PROVARIS ENERGY (ASX: PV1) (FSE: WS90)
Provaris Energy (ASX: PV1) is an Australian public company developing a portfolio of integrated green hydrogen projects for the regional trade of Asia and Europe, leveraging the Company’s innovative compressed hydrogen bulk storage and carrier.
The Company’s focus on value creation through innovative development that aligns with our business model of simple and efficiency hydrogen production and transport can establish an early-mover advantage for regional maritime trade of hydrogen and unlock a world of potential.
In August 2022 Provaris Norway AS was established to advance the development of hydrogen export projects from Norway and other European locations. In 2023 several important collaboration agreements have been signed, including:
Norwegian based Prodtex AS has been awarded a contract to design, construct and test a prototype scaled compressed hydrogen tank together with SINTEF, Norway’s leading independent research organization. Provaris will be seeking both American Bureau of Shipping (ABS) and Det Norske Veritas (DNV) certification and final class approvals for the H2Neo carrier in early 2024. The innovative hydrogen tank production facility aims to start operations in mid-2025 providing hydrogen cargo tanks for Provaris initial fleet of H2Neo carriers and H2Leo storage barges.
Collaborations in Europe
Gen2 Energy AS and Provaris have agreed to conduct a prefeasibility study to determine the technical and economic viability of producing and supplying compressed green hydrogen from Gen2 Energy’s Norwegian project at Åfjord to European ports using Provaris marine storage and shipping solutions. Gen2 Energy is a Norwegian company dedicated to developing, building, and owning and operating an integrated value chain for green hydrogen.
Green Hydrogen made with renewable energy is seen as a key pillar for achieving climate neutrality due to its ability to replace fossil fuels in sectors difficult to decarbonize such as industrial processes or aviation.
Germany plans to invest around €3.6 billion to boost worldwide collaboration in the green hydrogen sector as part of the Government’s H2-Global project. In addition, Germany has formed Hydrogen co-operation agreements with Australia and Norway. For these reasons, Provaris Energy Ltd considers this an excellent time to engage with European investors and stakeholders.