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Provaris (ASX:PV1), a leading innovator in the green hydrogen sector is well-positioned to be an important part of the European green hydrogen supply chain through its groundbreaking compressed hydrogen solutions. The company's proprietary tank IP and innovative ship design support its vision to develop a portfolio of integrated green hydrogen projects.
Provaris’ innovative H2Neo carrier solution offers a more efficient and cost-effective alternative to traditional methods of hydrogen storage and transport. These carriers are designed to address the growing global demand for clean energy while overcoming the logistical challenges associated with green hydrogen distribution.
Provaris is expanding its portfolio to include CO2 storage technologies, a move that aligns with the company's core competencies in gas handling and storage, while addressing the growing demand for large scale CO2 storage and transport solutions in the European market, and beyond.
Company Highlights
- Provaris is a leading innovator in the green hydrogen sector, leveraging its proprietary compressed hydrogen technology to develop sustainable, clean energy supply chains across Europe.
- The company combines proven technology and unique IP for cost-effective hydrogen storage and transport solutions, with a first-mover advantage through its proprietary ship design and low-cost delivery.
- Provaris has established strong strategic partners across Europe, enhancing its credibility in delivering hydrogen to market
- In addition to green hydrogen, the company is leveraging its tank IP for application into the established CO2 storage and shipping market.
This Provaris Energy profile is part of a paid investor education campaign.*
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Provaris Energy
Investor Insight
Provaris Energy is at the forefront of developing integrated compressed hydrogen and liquid CO₂ storage and transport infrastructure. With proprietary technology, a capital-light license model, and a growing portfolio of European hydrogen supply chain projects, Provaris is well-positioned to support global decarbonization efforts.
Company Highlights
- Proprietary tank IP and vessel designs enable scalable, low-cost storage and transport solutions.
- Compression technology offers the lowest cost for regional hydrogen supply.
- Term sheet signed with Uniper Global Commodities for 42,500 tpa hydrogen supply; binding Hydrogen SPA targeted mid-2025.
- Second MoU signed in March 2025 for 30,000 tpa hydrogen supply from Norway to Germany; term sheet expected Q2 2025.
- Early cash flow via license and origination fees; no capex required for Provaris to participate in shipping infrastructure.
- Partnership with Yinson Production AS to deliver new liquid CO₂ tank designs targeting maritime, floating, and onshore storage.
- High-volume inbound interest (>150 ktpa) from Nordic and Spanish developers confirms market demand.
- Prototype compressed hydrogen tank in construction, with class approvals expected Q3 2025.
Overview
Provaris (ASX:PV1) offers innovative storage and transport infrastructure essential to lowering the cost of hydrogen and CO₂ supply chains. With offices in Sydney and Oslo, the company is strategically focused on Europe, where decarbonization goals and energy security demand scalable and efficient clean energy solutions.
Provaris has developed a proprietary compressed hydrogen shipping solution designed to deliver “ready-to-use” green hydrogen with the lowest delivered cost for regional markets. Compression has been validated as the most energy- and cost-efficient method for hydrogen delivery, eliminating the need for complex conversion to carriers like ammonia. Studies show Provaris’ model delivers ~50 percent more hydrogen at ~20 percent lower cost compared to ammonia, with emissions well below EU RED II thresholds.
The company's “capital lite” model enables early cash flow and long-term recurring revenue through license and origination fees, without requiring ownership of ships or infrastructure. Each hydrogen supply project can generate ~US$34 million in total revenue for Provaris, including a technology license fee of ~US$16.5 million per project.
With binding commercial milestones targeted for 2025, including two supply agreements with German utilities totaling over 70,000 tonnes per annum of hydrogen, Provaris is well positioned to enable Europe’s transition to clean hydrogen. Europe's hydrogen import needs are forecast to reach 7 million tonnes (Mt) by 2030, with less than 1 percent of that currently supplied by low-carbon sources.
The company is also pioneering bulk liquid CO₂ tank technology in partnership with Yinson Production AS, opening a second stream of licensing revenue and addressing bottlenecks in carbon capture and storage infrastructure. This innovation aligns with Provaris’ mission to enable practical, efficient, and scalable zero-carbon energy supply chains across Europe and beyond.
Advanced Supply Chain Project Pipeline in Europe
Provaris is advancing several green hydrogen export projects from the Nordics to continental Europe:
- Norway: Two hydrogen export projects under MoUs with German utilities (Uniper and a second unnamed utility).
- Germany: Import infrastructure collaboration with utilities; aligned with TSO build-out and industrial decarbonization targets.
- Spain: Ongoing discussions with developers and offtake partners for hydrogen export hubs.
- Finland: Working with local partners to identify export-capable hydrogen production sites.
- The Netherlands: Joint pre-feasibility with Global Energy Storage (GES) for 40,000 tpa hydrogen import terminal in Rotterdam.
These projects underpin a cumulative pipeline of over 150 ktpa and demonstrate Provaris’ ability to meet Europe’s growing hydrogen demand.
Key Features and Benefits of Compressed Hydrogen
- Enhanced Safety: Provaris’ compressed hydrogen technology prioritizes safety in storage and transportation.
- Cost-effectiveness: By eliminating the need for complex liquefaction or ammonia synthesis processes, the company's solutions reduce overall costs.
- Scalability: The technology is adaptable to various project sizes, from regional supply chains to large-scale international exports.
- Environmental Sustainability: Compressed green hydrogen aligns with global efforts to reduce carbon emissions and transition to cleaner energy sources.
Multiple studies reaffirm the simplicity and efficiency of compressed hydrogen enables low-cost supply for Europe.
Innovative Hydrogen Vessel Designs: H2Neo Carrier and H2Leo Barge for export efficiency
Complementing its proprietary compressed hydrogen technology, Provaris is progressing the final design and classification approval phases of two purpose-built vessel types—the H2Neo Carrier and H2Leo Barge—designed to safely and efficiently transport compressed hydrogen across regional maritime routes.
These vessels are central to Provaris' strategy to unlock flexible and cost-effective green hydrogen supply chains. The H₂Neo Carrier is engineered with a cargo capacity of 27,000 cubic meters (equivalent to 450 tonnes of hydrogen at 250 bar pressure) and features a closed containment system that eliminates boil-off losses and minimizes emissions. FEED level design has been completed and approved by classification societies, including safety studies. Final Class approval is expected in 2025, aligning with the company’s targeted project final investment decisions in 2026.
H2Neo carrier solution together with barge storage for loading and discharge sites
The combination proprietary tank technology, automated shipbuilding processes, and flexible infrastructure options, Provaris offers a lower total cost of ownership and faster deployment compared to alternative hydrogen carriers such as ammonia or liquid hydrogen. These innovations position Provaris as a first mover in delivering safe, scalable, and cost-competitive maritime transport for green hydrogen across Europe.
Innovating CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio in 2024 to include CO₂ storage. This strategic move commenced with a ground-breaking partnership with Norway’s Yinson Production AS to bring innovation to liquid CO₂ storage and transport, for both maritime and onshore applications. Yinson is a US$3 billion global energy infrastructure leader in FPSOs and renewable technologies, having raised US$1.6 billion in late-2024 for growth funding, including the establishment of CO₂ supply chains.
A Joint Development Agreement (JDA) to develop new bulk liquid CO₂ (LCO2) tank designs for floating, onshore and ship-based storage applications, solves an industry bottleneck for CO₂ tank capacity limited to ~7,500 cbm. Targeting major gains in storage volume and reduced storage costs, tank designs at low pressure and temperature maximise storage and efficiency to reduce storage and transport costs.
Aligned with its technology license model for hydrogen, Yinson is funding Provaris’ development of new tank designs to be jointly owned and then licensed to owners of floating storage, shipping and land-based storage solutions, which will include Yinson.
In March 2025, Provaris completed a concept design for a large-volume, low-pressure tank solution, unlocking a new stream of license fee revenue. The initial license fee of US$200,000 has already been received, and further payments are anticipated as development progresses.
Milestones for June 2025 include the completion of Phase 2 of the JDA which will include a type rating approval of a LCO2 tank and integrated with Yinson’s development of a Floating Storage Injection Unit (FSIU) proposed for the use in offtshore CCS injection projects under development in Europe and Asia.
Management Team
Martin Carolan – Managing Director & CEO
Greg Martin – Chairman
Andrew Pickering – Non-executive Director
David Palmer – Non-executive Director
Per Roed – Chief Technical Officer
Mats Fagerberg – Business Development, Europe
Garry Triglavcanin – Product Development Director
Norman Marshall – Group Commercial Manager
John Stevenson – Group Financial Controller
Jessica Roed – Operations Manager, Norway
Enabling the scale-up of clean energy supply chains through innovative hydrogen and CO2 storage and transport solutions.
Carbonxt Group
Investor Insight
In an increasingly eco-conscious global market, Carbonxt presents a compelling investment case, leveraging a growing addressable market driven by strategic partnerships and regulatory changes that are set to drive demand for activated carbon through 2029.
Overview
Activated carbon, derived from materials like wood, coconut husks and coal, is a critical tool for filtering contaminants from air and water. Its effectiveness comes from a unique oxidation process that creates a vast network of microscopic pores, dramatically increasing surface area. This versatility makes activated carbon essential across industries, including healthcare, agriculture, oil and gas, food processing, and environmental remediation.
For large-scale industrial applications, activated carbon is available in powdered, pelletized and granular forms, with prices ranging from US$2,000 to US$6,000 per ton – presenting a significant and growing market opportunity.
Carbonxt Group (ASX:CG1) is positioned to capitalize on this demand. As an innovative manufacturer of custom activated carbon, Carbonxt has expanded its production footprint in the United States through a joint venture with Kentucky Carbon Processing, forming NewCarbon. This partnership enhances the company’s gross margins and improves access to high-quality raw materials.
A key driver of Carbonxt’s growth is its newly commissioned Inez Power Activated Carbon Plant in Kentucky, which focuses on liquid-phase applications, particularly for PFAS water treatment – a segment twice the size of the air-phase market. PFAS, known as “forever chemicals,” are persistent in the environment and linked to a range of health risks including cancer and developmental disorders.
The EPA’s 2024 National Primary Drinking Water Regulations and federal infrastructure funding are accelerating the need for advanced PFAS treatment solutions. Carbonxt’s premium-grade granular and pelletized activated carbon is designed to meet this demand, enabling US water utilities to achieve compliance and improve water quality.
With more than 50,000 water utilities across the US, including 4,000 serving populations greater than 10,000, Carbonxt is strategically positioned to supply this rapidly expanding market segment and compete with incumbent providers.
In addition to the Kentucky facility, Carbonxt operates two other US-based plants: the Black Birch Powdered Activated Carbon Facility in Georgia, and the Arden Hills Pelletization Plant in Minnesota. These three sites have a combined production capacity of 13,500 tons per annum, with an expansion pathway to 43,500 tons by 2027.
Company Highlights
- Environmental Market Opportunity: Carbonxt operates in the US activated carbon market valued at over US$1 billion, with its products addressing both air and water-phase applications. Regulatory changes, including the EPA’s 2024 NPDWR for PFAS – are expected to triple market size in the next five years to more than US$2 billion.
- Cutting-edge Manufacturing Footprint: The company now operates three US-based production plants with a combined current capacity of 13,500 tons and a path to expand this to 43,500 tons by 2027.
- NewCarbon JV Strength: The strategic partnership with Kentucky Carbon Processing through the NewCarbon JV is enabling the successful commissioning of the Inez Power AC plant in Kentucky. The plant positions Carbonxt as a premium supplier in the PFAS-focused water treatment market.
- Product Differentiation: Carbonxt produces powdered, pelletized and granular activated carbon. Notably, its Inez carbon achieved a 99 percent PFOA removal rate, surpassing competitors in early trials. Meanwhile, its PAC products are non-brominated, reducing corrosiveness and improving plant safety.
- Strong Demand Outlook: Tightening federal and state regulations on mercury and PFAS emissions are accelerating the adoption of Carbonxt's technologies. Water utilities in more than 11 US states have adopted enforceable PFAS limits, with others expected to follow.
Core Product
High-performance Activated Carbon
Carbonxt designs and manufactures high-performance activated carbon products for customers in the industrial, utility and municipal sectors. The company's product range includes powdered, pelletized and granular activated carbon, engineered for optimal efficiency in air purification and water treatment. Carbonxt’s non-brominated, oxidizing formulations are non-corrosive and maintain performance throughout their lifecycle, reducing plant wear and lowering operational costs.
Although listed in Australia, Carbonxt’s operations are focused in the United States, with production based out of three strategically located facilities. These enable Carbonxt to meet rising US demand for clean technology solutions in compliance-driven industries.
A major catalyst for growth is the newly commissioned Inez Power Activated Carbon Plant in Kentucky, developed through Carbonxt’s joint venture with Kentucky Carbon Processing (NewCarbon). The facility produces granular and pelletized activated carbon targeting the liquid-phase water treatment market, particularly PFAS removal. This segment is expected to drive a larger share of Carbonxt’s future revenue mix, with early product samples showing 99 percent PFOA removal and 92 percent geosmin removal – outperforming leading competitors.
Highlights:
- Strong Market Outlook: Demand for activated carbon – especially for PFAS treatment and industrial air control – continues to rise amid tightening EPA regulations and state-level mandates.
- Pricing Trends: Average pricing for granular activated carbon in municipal bids has risen steadily, with recent public tenders ranging from US$2.34 to US$2.57/lb.
- Looking Up: Carbonxt’s H1 FY25 gross margin rose to 49 percent, up from 44 percent in H1 FY24, driven by higher product pricing and cost efficiency at its Georgia and Minnesota plants.
- Market Momentum: Early samples from the Kentucky plant have been well received by target customers. The company is actively negotiating offtake agreements with several large US water utilities.
- Use Cases:
- Powdered Activated Carbon – For mercury, acid gas and flue gas removal in coal-fired power stations, cement plants and industrial incinerators. Products include MatsPAC, AquaPAC and CEMPAC.
- Pelletized Activated Carbon – Used for VOC and hydrogen sulphide removal from air and gas streams. Tailored for emissions-heavy industries and energy applications.
- Granular Activated Carbon (GAC) – Designed for PFAS, taste and odor removal in municipal drinking water systems. Developed at the Inez plant with superior performance metrics.
- Contract Agreements: In 2025, Carbonxt secured a US$4.3 million purchase order from Wisconsin Public Service for activated carbon supply. The company also extended a four-year supply agreement with Reworld Waste, valued at approximately AU$6 million per annum, for premium powdered activated carbon products.
Production Facilities
Carbonxt operates three U.S.-based production facilities, each specializing in a key segment of the activated carbon market.
Inez Power Activated Carbon Plant (Kentucky)
Carbonxt’s newest and most advanced facility, Inez has reached full mechanical completion and is currently in the commissioning phase. It produces granular and pelletized activated carbon, specifically formulated for PFAS removal and drinking water treatment. Early product samples have demonstrated 99 percent PFOA removal efficiency and 92 percent geosmin removal, outperforming key competitors. The plant’s initial capacity of 6,000 tons will scale to 10,000 tons, positioning Carbonxt as a premium GAC supplier in the North American water treatment market.
Black Birch Powdered Activated Carbon Facility (Georgia)
This facility manufactures wood-based powdered activated carbon, supporting industrial applications including mercury and flue gas control. It produces specialized products such as MatsPAC, AquaPAC and CEMPAC, with an annual capacity of 6,000 tons, expandable to 10,000 tons. Cost-reduction initiatives at this site have contributed to Carbonxt’s improved gross margins in FY25.
Arden Hills Pelletization Plant (Minnesota)
Focused on pelletized wood and lignite-based carbons, Arden Hills supplies products like NAQ-ACP and CTC-ACP, used in mercury removal, tolling arrangements and VOC capture. The facility currently operates at 7,500 tons per annum.
Capacity Expansion Outlook
Combined, Carbonxt’s facilities currently operate at 13,500 tons of annual production, with an established path to expand to 43,500 tons by 2027. The diverse geographic locations provide resilience against weather disruptions and ensure uninterrupted supply across markets.
Management Team
David Mazyck – President, NewCarbon and Director of Technology
Dr. David Mazyck is a world-leading expert on activated carbon (AC) and its applications including mercury capture. He has developed AC products for major multinational AC manufacturers and has regularly consulted them on technical issues. Mazyck is the former chairman of the Activated Carbon Standards Committee for the American Waterworks Association and has developed products for NASA.
He received his PhD in environmental engineering from Penn State University, where he also earned a PhD minor in fuel science.
Matthew Driscoll - Chairman
Matthew Driscoll has significant experience across several industries, including online technologies, financial services, fintech, cleantech, property and resources. He has more than 30 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies.
He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances. His current directorships include NED Energy Technologies, NED Blina Minerals, NED Eco Systems, and NED Smoke Alarms Holdings.
Warren Murphy - Managing Director
Warren Murphy has led a large number of acquisitions and financings across the energy, resources and infrastructure sectors. This includes the development of over 2,000 MW of Greenfields power stations and the acquisition of over 3,000 MW of generation assets.
He was co-head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown based in the Sydney office and led the development of Babcock & Brown’s energy sector capability in Australia and New Zealand, including the founding of Infigen Energy and its unlisted predecessor, Global Wind Partner, where he served as a director from inception until June 2009.
Murphy was also a director of the ASX-listed Alinta and Sydney Gas, as well as the unlisted Coogee Resources.
Nicholas Andrews – Independent Director
Nicholas Andrews has held the role of executive chairman and CEO at Magontec (ASX:MGL), an established business in the global magnesium sector. He is a member of the executive committee and serves on the board of the International Magnesium Association. Prior to his executive career, Andrews held several senior roles in the financial services sector across both investment management and investment banking.
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