08:00 AM EDT, 03/12/2025 (MT Newswires) -- Vast Renewables ( VSTE ) said Wednesday it has obtained up to 180 million Australian dollars ($113 million) in conditional funding from the Australian Renewable Energy Agency for the construction of its Port Augusta-based clean energy project, Vast Solar 1.

The project aims to supply clean power to South Australia's grid using Vast's concentrated solar thermal power technology.

The total capital expenditure for the construction is estimated between AU$360 million and AU$390 million.

Vast said it has completed front-end engineering design and commercial development. The company currently is working on an additional investment to make a final investment decision and start the construction this year.

The company shares are up 91% in recent Wednesday premarket activity.