Provaris Energy

Progress Update on Hydrogen Supply Chain and Prototype Tank Activities

Provaris Energy Ltd (Provaris, ASX.PV1) is pleased to provide an update on recent progress towards its priority activities in Norway aimed at developing Hydrogen Supply Chains into Europe and advancing the Company’s proprietary hydrogen carrier.

HIGHLIGHTS:

  • Significant progress made on finalising a Term Sheet with Uniper and Norwegian Hydrogen for a Hydrogen Sale and Purchase Agreement (SPA) outlining key commercial terms, including targeting a 10-year offtake for over 40,000 tonnes per annum of hydrogen. Execution is imminent and expected to be executed after the European winter holiday period.
  • Completion of the Fiska Facility sale expected around 1st January 2025 will enable Provaris to move forward with a lease agreement with the new owners and finalise the purchase of robotic laser- welding requirement to restart its Prototype Tank fabrication and testing program.

Term Sheet for Hydrogen Supply and Offtake progressing towards execution

During December 2024, Provaris , together with Uniper and Norwegian Hydrogen, made significant strides towards the finalization of a Term Sheet that outlines the key terms for negotiation of a long term Hydrogen SPA. This agreement targets a 10-year offtake contract for over 40,000 tonnes per annum of renewable green hydrogen from the Nordics to Germany.

The Term Sheet represents a critical milestone in Provaris’ plans to establish reliable, long term, and low cost hydrogen supply utilising Provaris’ proprietary H2Neo carriers and H2Leo barge technology.

The completion of the Term Sheet is imminent however final execution may be slightly delayed by the winter holiday period in Europe, which concludes on 2 January 2025. The Term Sheet also supports discussions established with shipyards for newbuilds and shipowners for Time Charter of the carriers.

Provaris and Uniper continue to focus on optimal shipping, compression, and import terminal solutions in North-West Europe, ensuring a flexible and efficient transport network. The collaboration with Norwegian Hydrogen, including the Fjord H2 project and other Nordic sites, aims to provide RFNBO-compliant hydrogen delivered in compressed form. These initiatives support Uniper’s hydrogen portfolio requirements and align with Provaris’ vision of delivering cost-effective, low-emission supply chains from production to end-user markets.

Restart of Prototype Tank Program at Fiskå Facility and completion of final Class Approvals.

Provaris has maintained regular engagement with the secured lenders and their appointed Advisor regarding the ongoing sale process of the Fiskå Facility and associated assets. While the process has taken longer than initially anticipated progress has been achieved over the past 6 weeks with finalization and title transfer to the new owner anticipated on or around 1st January 2025.

Securing a lease agreement for a portion of the Fiskå Facility’s production floor and associated office space will provide for a resumption of the Prototype Tank fabrication and testing program. The lease is close to finalization and will provide ample room for future growth, including the potential production of small-scale hydrogen storage tanks that can be an important step towards improving the operational economics for industrial hydrogen users.

Concurrently, Provaris has advanced negotiation of the key terms for an asset purchase agreement to acquire the installed Production Cell (including robotic arms, laser-hybrid welding equipment, pedestals, jigs and related tools) essential for the Prototype Tank construction. Owning these valuable production assets and associated intellectual property will strengthen Provaris’ manufacturing capabilities in Norway and potential licensing opportunities within Europe and Asia.


Click here for the full ASX Release

This article includes content from Provaris Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Provaris Energy

Provaris Energy Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Provaris Energy

Provaris Energy

Enabling the scale-up of clean energy supply chains through innovative hydrogen and CO2 storage and transport solutions.

Enabling the scale-up of clean energy supply chains through innovative hydrogen and CO2 storage and transport solutions. Keep Reading...
Torchlight Innovations

Torchlight Innovations (Doing Business as RZOLV Technologies) Announces Preliminary Positive Results on Rare Earth and Critical Mineral Recoveries

Torchlight Innovations Inc. (TSXV: TLX.P) ("Torchlight" or "the Company"), doing business as RZOLV Technologies, is pleased to announce positive preliminary results from its metallurgical testing program focused on rare earth and critical mineral leaching using its proprietary RZOLV™ reagent... Keep Reading...
Hand holding digital eco-friendly icons over a green background.

Cleantech Market Update: Q3 2025 in Review

The cleantech sector experienced a dynamic third quarter, with predictions of volatility coming to fruition. While global investment in renewable energy is strong, notable pullbacks in US spending and regulatory challenges under the Trump administration have clouded the near-term cleantech... Keep Reading...
Troy Minerals (CSE:TROY)

Troy Minerals Updates on Channel Sampling at Table Mountain High-Purity Silica Project, British Columbia, Canada

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to provide an update on exploration progress at its 100%-owned Table Mountain Silica Project ("Table Mountain" or the "Project"), located near Golden, British Columbia (Figure 1). Figure 1. Table Mountain... Keep Reading...
Troy Minerals President Yannis Tsitos.

Troy Minerals Inches Closer to Mine Permit at Silica Project in Mongolia

Troy Minerals (CSE:TROY,OTCQB:TROYF,FWB:VJ3) is expecting to receive a complete mining permit to commence production at its high-purity silica project in Mongolia by early 2026. This as the company recently reached a key milestone in the permitting process for the Tsagaan Zalaa project,... Keep Reading...
Troy Minerals Inc. (CSE:TROY)

Troy Minerals Achieves Key Milestone Toward Operational Mining License for Its Tsagaan Zalaa Silica Project, Mongolia

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to report that its subsidiary Grand Samsara Consulting LLC ("Grand Samsara") has successfully completed a key regulatory milestone in Mongolia - the official registration of its Tsagaan Zalaa Silica Project... Keep Reading...
Troy Minerals (CSE:TROY)

Troy Minerals Reports Completion of 2025 Summer Field Program and Progress at Table Mountain High-Purity Silica Project, British Columbia, Canada

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to report the completion of its planned 2025 summer field exploration program and provide a progress update at its 100% owned high-purity silica Table Mountain Project ("Table Mountain" or the "Project"),... Keep Reading...
Provaris Energy

Provaris Energy Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News