Vast Renewables Limited · OTC:VSTTF
Vast Renewables — Investor Presentation (December 2023)
33 slides from Vast Renewables's investor presentation, December 2023
Slide 1: Investor Presentation
Nasdaq: VSTE Investor Presentation December 2023
Slide 2: Summary
Next Gen Technology Proven Success Market Opportunity ► Vast has developed the next ► Technology proven through 5 ► The IEA forecasts deployment of generation of concentrated years of piloting prototypes up to 430 GW of new CSP solar thermal power system capacity globally by 2050 for (CSP v3.0) ► Te
Slide 3: Next Generation Vast CSP v3.0
Next Generation Vast CSP v3.0 Low-cost dispatchable, carbon-free power and heat in sun-belt locations Use the stored heat to: Concentrate Capture Store Generate 24/7 power Provide process heat Produce green fuels CSP Key Features Reflect and Capture the Efficiently transfer concentrate the sun’s hea
Slide 4: Vast CSP v3.0 – a Differentiated, Proprietary and Superior Evolution
Vast CSP v3.0 – a Differentiated, Proprietary and Superior Evolution of a Well-Established Technology Criteria Parabolic Trough CSP v1.0 Central Tower CSP v2.0 Vast CSP v3.0 Levelized Cost of Energy Project Scalability Storage Efficiency Power Cycle Efficiency Ease of Permitting Ease of Design Ease
Slide 5: Vast’s CSP v3.0 System – The Next-Generation of CSP
Vast’s CSP v3.0 System – The Next-Generation of CSP Collection Storage Generation ► Solar energy is captured in modular tower arrays, each ► Solar energy is absorbed and transferred by the ► The steam generation system converts heat stored in comprising up to 2,500 heliostats (mirrors) and a solar s
Slide 6: Vast’s Technology is Proven
Technology proven through long Vast’s Technology is Proven duration field testing at multiple sites Heliostat Modular Array Solar Receiver Utility Scale Prototyping Prototyping Prototyping 1.1MW Sun-to-Grid Demonstration Plant Project and Testing and Testing and Testing Located Near Forbes, Australi
Slide 7: Vast Modular Tower Differentiation and Value Proposition
Vast Modular Tower Differentiation and Value Proposition CSP v3.0 – molten sodium HTF enables modular tower design, unlocking benefits that drive down costs and de-risk operation Cost Improved Optical Reduced Smaller, Lower and Hotter Sodium HTF Efficiency Construction Time Pre-Fabricated Temperatur
Slide 8: Proprietary and Differentiated Technology
Proprietary and Differentiated Technology ► Vast is pursuing extensive IP protection in all relevant sun-belt countries ► Identification and protection of new IP is continuous and ongoing Area Type Component Area Type Component Area Type Component Patent Trade Pending Receiver Construction and Opera
Slide 9: CSP Solves Problems that Wind and Solar PV Can’t
CSP Solves Problems that Wind and Solar Photovoltaics (PV) Can’t It’s Dispatchable It Can Generate Process Heat ► Wind and Solar PV are intermittent generators ► Decarbonizing manufacturing is challenging because many industrial processes require heat ► Adding battery storage allows wind and solar t
Slide 10: Vast CSP delivers Low Cost Primary Energy to Power Solar Refineries
Vast CSP delivers Low Cost Primary Energy to Power Solar Refineries for Methanol and eSAF Production ► Biogenic fuels will meet initial demand but fall well short of ultimate requirements ► Heat + power from CSP should deliver significantly cheaper methanol and eSAF than electricity-only processes K
Slide 11: Technology Economics: $50 / MWh LCOE Target at Scale
Technology Economics: $50 / MWh LCOE Target at Scale Levelized Cost of Energy Across Various Technologies1 23% CSP av g. learning 2010 26% rate Offshore 300 Wind av g. 26% learning rate 2010 2010 Solar PV av g. learning rate 200 24% Onshore Wind 2020 av g. learning LCOE rate ($/MWh) 2030 2020 100 Va
Slide 12: Vast Pipeline – Target Geographies
Vast Pipeline – Target Geographies Focus Region Source: SolarGIS; dark red and purple areas indicate higher potential output. Secondary Region 12
Slide 13: Target Markets and Opportunity by 2050
Target Markets and Opportunity by 2050 Over $3.5 Trillion(1) in revenue potential by 2050, based on CSP total addressable market of 700 – 1,800 GW 1 2 3 4 Renewable Fuels On-grid Power Off-grid Power Generation(2) Generation(3) Industrial Heat(4) SAF, Ammonia, Low-Carbon Methanol(5) Hydrogen(6) 19,8
Slide 14: Vast’s Business Model
Vast’s Business Model OEM / Operations & Engineering, Procurement & Project Developer Equipment Sales Maintenance (O&M) Construction (EPC) ► Key activities include: ► Sourcing and supplying solar arrays ► O&M and software support to ► In-house EPC capability to enhance ► Planning and permitting to p
Slide 15: Near-Term Deployments
Near-Term Deployments VS1 – Utility Scale SM1 – Solar Methanol Silicon Aurora VS2 – Baseload Solar VS3 – 150MW VS1 Reference Plant Demonstration Plant 140MW Li-Ion BESS Hybrid Expansion 2022 - 2025 2022 - 2026 2022 - 2023 2025 - 2025 - Port Augusta Mount Isa, Australia Port Augusta Expansion ► Refer
Slide 16: Aurora Precinct Overview
Aurora Precinct Overview Located 20km north of Port Augusta, South Australia Port Augusta ► 1,580ha site with 40 year tenure PV BESS ► Staged development ► VS1: 30MW CSP plant with 8 hours storage ► SM1: 7,500 T/annum solar methanol plant VS1 ► BESS: 140MW / 140MWh (50/50 with 1414 Limited) ► VS3: 1
Slide 17: VS1 – 30MW Port Augusta CSP
VS1 – 30MW Port Augusta CSP Dispatchable renewable energy on demand Port Augusta ► Configuration ► 8 solar fields, each with approximately 2,400 heliostats ► 8 hours of thermal storage ► 30MW steam turbine ► Clutched generator => synchronous condenser functionality ► Target schedule ► Final Investme
Slide 18: SM1 – Vast Powered Solar Methanol in Port Augusta
SM1 – Vast Powered Solar Methanol 1 in Port Augusta ► Project overview ► Consortium members Port Augusta ► ~7,500 T/annum renewable methanol ► Global, highly specialized consortium demonstration plant ► Blue chip equity partner ► Methanol to be used to decarbonize shipping ► Vast is the principal en
Slide 19: VS2 – 50MW Mount Isa baseload solar hybrid
VS2 – 50MW Mount Isa baseload solar hybrid Mount Isa Continuous energy powering underground mining operations 24/7 with 99.5% reliability Access Road ► 600ha site with 35+year option PV Mount Isa BESS ► Hybrid configuration ► CSP: 30 solar fields, each with 2,400 heliostats; 14.5 CSP hours thermal s
Slide 20: VS2 – 50MW Mount Isa baseload solar hybrid
VS2 – 50MW Mount Isa baseload solar hybrid Mount Isa Continuous energy powering underground mining operations 24/7 with 99.5% reliability Projected annualized performance optimized for Baseload solar energy: an example lowest LCOE three-day period in January1 Purpose Proportion of Supply ► Primary D
Slide 21: Australian and German Government Support
Australian and German Government Support Australian and German governments have announced funding of up to AUD215 million for VS1 and SM1 21
Slide 22: Illustrative Unit Economics: Sample 150 MW Projects
Illustrative Unit Economics: Sample 150 MW Projects Chile US (Nevada) Average Typical Project 150 MW1 150 MW1 150 MW2 30-Year Life 30-Year Life 30-Year Life T-1 T-2 COD T+1 T-1 T-2 COD T+1 T-1 T-2 COD T+1 of Plant of Plant of Plant Developer Fee (FID) $14 - - - $14 $17 - - - $17 $16 - - - $16 OEM (D
Slide 23: Strong Customers and Partners
Long-term relationships with an Strong Customers and Partners extensive network of partners that help deliver globally competitive products and technology Supply Chain Technology Development 23
Slide 24: Leveraging Nabors’ Capabilities to Accelerate Vast’s Global Deployment
Leveraging Nabors’ Capabilities to Accelerate Vast’s Global Deployment Agreements With Nabors Nabors’ Nabors’ Capability Capability VastVast Applicability Applicability Automation & ▪ Mirror cleaning ► Vast has entered into several agreements with Nabors: Robotics ▪ Automated pop-up manufacturing ►
Slide 25: Key Investment Highlights
Key Investment Highlights ► Potential to deliver low-cost, dispatchable renewable energy – the holy grail of clean energy ► Proprietary technology that addresses CSP’s historical reliability and manufacturability issues ► Targets large addressable market ► Partnership with Nabors should accelerate d
Slide 26: Reliable, Controllable, Stored Energy.
Reliable, Controllable, Stored Energy.
Slide 27: Appendix
Appendix
Slide 28: Vast Team – Experienced, Entrepreneurial
Vast Team – Experienced, Entrepreneurial Craig Wood - Chief Executive Officer Mark Smith - Chief Financial Officer Kurt Drewes - Chief Technology Officer • Joined Vast asCEO in 2015 • Joined Vast as CFO in 2023 • Joined Vast in 2017 • 23 years of leadership experience in corporate management and • N
Slide 29: Market Opportunity
Market Opportunity
Slide 30: On-Grid Opportunity
On-Grid Opportunity Low case–IEA Stated Policies Scenario (STEPS) High case–IEA Net Zero Emissions (NZE) Global projected CSP capacity (in GW–IEA 2022) Global projected CSP capacity (in GW–IEA 2022) 436.5 89.5 9.2% 15.1% 282.6 CAGR CAGR 48.8 16.7 63.7 6.4 6.4 2020 2030 2040 2050 2020 2030 2040 2050
Slide 31: Off-Grid Opportunity
Off-Grid Opportunity Off-grid demand estimated to be 15 – 20 GW in 2030 and increasing at 6% CAGR 1. Assumed CSP capacity in 2030 of 15 – 20 GW and growing at 6% CAGR to 2050, based on historic growth rate of mine and main applicability of technology to mine sites with appropriate characteristics (e
Slide 32: Heat Generation Opportunity
Heat Generation Opportunity CSP has strong potential to grow in heat production, with 10 – 40 GW addressable market in 2030 growing at 3% CAGR from 2030 to 2050 0C 60 C 100 200 400 >400 C C C C Industrial heat demand 1. CSP range based on 4% of industrial processes by temperature range, 15% 9% 20% 6
Slide 33: Renewable Fuels Opportunity
Renewable Fuels Opportunity Key assumption for GW Estimated renewable Key assumption for CSP Est. suitable for CSP Key use case Renewable volume conversion market (GW) share of market Market(GW) 2030 2050 2030 2050 2030 2050 Assumes countries w ith Synthetic Fuel (non-bio) sufficiently high solar ir
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