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Innovative Hydrogen Tank Prototype and Automated Production Facility in Norway Provaris Energy Ltd

Innovative Hydrogen Tank Prototype and Automated Production Facility in Norway

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Sydney-based Provaris Energy Ltd (ASX. PV1) has announced exciting developments in its mission to revolutionize hydrogen storage and transportation. The company is currently in the testing phase for its H2Neo compressed hydrogen carrier and has partnered with Prodtex AS to build a state-of-the-art tank production facility in Norway.

Prototyping for Final Approval

Provaris has initiated a prototype tank testing program in collaboration with SINTEF, Norway's leading independent research organisation. The goal is to obtain final Class Approval from both the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV) by the first quarter of 2024. This approval will ensure the safety and reliability of the H2Neo carrier.

Cutting-Edge Tank Production Facility

In addition to the prototype testing program, Provaris and Prodtex have entered into a Technology Collaboration Agreement to jointly develop an automated production and fabrication facility for compressed hydrogen tanks.

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This innovative facility aims to start operations in mid-2025 and will support Provaris' initial fleet of H2Neo carriers and H2Leo storage barges.

Advantages in Cost and Delivery

The automated tank fabrication line developed by Provaris offers cost advantages over existing solutions, positioning the company as a frontrunner in low-cost delivery of hydrogen. This technology, coupled with the collaboration with Prodtex and the tank production facility, expands Provaris' market reach into onshore static solutions, such as single to triple digit tonnage hydrogen storage tanks.

Provaris' Vision and Outlook

Per Roed, Chief Technical Officer at Provaris, expressed enthusiasm for the final approval stage, highlighting the potential of their compressed hydrogen carrier and storage solutions. He stated, "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. "

Martin Carolan, Managing Director and CEO of Provaris, emphasised the importance of the prototype tank testing program and the alignment with collaboration agreements in Norway. He noted, "Making the appointment of DNV for dual class adds credibility to our innovative shipping development program, complimented by the expertise of our partner, ABS, as leaders in compressed gas carriers. "

The ambitious plan for a tank production facility aligns with Norway's announced Green Alliance with the European Union, supporting the country's ambitions for energy transition. Moreover, it will create new manufacturing jobs, generate export revenue from regional Norway, and provide an early cashflow generating business for Provaris by 2025.

With these exciting developments, Provaris is positioning itself as a pioneer in the hydrogen industry, pushing the boundaries of innovation and playing a vital role in the global transition to clean energy.

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