Wood said concentrated solar was rapidly gaining greater recognition as an important part of the solution to decarbonising energy systems around the world.

“In the public consciousness, not so much, but in the consciousness of those whose roles it is to make sure the major utilities have sufficient energy to keep the grid going overnight, they are absolutely becoming more conscious of it,” he said.

After the deal, Vast would remain headquartered in Sydney, the company said, and its near-term focus would remain on Australian projects.

Nabors Energy president Anthony Petrello said concentrated solar technology had the potential to deliver low-cost, renewable and dispatchable power and heat, “a combination that no other technology has yet been able to achieve”.

“With our global footprint, technology and operations expertise, Nabors looks forward to supporting Vast and helping to extend the leadership role Vast has established in the concentrated solar power space,” he said.