Aspiring solar storage developer Vast Renewables has revealed that it will need to raise fresh equity to survive after its annual loss blew out to almost $450 million, despite completing a milestone funding deal last December.

The company was founded by Sydney’s billionaire Kahlbetzer family and is chaired by former Oil Search chief executive Peter Botten. It listed its shares on the Nasdaq in 2023, enabled by a merger with a special purpose acquisition company.