Provaris

Provaris Energy Quarterly Activities Report

Provaris Energy Ltd (ASX: PV1, Provaris, the Company) is pleased to provide the following summary of the Company’s development activities for the quarter that ended 30 September 2024.


HIGHLIGHTS

Significant Progress on Tri-Party MOU with Uniper and Norwegian Hydrogen for a Hydrogen Supply Chain to Germany

  • Provaris, Uniper and Norwegian Hydrogen have released commercial objectives and outlined a roadmap towards binding agreements over the next 3-6 months, with target milestones including:
    • December 2024: Term Sheets for hydrogen sale and purchase agreement (SPA) and shipping agreements tied to a chosen development project.
    • June 2025: Finalisation of binding contractual agreements.finsl
  • Uniper is set to serve as offtaker for over 40,000 tpa of RFNBO (green) compliant hydrogen, with a proposed 10- year hydrogen SPA term to support long-term charters for Provaris’ proprietary H2Neo carriers and H2Leo barges.
  • Provaris and Norwegian Hydrogen continue collaborative efforts on developing suitable sites for hydrogen supply.
  • In September a delegation from Uniper to Norway’s West Coast advanced commercial terms and technical work stream, including a site visit to view Provaris’ hydrogen Prototype Tank.

Advancements in European Supply Chain Developments

  • Provaris is making steady progress with Global Energy Storage (GES) with the assessment of options for an initial 40,000 tpa compressed hydrogen import project in Rotterdam, including options for hydrogen storage at the terminal.
  • Productive discussions and workshops took place with German and Spanish utility companies, with the focus on technical, operational, safety and economic aspects of compression, and economic elements of compression and exploring potential hydrogen supply sources in the Nordics and Iberia to meet early hydrogen demand for industrial clients.
  • Ongoing technical and commercial due diligence with potential partners underlines regional industry demand for innovative and diverse hydrogen supply pathways, reinforcing Provaris’ role in supporting Europe’s hydrogen transport needs.

Concept Design Study Reaffirms Competitive Advantage of Compressed Hydrogen Supply in Europe

  • Results for a 540MW renewable grid connected site, with a sailing distance of 1,000 Nm, when compared to an ammonia supply chain (delivered as gas), confirms capital and energy efficiencies of compression.
  • Efficient compression technology with minimal hydrogen loss enables ~50% greater hydrogen volumes compared to ammonia and a ~20% lower delivered cost.
  • Study outcomes highlight the cost-competitiveness of Provaris’ compressed hydrogen model, in alignment with €1 billion in funding allocated for hydrogen initiatives by the EU Hydrogen Bank and H2Global Pilot in 2024.

Joint Development Agreement with Yinson Production AS for CO2 Bulk Storage and Transport.

  • This strategic partnership with Yinson unites expertise in developing innovative, large capacity CO2 tank designs for bulk storage and marine transport of CO2, based on Provaris proprietary hydrogen tank technology.
  • Yinson has a long track record in the construction of floating production, storage, and offloading (FPSO) vessels, and is well-positioned to support the development of comprehensive carbon capture and sequestration solutions.
  • Provaris’ proprietary ‘multi-layer tank IP’ enables larger volume CO2 tanks, optimising cost and transport efficiency beyond current industry standards of 7,500 cbm for shipping.

Provaris Managing Director and CEO, Martin Carolan, commented:“Our achievements this quarter highlight our growing momentum and commercial success with European partners. The increasing support for Provaris aligns well with the EU's investment in low-carbon hydrogen solutions. Our focus on compression, known for its simplicity and energy efficiency, underscores its role in scaling hydrogen delivery to NW Europe, which depends on imports to meet industrial demand under tight timelines to achieve emission targets. The diversification into the CO2 supply chain will expand the reach of our unique tank IP into new commercial opportunities with the backing of a strong partner in Yinson, an industry leader in the offshore industry.”

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.

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