Solar thermal developer Vast Renewables is in financial peril

Solar storage start-up Vast Renewables said it will need to raise new equity capital to survive after its annual loss topped nearly $450 million despite clinching a landmark funding deal last December.

The company was founded by Sydney’s billionaire Kalbetzer family and is chaired by former Oil Search chief executive Peter Botten. The company listed its shares on Nasdaq in 2023 through a merger with a special purpose acquisition company.

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