Nabors Energy Transition and its sponsor in an 8-K said they and merger partner Vast Solar amendment their agreement to waive the $50 million minimum cash condition to close, as well as the issuance of shares under a backstop arrangement.
At closing, if approved, Vast agreed to issue 350,000 of its sShares to Nabors under the backstop agreement. Vast also agreed to issue 1.5 million of its shares to tje SPAC’s sponsor as acceleration of a portion of the sponsor earnback shares.
The parties added a $10 million equity commitment to the deal last month.
Announced in February, the SPAC deal carries an implied pro forma equity value between $305 million and $586 million, depending on redemptions.
Vast’s proprietary CSP v3.0 technology has received support from the Australian Renewable Energy Agency (ARENA), which approved up to AUD $65 million in grant funding to support the construction of Vast Solar 1 (VS1), a 30MW CSP plant with 288 MWh of thermal storage in Port Augusta, South Australia.
VS1 will be co-located with Solar Methanol 1 (SM1), a green methanol demonstration plant that has been selected to receive AUD $19.48 million and EUR €13.2 million of grant funding from a collaboration between the Australian and German governments. Read more.
