10 Best Australian Stocks To Buy According to Hedge Funds

5. Vast Renewables (NASDAQ:VSTE)  

Number of Hedge Fund Holders: 13  

Market Capitalization as of August 30: $36.91 Million  

Vast Renewables (NASDAQ:VSTE) focuses on developing renewable energy projects and technologies. The company specializes in concentrated solar thermal power (CSP) technology and is used for large-scale power generation, producing green fuels, and supplying heat for industrial processes. Vast Renewables’s (NASDAQ:VSTE) CSP systems are designed to overcome issues with energy intermittency, making them a competitive solution for providing consistent, renewable energy. The technology has been used in demonstration plants and is being deployed in projects worldwide to reduce energy costs and contribute to the global energy transition.

On June 13, Vast Renewables (NASDAQ:VSTE) entered a Joint Development Agreement with global energy company Mabanaft to advance the Solar Methanol 1 (SM1) project in Port Augusta, South Australia. This project is designed to produce 7,500 tonnes of green methanol annually, using Vast Renewables’ (NASDAQ:VSTE) concentrated solar thermal power (CSP) energy systems. Green methanol can decarbonize industries such as shipping and aviation when produced from renewable energy. According to a report by Fichtner, SM1 project, which will be powered by Vast Renewables’ (NASDAQ:VSTE) 30 MW CSP plant, can potentially reduce green fuel production costs by up to 40%, The success of this project could pave the way for broader green fuels production in Australia, with the possibility of exporting to other markets such as Germany. Vast Renewables (NASDAQ:VSTE) and Mabanaft have secured funding agreements, totaling about $27.06 million for SM1, Vast Renewables (NASDAQ:VSTE) will receive approximately $13.16 million from the Australian Renewable Energy Agency (ARENA), and Mabanaft will receive up to $8.38 million from Projektträger Jülich (PtJ) on behalf of the German government, pending a final investment decision. This funding is part of HyGATE, a collaboration between the Australian and German governments to support hydrogen supply chain projects.

Vast Renewables (NASDAQ:VSTE) is strategically well-positioned to lead in the global renewable energy market, with its advanced concentrated solar thermal power (CSP) technology. By potentially reducing green fuel production costs by up to 40%, Vast Renewables (NASDAQ:VSTE) is set to revolutionize the green methanol market, with significant implications for decarbonizing hard-to-abate industries like shipping and aviation. Vast Renewables (NASDAQ:VSTE) stands out as a compelling investment opportunity poised for long-term growth and significant impact in the renewable energy sector. Vast Renewables’ (NASDAQ:VSTE) stock was held by 13 hedge funds with stakes worth $321,000. As of August 20, Vast Renewables (NASDAQ:VSTE) has a market cap of $36.91 million.