Why Vast Renewables (VSTE) Is Rallying Today

Vast Renewables (VSTE) is jumping 13% after the Australia-based company announced that it had successfully launched its solar thermal power (CSP) receiver tower.

Information About VSTE’s CSP Receiver Tower

According to the company, the receiver tower “will deliver more efficient, lower cost and lower risk dispatchable clean energy on demand, outperforming any solution in market today.” Moreover, the company reports that the “tower is modular and repeatable with a simple supply chain.” As a result, the firm believes that the tower can be built and prepared for use rapidly.

A photovoltaic field at dawn, its solar panels shimmering in the light of a new day.

VSTE’s Clean Energy Strategy

The tower “is the final component of Vast’s next generation clean energy solution to be built and tested at operational scale,” the firm reported. The entire product is expected to provide energy in order to power Australia’s grid and the development of renewable methanol, Vast reported.

Ultimately, Vast intends to launch a 30 megawatt “utility scale reference project with 8 hours of (electricity) storage.” According to the company, CSP’s “long duration energy storage capability and dispatchable capacity should be a critical complement to intermittent solar PV and wind.”

The Recent Price Action of VSTE

In the last month, the shares have sunk 28%, while they have tumbled 47% in the last three months.

While we acknowledge the potential of VSTE, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VSTE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.