable energy solutions for our customers continues to grow.”
“The funding agreements make a crucial recognition and validation of our decarbonisation efforts and can make a strong contribution to strengthening Germany’s leading role in the global energy transition.”
According to a statement, the funding marks a crucial progression for SM1 and the HyGATE initiative, supporting real-world pilot projects in the hydrogen supply chain.
Vast and Mabanaft, alongside the Solar Methanol Consortium, assess SM1, aided by Australian technology company Calix as Principal CO2 Supply Partner and the Australian Solar Thermal Research Institute (ASTRI).
Brief about Mabanaft
Mabanaft is an independent energy company, offering solutions for transportation, heating, industrial, and agricultural energy needs.
Engaged in the import, distribution, and marketing of petroleum products, natural gas liquids, chemicals, and biofuels, Mabanaft supports customers in transitioning to cleaner fuels through alternative long-term solutions.
