HIGHLIGHTS:

• Provaris starts tank prototype testing program for final Class Approval for the H2Neo compressed hydrogen carrier.
• Norwegian based Prodtex AS  awarded contract to design, construct and test a prototype scaled tank, alongside SINTEF, Norway’s leading independent research organization.
• Provaris seeking both American Bureau of Shipping and Det Norske Veritas  certification and final Class Approvals for the H2Neo carrier in Q1 2024.
• Provaris and Prodtex enter into a Technology Collaboration Agreement to jointly develop a state-of-the-art fully automated production and fabrication facility in Norway for the construction of compressed hydrogen tanks.
• The innovative tank production facility aims to start operations mid-2025, providing hydrogen cargo tanks for Provaris’ initial fleet of H2Neo carriers and H2Leo storage barges, aligned with two recently announced collaboration export projects located in Norway.
• The automated tank fabrication line offers cost advantages over existing solutions positioning Provaris as a frontrunner in low-cost delivery of hydrogen.
• The collaboration and tank production facility will also focus on a range from single to triple digit tonnage hydrogen storage tanks expanding Provaris’ IP and commercial ambitions into onshore static solutions, providing additional and substantial addressable market, and a cash flow generating business in 2025.

Provaris Energy is pleased to announce the initiation of a prototype tank testing program representing a further significant step towards obtaining final Class Approval required for it’s carrier and storage solutions. Concurrently, it has forged a Technology Collaboration Agreement with Prodtex AS to jointly develop a cutting-edge tank production facility in Norway focused on constructing compressed hydrogen containment tanks.

Per Roed, Provaris Chief Technical Officer expressed enthusiasm for the final approval stage stating : “We eagerly anticipate achieving final stage approvals for our compressed hydrogen carrier and storage solutions, with approval expected in 2024, verified through physical tank prototype tests.

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, and opens up a substantial addressable market for hydrogen storage.”

Martin Carolan, Provaris Managing Director and CEO emphasised the importance of the prototype tank testing program, noting: “Following the recent collaboration agreements in Norway for the development of export hydrogen supply chains, the alignment of project feasibility and FEED-level studies with final class approvals strengthens our position as an early mover for green hydrogen supply in Europe. Making the appointment of DNV for dual class adds credibility of our innovative shipping development program, complimented by the expertise of our partner, ABS as leaders in compressed gas carriers.

Provaris’ ambitious plan for a tank production facility aligns with Norway’s announced Green Alliance with the European Union, reinforcing support for its ambitions for energy transition, while also developing a new industry for manufacturing jobs, export revenue from regional Norway, and an early cashflow generating business for the Company in 2025.”