Provaris Energy Ltd (ASX:PV1, OTC:GBBLF)has taken a further step forward in the quest to become a major contributor to the European Union’s 2030 green hydrogen target by starting a prototype tank testing program for its proprietary H2Neo compressed gas hydrogen carrier and H2Leo floating storage solution.
Subsidiary Provaris Norway AS has awarded a contract to Norwegian-based Prodtex AS for the design and construction of the tank prototype, alongside SINTEF, Norway’s leading independent research organisation, which will provide the testing.
Completion of the program will pave the way for the company to seek the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV) certification and final class approvals for the H2Neo carrier in the first quarter of next year.
Cutting-edge production facility
Concurrently, Provaris and Prodtex have agreed to jointly develop a fully automated production and fabrication facility in Norway for the construction of compressed hydrogen cargo tanks for the H2Neo carriers and H2Leo storage barges.
To this end, the partners are actively engaged with Norwegian Government agencies to secure funding of the initial production line, which is expected to begin operations by mid-2025.
The facility will also produce single-to-triple digit tonnage hydrogen storage tanks, aimed at expanding Provaris’ IP and commercial ambitions into onshore storage solutions, a substantial addressable market, and a cash-flow generating business in 2025.
Prodtex will produce the automated steel structure at its state-of-the-art facility in Fiska, Norway.
Game-changing partnership
“We eagerly anticipate achieving final stage approvals for our compressed hydrogen carrier and storage solutions, with approval expected in 2024, verified through physical tank prototype tests,” Provaris chief technical officer Per Roed said.
“This partnership is a game-changer for efficient and cost-effective hydrogen storage and transportation.
“Moreover, it enables Norway with an opportunity to reclaim its position as a leader in innovative ship design and construction, and opens up a substantial addressable market for hydrogen storage.”
Aiming for early mover advantage
Provaris managing director and chief executive officer Martin Carolan added: “Following the recent collaboration agreements in Norway for the development of export hydrogen supply chains, the alignment of project feasibility and FEED-level studies with final class approvals strengthens our position as an early mover for green hydrogen supply in Europe.
“Making the appointment of DNV for dual class adds credibility of our innovative shipping development program, complemented by the expertise of our partner, ABS as leaders in compressed gas carriers.
“Provaris’ ambitious plan for a tank production facility aligns with Norway’s announced Green Alliance with the European Union, reinforcing support for its ambitions for energy transition, while also developing a new industry for manufacturing jobs, export revenue from regional Norway and an early cashflow generating business for the company in 2025.”
