Australian renewable energy firm Vast Solar has agreed to merge with a special purpose acquisition company (SPAC) backed by Nabors Industries (NBR.N) in a transaction valued at $586 million.
The merger with SPAC Nabors Energy Transition Corp (NETC.N) will bring the combined company to the New York Stock Exchange.
The Sydney-based company has been developing patented concentrated solar power technology (CSP). Unlike conventional photovoltaic (PV) solar panels, which convert light into electricity, CSP uses mirrors to direct sunlight onto a receiver, which collects the sun's energy as heat in sodium.