AUS
NZ
UK
CA
USA
IND
Highlights
- Provaris Energy (ASX:PV1) signs second MoU for hydrogen transport from Norway to Germany.
- Collaboration with Yinson Production (KLSE:YINSON) progresses CO₂ storage solutions.
- Lease secured at Fiskå facility in Norway to advance prototype tank program.
Provaris Energy (ASX:PV1) continues to strengthen its role in the clean energy sector with strategic initiatives aimed at advancing hydrogen transport and CO₂ storage solutions. The company has signed a second Memorandum of Understanding (MoU) to facilitate hydrogen supply from Norway to Germany, leveraging its proprietary compressed hydrogen carriers. This agreement underscores the growing acceptance of compressed hydrogen as a viable and cost-efficient solution for large-scale hydrogen transport.
In parallel, Provaris is progressing its collaboration with Yinson Production (KLSE:YINSON) on liquid CO₂ storage solutions, marking a significant step in supporting carbon capture and storage (CCS) efforts. The two companies have successfully completed the concept design phase for CO₂ tanks, with plans to integrate these solutions with onshore, offshore, and shipping storage infrastructure.
Strategic Hydrogen Transport Agreement
The second MoU signed by Provaris focuses on utilizing compressed hydrogen storage and shipping for transportation from Norway to North-West Europe. This partnership positions Norway as a key hydrogen supplier for Europe’s industrial decarbonization, supporting the continent’s transition to renewable energy.
The agreement includes:
- An export project backed by hydropower and wind resources, ensuring stable supply.
- A target supply of 30,000 tonnes per annum (tpa) of hydrogen under long-term agreements.
- Defined milestones for an end-to-end supply chain, including a Term Sheet by June 2025 and agreements on port logistics.
- The development of Provaris' proprietary hydrogen carriers, including one H2Leo barge and up to two H2Neo carriers.
CO₂ Storage and Transport Advancements
Provaris and Yinson Production have solidified their collaboration with a binding Joint Development Agreement to advance the design of bulk-scale liquid CO₂ storage tanks. This initiative aligns with the global push for carbon capture technologies and offers scalable solutions for carbon transport and storage. The work program, set to continue through 2025, will focus on integrating CO₂ tanks with offshore and onshore storage facilities.
Additionally, Yinson has strengthened its presence in the CCS sector with the acquisition of Stella Maris CCS, further supporting its commitment to carbon capture initiatives. The acquisition includes a 40% stake in the Havstjerne CO₂ injection project in the North Sea, which has received substantial EU funding.
Prototype Tank Development at Fiskå Facility
To support ongoing innovations, Provaris has secured a lease agreement at the Fiskå facility in Norway. This site will serve as a key hub for its prototype tank program, housing robotic laser-hybrid welding equipment essential for fabrication. The facility's infrastructure offers potential for expanded hydrogen tank development and prototype liquid CO₂ tank construction.
These initiatives reflect Provaris’ commitment to delivering efficient and scalable solutions for hydrogen transport and CO₂ storage, reinforcing its position as a leader in the renewable energy transition.
