Nabors Energy Transition Corp. (NETC) Closes Vast Deal

Nabors Energy Transition Corp. (NYSE:NETC) announced this afternoon that it has closed its combination with solar power producer Vast.

Shareholders already approved the deal during a special meeting held on December 13. However, at that time, the parties stated that the closing was contingent on several conditions and did not provide a timeline for the completion of the combination.

Following the transaction, Vast has received funds totaling approximately $60 million of gross proceeds. The combined company intends to use these proceeds to fund the acceleration of its commercial operations, project sourcing and development activities, deployment of manufacturing facilities for its proprietary systems, continued research and development and general corporate purposes.

Certain proceeds will also be used to pay fees and expenses related to the combination.

On December 19, Vast’s ordinary shares are expected to begin trading on the Nasdaq under the ticker symbol “VSTE” and its public warrants to purchase ordinary shares are also expected to begin trading on the Nasdaq under the ticker symbol “VSTEW”.

Nabors Energy Transition initially announced its $250 million combination with Vast in February. Sydney-based Vast has developed technology to generate renewable energy via concentrated solar power (CSR) plants with multiple projects in its pipeline in Australia.

Since the announcement of the combination, Vast has continued to make significant strides, including funding of AUD $65 million from the Australian Renewable Energy Agency, and a letter of intent with Mabanaft.

Vast will continue to be based in Sydney, Australia and led by CEO Craig Wood and other key members of its current executive leadership.