Provaris Energy Makes Major Strides in Cost-Effective Hydrogen Transportation

Provaris Energy Ltd (ASX: PV1) has taken a significant step towards revolutionizing hydrogen transportation with the commencement of fabrication for its innovative H2Neo prototype tank.

Paving the Way for Bulk Hydrogen Transport

This milestone signifies a major leap forward in Provaris’ mission to develop cost-effective solutions for bulk hydrogen storage and transportation.

The H2Neo prototype, utilizing advanced automation and robotic laser-welding in Norway, is on track for completion in mid-2024.

Key Achievements and Benefits

  • Prototype Fabrication: The H2Neo prototype showcases the safety and performance advantages of Provaris’ unique tank design, combining carbon steel plates with an inner liner.
  • Class Approval on Track: Successful testing will pave the way for the world’s first Class Approval for a bulk-scale hydrogen carrier (H2Neo).
  • Early Revenue Stream: Production and sale of smaller-scale hydrogen tanks in Norway from late 2024 will unlock an early revenue stream for diverse applications like maritime bunkering and industrial storage.
  • Weight Reduction Breakthrough: Design optimization has identified a remarkable 30% weight reduction for the full-scale H2Neo tank. This translates to lower build costs, improved propulsion efficiency, reduced fuel consumption, and minimized emissions.
  • Enhanced Shipyard Flexibility: The lighter design offers shipyards greater flexibility during integration, streamlining final assembly.

Growing Industry Interest

Provaris’ competitive compressed hydrogen supply chain is gaining traction, with a third non-binding MOU signed with a major international energy company.

Energy companies are assessing various hydrogen import options and supply sources for key ports in Northern Europe, with plans to connect to the future core hydrogen gas network.

This growing interest highlights the demand for affordable hydrogen import solutions in Northern Europe.

“We are thrilled to begin fabricating and testing our groundbreaking H2Neo prototype,” said Martin Carolan, Provaris’ Managing Director and CEO.

“Our ultimate goal remains to offer the most cost-effective solution for regional hydrogen supply”

“This strategically located project in Norway addresses the EU’s growing need for cost-effective storage and transportation solutions. the technology and supply chain economics are attracting major energy players in Europe.

Provaris Energy reported a cash balance of $2.5 million on December 31, 2023.

 

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