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Highlights
- Provaris Energy (PV1) and Yinson collaborate on CO2 Tank innovation.
- Partnership aims to address gaps in large-scale CO2 transport solutions.
- Provaris advances regional hydrogen trade with innovative technologies.
Provaris Energy (ASX:PV1) has achieved a key milestone in its joint development agreement (JDA) with Yinson Production Offshore Pte Ltd. This collaboration, initiated on October 1, focuses on innovative solutions for large-scale CO2 storage and transport. As part of the agreement, Yinson has contributed US$200,000 toward technical service fees for Provaris’ intellectual property and technical services, driving progress on the groundbreaking CO2 Tank project.
Advancing Carbon Transport Innovation
The JDA centers on leveraging Provaris’ proprietary tank design, initially developed for compressed hydrogen, to address challenges in transporting liquid CO2. Concept design activities commenced in October and are expected to extend into early 2025. Updates on the project will be provided in collaboration with Yinson, highlighting their shared commitment to advancing this technology.
This initiative is particularly significant as no current solutions support CO2 transportation over long distances under low pressure and temperature conditions while maintaining high cargo volumes. Provaris’ new tank design aims to fill this gap, enabling scalable carbon capture and transport infrastructure. The design could also find applications in transporting other gases, such as ammonia, further broadening its impact.
Meeting Emission Reduction Goals
The development of efficient CO2 storage and transport systems is crucial for supporting global emission reduction targets. Provaris’ technology not only facilitates carbon capture but also strengthens the foundation for long-distance transport of captured emissions, playing a pivotal role in the global decarbonization strategy.
Provaris is receiving strategic advisory support from Energy Infrastructure Group and Clarksons Norway AS as the project advances, ensuring robust technical and commercial backing for its groundbreaking efforts.
About Provaris Energy
Provaris Energy (ASX:PV1) is an Australian company specializing in green hydrogen projects and regional trade solutions across Europe. Its innovative offerings include the H2Neo compressed hydrogen bulk carrier and H2Leo storage barge, designed to optimize hydrogen production and transportation.
In 2022, Provaris expanded its operations to establish Provaris Norway AS, aimed at advancing regional hydrogen initiatives across Europe. Through its focus on efficient energy solutions and an early-mover advantage, Provaris continues to position itself as a leader in maritime hydrogen trade and a pioneer in tackling critical gaps in the energy sector.
