Vast Renewables Ltd., a renewable energy company focused on concentrated solar thermal power (CSP), Dec. 18 announced the completion of its business combination with Nabors Energy Transition Corp. (NETC), an affiliate of Nabors Industries.

As a result of this transaction, Vast said it received funds or commitments totaling approximately US$60 million of gross proceeds. The funds will be used to accelerate the company’s commercial operations, project sourcing and development activities among other purposes, the company said.

This business combination merges NETC, Nabors’ special purpose acquisition company, into a wholly owned subsidiary of Vast. The business combination aligns with Nabors’ goal of extending their work on internal technology development and venture investments in clean and scalable energy technologies. Vast’s CSP v3.0 system captures and stores solar hear for conversion into clean and renewable energy using a modular tower design and a sodium loop for heat transfer.

“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 (CSP) v3.0 technology,” Anthony G. Petrello, chairman, president and CEO of NETC, said in a press release. “Vast holds the potential to deliver clean baseload power and decarbonize aviation, heavy industry and other hard-to-abate sectors.”

The combined entity, which will remained headquartered in Australia, will be named Vast and is expected to be listed on the NASDAQ under the ticker “VSTE.”

Vinson & Elkins LLP and King & Wood Mallesons acted as legal advisers to NETC. Milbank LLP acted as legal adviser to Nabors. Guggenheim Securities LLC acted as exclusive financial adviser to NETC. White & Case LLP and Gilbert + Tobin acted as legal advisers to Vast.

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