Provaris and Yinson Complete Large-Scale LCO2 Tank Design, Plan Joint Venture
Provaris Energy and Yinson have completed the design of a groundbreaking large-scale liquid CO2 tank for maritime use and are forming a joint venture to commercialize this innovation, aiming to scale carbon capture supply chains and reduce costs.
- Phase 2 design of large-scale LCO2 tank completed and submitted for marine classification approval
- Joint venture formed between Provaris and Yinson to commercialize tank design and related IP
- FEED design stage planned for Q3 2025 to integrate tank into floating storage injection units
- Tank design offers over double the storage capacity of current market offerings at lower pressure
- Yinson to receive 10 million Provaris shares as part of ongoing collaboration
Innovating Carbon Capture Storage for the Seas
Provaris Energy Ltd and Yinson Production AS have marked a significant milestone in the evolution of carbon capture and storage (CCS) technology with the successful completion of the Phase 2 design stage for a novel large-scale liquid CO2 (LCO2) tank. This tank is specifically engineered for marine and offshore applications, promising to reshape how CO2 is stored and transported at sea.
The design has been submitted to a Marine Classification Society for preliminary approval, a critical step that underscores the tank’s compliance with stringent maritime safety and construction codes. This approval process is expected to conclude shortly, paving the way for the next phase of development.
Strategic Joint Venture to Accelerate Commercialisation
Building on their collaborative momentum, Provaris and Yinson are establishing a joint venture company that will hold exclusive rights to the tank design, fabrication methods, and all future intellectual property. This 50-50 partnership aims to leverage each company’s strengths, Provaris’ innovative tank technology and Yinson’s operational expertise and global market reach, to accelerate the commercial rollout of these solutions.
As part of this arrangement, Yinson will receive 10 million ordinary shares in Provaris, reflecting their integral role in the project’s ongoing commercial and technical development. The joint venture will also explore expanding the tank design portfolio to include various capacities suitable for shuttle tankers and onshore storage, broadening the scope of CCS applications.
Next Steps, Engineering and Market Integration
Looking ahead, the partners plan to commence a Front-End Engineering Design (FEED) stage in the third quarter of 2025. This phase will focus on integrating the LCO2 tank into a Floating Storage Injection Unit (FSIU) currently under development by Yinson, which is designed for CO2 injection operations. The FEED stage will also pursue all necessary class approvals for the FSIU, ensuring the entire system meets maritime regulatory standards.
The innovative tank design boasts more than double the storage capacity of existing market options at a lower operating pressure, which simplifies engineering requirements and reduces both capital and operational costs. This scalability is crucial as the CCS industry anticipates rapid growth, with forecasts indicating billions of dollars in investment and a significant increase in annual CO2 capture capacity by 2030.
Broader Industry Implications
The collaboration also aligns with broader decarbonisation efforts, particularly in Europe and Asia, where CCS projects are gaining momentum. Yinson’s recent memorandum of understanding with K Line Energy Shipping to jointly develop and market floating storage and injection units further signals the growing market appetite for integrated maritime CCS solutions.
By addressing the limitations of current LCO2 storage infrastructure, namely capacity constraints and high costs, the Provaris-Yinson partnership is positioning itself at the forefront of enabling scalable, cost-effective CCS supply chains. This development could prove pivotal in meeting global climate targets and supporting the energy transition.
Bottom Line?
As Provaris and Yinson advance towards commercial readiness, the race to scale maritime carbon capture infrastructure intensifies.
Questions in the middle?
- Will the marine classification approval process proceed smoothly and on schedule?
- How quickly can the joint venture scale production and deployment of these large-scale LCO2 tanks?
- What impact will this innovation have on the cost structure and adoption rate of CCS projects globally?