• Prototype Fabrication Initiated: The commencement of fabrication for the H2Neo prototype tank signifies a major step forward in our innovative hydrogen storage solutions.
• On Target for Mid-2024 Completion: We are on schedule for the completion of fabrication and testing by mid-2024, reaffirming Provaris’ position as a pioneer in cost-effective hydrogen storage and bulk-scale transportation.
• Securing Class Approval: Successful testing will lead to the receipt of Class Approval for the H2Neo carrier, a world-first achievement in bulk-scale hydrogen transportation.
• New Early Revenue Opportunity: This milestone also unlocks an early revenue stream with the production and sale of smaller-scale hydrogen tanks in Norway from late 2024, catering to a wide range of applications including maritime bunkering and industrial storage.
• Optimization for Efficiency: Our design optimization program for the full-scale H2Neo containment tank has identified the potential for a remarkable 30% weight reduction, promising lower build cost, enhanced propulsion efficiency, reduced fuel consumption, and lower emissions.
• Increased Flexibility for Shipyards: This weight reduction not only improves performance but also provides shipyards with increased flexibility in integration methods, ensuring smoother final assembly.
• Growing End User Interest: The momentum and maturity of our offering continues to build with the signing of a third non-binding Memorandum of Understanding with a prominent international energy company, underlining growing interest from European utilities in our compressed hydrogen solutions.

Provaris Energy Ltd (ASX.PV1) (Provaris or the Company) is pleased to announce the completion of all pre-production activities and the commencement of fabrication for the H2Neo prototype tank, using advanced automation and robotic laser-welding in Norway.

The Company’s Prototype Tank and final Class Approval program are on track for completion in the June 2024 quarter. This milestone marks a significant step forward in showcasing the safety and performance benefits of Provaris’ proprietary tank design, which utilizes carbon steel plates and an inner liner.

Provaris’ CTO, Per Roed, expresses confidence in the ability to deliver high-quality hydrogen tanks economically, signaling potential transformation in industrial and transportation applications with a focus on safety and costeffectiveness.

“Another major milestone achieved and super exciting to having now moved from production design to the construction phase of our first hydrogen tank. After significant design and testing of materials and welds, and an extended period defining and optimizing the robotic production cell, we will now be able to validate our unique design work through fabrication of our first tank and testing. We are very confident the tank will perform according to specifications.

For the hydrogen industry to scale, there is a need for high quality carbon steel hydrogen tanks that focuses on safety in operation, whilst delivering a low-cost and energy efficient storage solution. Final approvals will radically advance the opportunities available to Provaris for the immediate need for industrial storage and the supply and transport of gaseous hydrogen.”

Provaris’ Managing Director and CEO, Martin Carolan, commented: “We are thrilled to begin fabricating and testing our prototype-scale tank, poised to be the largest high-pressure hydrogen tank made of steel globally. This achievement, in Norway, strategically located for the EU’s growing demand for affordable storage and marine transport solutions, is significant. Our technical development program and supply chain economics have attracted the attention of major energy providers in Europe and Germany. With our third MOU, we’re exploring how compressed hydrogen can contribute to the large import requirement of Northwest European ports. Our goal remains to offer the most cost-effective compressed hydrogen supply for regional volumes, aligning with market demand and funding schemes to reduce investment risks.”