HIGHLIGHTS:

• Design milestone complete for the compressed hydrogen prototype tank, with construction and testing in Norway on schedule for Q1 2024.
• Techno-economic qualification continues with major European utilities, ports and pipeline companies to include compression as a carrier for the import of gaseous green hydrogen.
• Extension of tank IP with the design of new small-scale hydrogen storage tanks for onshore and maritime solutions (1 to 10 tonne capacity) providing commercialisation opportunities in 2024.
• Development activities continue across two collaboration projects for export of green hydrogen using Provaris’ compressed hydrogen storage barge and carriers. Reviewing regional opportunities outside of Norway suitable for a compressed hydrogen supply chain.

 Provaris Energy is pleased to update shareholders on development activity progress in Norway and commercialisation activities for compressed hydrogen supply chains in Europe using Provaris’ proprietary storage and carrier solutions.

Provaris’ Managing Director and CEO, Martin Carolan, commented: “Provaris’ focus on development and R&D activity out of Norway continues to advance across the full value chain for Europe. Our dialogue with stakeholders from the supply of hydrogen through to import continues to increase the awareness of compression. Techno-economic qualification of the benefits when it comes to flexibility and delivered cost for hydrogen import is now resulting in increasing focus on compression’s inclusion in a portfolio of import alternatives. German government policy continues to roll-out legislation, funding initiatives and infrastructure to meet an increasing reliance on hydrogen to cut emissions and achieve the latest target of 3-4 Mtpa required in 2030, of which 70% is stated to come from imports.”

Provaris’ CTO, Per Roed, added: “Provaris’ R&D activity in Norway for the construction and testing of a prototype tank remains on schedule for our final Class Approval milestone. Our program has also developed a new and potentially significant opportunity to extend our unique containment tank design to meet a requirement for small scale storage tanks with capacity of 1 to 10 tonnes. Discussions with industry reinforce the demand for a low-capex alternative to high-pressure composite storage solutions which are suitable for onshore buffer storage and maritime applications. The proposal to manufacture these tanks in Norway also delivers a new industry that supports regional economic activity.”