10 Best Australian Stocks to Buy Now

3. Vast Renewables Limited (NASDAQ:VSTE)

Number of Hedge Fund Holdings: 11

Vast Renewables Limited (NASDAQ:VSTE) specializes in developing renewable energy infrastructure. The company specializes in concentrated solar thermal power (CSP) systems that produce electricity and industrial process heat. Vast Renewables Limited (NASDAQ:VSTE) works with governments, utilities, and industrial clients worldwide.

Vast Renewables Limited (NASDAQ:VSTE) is actively expanding into the United States. The company recently signed a development services agreement with GGS Energy to pursue a commercial-scale synthetic fuels project in the southwestern U.S., known as Project Bravo. This project marks Vast Renewables Limited’s (NASDAQ:VSTE) first deployment in the U.S. and is a strategic move to leverage its CSP technology to power a co-located refinery that will produce green methanol and sustainable aviation fuel (SAF). By deploying its proven CSP technology in the U.S., the company aims to establish a strong foothold in the North American market and contribute to the region’s green energy transition.

Furthermore, Vast Renewables Limited (NASDAQ:VSTE) is building a 30 MW solar project with eight hours of storage, known as Vast Solar 1 (VS1), located in the Port Augusta Green Energy Hub in South Australia. This construction of VS1 is expected to begin in Q2, with capital expenditures estimated in the range of $227 million to $246 million. To support this initiative, Vast Renewables Limited (NASDAQ:VSTE) has secured an updated funding agreement, which allows the company to access a grant from the Australian Renewable Energy Agency (ARENA).