Provaris Faces Shareholder Approval Hurdle After $1.08M Capital Raise

Capital Raising to Support European Expansion

Provaris Energy, an ASX-listed company focused on innovative hydrogen and carbon dioxide storage solutions, has successfully raised $1.08 million through a share placement. The capital injection comes at a critical time as the company pushes forward with its European development programs, including a proprietary hydrogen prototype tank project in Norway.

The placement was conducted at $0.013 per share, representing a 21.5% discount to the recent volume-weighted average price, and attracted both existing and new institutional, sophisticated, and professional investors. Notably, Provaris’ directors are participating in the placement, pending shareholder approval, signaling confidence from within the company’s leadership.

Advancing Hydrogen and CO2 Infrastructure

The funds raised will be directed towards advancing Provaris’ technical and commercial milestones, particularly in the development of critical infrastructure for hydrogen and CO2 storage and marine transportation in Europe. This includes progressing the H2Neo hydrogen carrier program in partnership with Japanese shipping giant K LINE, aimed at delivering cost-effective and scalable hydrogen storage and transport solutions.

In parallel, Provaris is making strides in liquid CO2 tank design, funded through a joint development agreement with Yinson Production. This initiative targets the growing demand for specialised maritime and offshore storage solutions to support large-scale carbon capture and storage (CCS), a key compliance factor for Europe’s tightening industrial supply chain regulations.

Placement Structure and Future Outlook

The placement involves issuing 83 million new fully paid ordinary shares, with one free unlisted option granted for every three shares subscribed. These options carry an exercise price of $0.03 and expire 18 months after issuance, subject to shareholder approval at an upcoming extraordinary general meeting scheduled for August 2025.

Ethicus Advisory Partners acted as lead manager for the placement, underscoring the transaction’s strategic importance. Provaris’ Managing Director and CEO, Martin Carolan, expressed optimism about the capital raise, highlighting the company’s progress and the strong support from both new and existing shareholders.

As Provaris continues to develop its proprietary technologies and commercial partnerships, this capital raise positions the company to better meet the evolving demands of the European hydrogen and carbon capture markets, which are poised for significant growth amid global energy transition efforts.