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Provaris Energy
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Provaris presents a unique and attractive investment proposition in the rapidly expanding green hydrogen sector in Europe. With its proprietary technology, strategic partnerships and integrated business model, Provaris is well-positioned to capitalize on the growing demand for clean energy solutions.
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.
Overview
Provaris (ASX:PV1), a leading innovator in the green hydrogen sector, is well-placed to become integral to the European green hydrogen supply chain through its groundbreaking compressed hydrogen solutions. The company focuses on developing regional projects that span the entire value chain, from production to export, with a particular emphasis on delivering hydrogen with the highest energy efficiency and the lowest cost.
With a vision to develop a portfolio of integrated green hydrogen projects, Provaris leverages its proprietary tank IP and innovative ship design, with a focus on collaborating with world-class partners.
Compression supports the development of simple, scalable and energy-efficient green hydrogen supply chains for the European market.
Provaris stands at the forefront of the green hydrogen revolution, dedicated to developing innovative and efficient supply chains for zero-carbon energy in the European region. With its rapid adoption of green hydrogen, the European market presents a golden opportunity for Provaris. As countries across the continent seek to decarbonize their economies, the demand for sustainable energy sources has skyrocketed. Provaris’ use of compressed hydrogen technology offers a compelling solution to the logistical challenges associated with hydrogen distribution, replacing complexity with simplicity to lower the delivered cost.
Core Product: H2Neo Carrier
At the heart of Provaris’ innovative H2Neo carrier solution is its proprietary compressed hydrogen technology. The H2Neo 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 hydrogen while overcoming the logistical challenges associated with green hydrogen distribution.
Key Features and Benefits
- 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.
Recent Concept Design Study reaffirms simplicity and efficiency of compressed hydrogen enables low-cost supply for Europe.
Innovative Vessel Designs
Complementing its innovative compressed hydrogen technology, Provaris is developing new vessel designs specifically tailored for hydrogen transport. These specialized ships are engineered to safely and efficiently carry compressed hydrogen across maritime routes, opening up new possibilities for international green energy trade.
CO2 Storage and Transport
As part of its commitment to sustainable energy solutions, Provaris is expanding its portfolio to include CO2 storage technologies. This strategic move 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.
Provaris is leveraging its expertise in compressed gas handling to develop innovative CO2 solutions, through the following strategies.
Adapting Hydrogen Tank Designs: The company is modifying its proprietary compression systems to efficiently capture and store CO2 from industrial processes.
Collaboration with Global Partner: Provaris announced a Joint Development Agreement with Yinson Product AS, a global energy infrastructure and technology company, which is developing CO2 infrastructure and supply chains.
Extension to Onshore Storage Solutions: Utilizing its experience in gas storage, Provaris is developing land-based facilities for intermediate CO2 storage before permanent sequestration.
Strategic Partnerships
At the forefront of Provaris Energy's European strategy is a groundbreaking Memorandum of Understanding (MoU) with Norwegian Hydrogen and Germany-based international energy company Uniper Global Commodities. This tripartite agreement marks a pivotal step in developing hydrogen supply chains, leveraging each partner's unique strengths.
The collaboration strategically capitalizes on the Nordic region's geographical advantages, facilitating efficient hydrogen distribution across Europe, with a particular focus on the German market. Germany is reliant on the import of over 70 percent of its hydrogen demand by 2030. This partnership not only underscores Provaris' role as an enabler for hydrogen transport at scale, but also a commitment by Uniper to support the development of Provaris’ unique approach.
A significant milestone is expected in the December 2024 quarter, including a maiden Term Sheet for supply and offtake.
Provaris also has a joint development agreement with Yinson Production, a global energy infrastructure and technology company, to explore CO₂ storage and marine transportation solutions, leveraging Provaris' hydrogen tank technology for enhanced carbon capture capabilities.
In The Netherlands, Provaris is collaborating with Global Energy Storage (GES) to develop a bulk-scale hydrogen import facility within Rotterdam’s global energy hub. The agreement involves the completion of a comprehensive prefeasibility study to demonstrate the technical and economic viability of berthing and unloading of Provaris’ H2Neo compressed hydrogen carriers. Provaris will be responsible for the transportation of the hydrogen in the H2Neo carriers and GES will be responsible for the discharge and injection into the hydrogen grid.
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
Term Sheet for Hydrogen Supply and Offtake with Uniper
Highlights:
- Provaris, Uniper and Norwegian Hydrogen sign a conditional Term Sheet for hydrogen supply, transport and offtake.
- Agreed Key Terms and Conditions to form the basis of negotiating a binding Hydrogen SPA, targeted for June 2025.
- Annual volume of 42,500 tonnes per year of RFNBO1-certified hydrogen to be delivered as gaseous compressed hydrogen using Provaris’ H2Neo carriers.
- Uniper Global Commodities SE will be the buyer of hydrogen at an agreed fixed price and responsible for the receiving terminal in North-Western Europe for delivery.
- Commencement of cargos deliveries is targeted for early-2029, for a minimum term of 10-years, making it Europe’s first regional hydrogen marine transport project at scale.
- Term Sheet for supply of hydrogen using Provaris carriers demonstrates Uniper’s commitment to a portfolio of supply sources, including a focus on supply from the Nordic Region.
- Provaris’ approach to hydrogen supply and transport provides a standardized, efficient and flexible approach to scaling hydrogen supply, which is exactly what Germany and Europe needs to meet its 2030 decarbonisation targets.
Execution of the Term Sheet achieves a significant milestone under the Memorandum of Understanding (MOU), announced in August 2024, and facilitates ongoing co-operation on developing hydrogen supply chains based on Provaris’ compressed hydrogen carriers from Norway and other potential Nordic sites to import locations in North- Western Europe.
Provaris’ Managing Director and CEO, Martin Carolan, stated: “We are delighted to see the collaboration has progressed to a Term Sheet for hydrogen supply and offtake. This represents a key milestone for Provaris and validation towards developing regional bulk-scale hydrogen supply chains within Europe using Provaris’ H2Neo compressed hydrogen carriers.”
Norwegian Hydrogen CEO, Jens Berge, added: “We’re very excited about this tri-party collaboration, and it’s rewarding for all three parties to see our efforts progress into increasingly concrete and advanced stages”
Uniper Global Commodities SE, Senior Vice President - New Energies Origination, Benedikt Messner, commented: “We think that the innovative transport concept by Provaris might be a solution to connect commercially interesting hydrogen supply locations with our core markets and look forward to the continuation of our collaboration.”
Compression Replaces Complexity with Simplicity to Lower the Delivered Cost of Hydrogen
Analysis by the collaboration partners has highlighted that when customer demand is for hydrogen (not a derivative), regionally sourced hydrogen from the Nordics, transported through Provaris’ compressed hydrogen carriers, provides an efficient and cost-effective supply chain, limiting the losses in the entire chain from electrolyzer through to the distribution pipeline in Europe.
Lowering the energy consumption over the entire supply chain results in more renewable energy available for hydrogen production and higher volumes delivered.
Hydrogen Supply Chain Development
Provaris and Norwegian Hydrogen are collaborating on the development of the supply of RFNBO compliant hydrogen, which will be stored and transported using Provaris’ H2Neo carriers. Work is underway to outline the preferred sites in the Nordics, including Norway and Finland. Sites with a detailed feasibility include the FjordH2 Project located in the Alesund region, Norway.
Based on the proposed hydrogen volumes and shipping distance, the supply chain’s storage and shipping infrastructure using Provaris’ proprietary shipping solutions will include one (1) H2Leo barge storage at the production site, with a capacity of 450 tonnes of compressed hydrogen at 250 barg pressure, and two (2) H2Neo hydrogen carriers with an individual storage capacity of 450 tonnes of compressed hydrogen at 250 barg pressure. Provaris continues to progress both the H2Neo and H2Leo towards Final Class approvals in the first half of 2025.
Uniper will be responsible for the selection and development of the import terminal and are working with Provaris to outline the capital and operating equipment to discharge the H2Neo carriers, which includes an assessment of optimal storage and connection to the European Hydrogen Backbone for distribution to industrial sectors. Simplicity of port infrastructure provides for the flexibility of nominating one or more entry ports.
The Term Sheet remains conditional upon, among others, the negotiation and execution of a fully termed Hydrogen SPA and obtaining all necessary approvals.
Illustration of the Regional Supply locations from the Nordic Region into North-West European ports with hydrogen import development plans linked to the future development of Germany’s core hydrogen network
Source: Provaris Energy
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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: Enabling Clean Energy Supply Chains via Innovative Hydrogen, CO2 Storage and Transport Solutions
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 Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects