Gilbert + Tobin has advised Vast Renewables Limited (f/k/a Vast Solar Pty Ltd), an Australian renewable energy company, on the completion of its business combination (merger) with Nabors Energy Transition Corp, a US-listed special purpose acquisition company (SPAC). and the listing of the combined company, named Vast Renewables Limited (Vast), on Nasdaq.
As part of the transaction, G+T also advised Vast on its successful pre-merger capital raising from EDF Australia and Canberra Airport.
Vast is a renewable energy company that has developed concentrated solar thermal power (CSP) technology to generate, store and dispatch carbon-free, utility-scale electricity and industrial heat, and to enable the production of green fuels. Vast's CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products.
Nabors Energy Transition Corp. (NETC) was formed to identify solutions, opportunities, companies or technologies that facilitate, improve or complement the ongoing global energy sector's shift from fossil-based systems to renewable energy sources. NETC is an affiliate of Nabors Industries Ltd., a market-leading provider of advanced technology for the energy industry.
Corporate Advisory M&A Partner David Josselsohn led the matter for G+T, together with lawyers Mary Brady, Matthew Scrocca, Charlie Wheatley and Maree Casey.
The Corporate Advisory M&A team was supported by Tax partner Mark Goldsmith and lawyers Matthew Charman and Jason Yu, Banking + Projects partner Robert Trowbridge and lawyer Wenzo Mnguni and Energy + Infrastructure partner Lixian Liang and lawyer Chi Han Yeo.
G+T worked closely with Vast's US counsel, White & Case LLP, on the complex multi-jurisdictional deal.
Speaking of the transaction, David said: "We are pleased to have assisted our long-standing client Vast on this transformative transaction, being one of the few de-SPACS involving an Australian company and a US SPAC and look forward to seeing this leading Australian renewable energy company continue its great work in the clean energy space".
