Provaris Advances with US Patent, $1.08M Capital Raise, and JV with Yinson

Strategic Partnerships Propel Provaris Forward

Provaris Energy Ltd (ASX – PV1) has reported substantial progress in the June 2025 quarter, advancing its proprietary technologies for compressed hydrogen and liquid carbon dioxide (LCO2) storage and transport. Central to this progress is the Memorandum of Understanding (MOU) signed with global shipping giant "K" LINE, which positions Provaris as a first mover in the marine transportation of hydrogen in Europe. This collaboration brings technical, commercial, and operational expertise from "K" LINE, enhancing Provaris’ ability to refine its commercial models and accelerate market entry.

Alongside this, Provaris has completed the Phase 2 design stage of its innovative large-scale LCO2 tank in partnership with Yinson Production AS. This milestone included submission for preliminary marine classification society approval, a critical step toward commercial deployment. The companies are now progressing toward establishing a joint venture to commercialise the tank design, targeting offshore storage and marine transport applications, particularly aligned with carbon capture and storage (CCS) projects in Norway and Europe.

Technological Innovation and Market Positioning

Provaris’ proprietary hydrogen containment tank design has also received a US patent, underscoring the innovation and uniqueness of its technology. This patent strengthens the company’s intellectual property portfolio as it seeks to license its designs globally under a 'Capital Lite' business model. This model strategically leverages partnerships where project developers and shipping operators fund infrastructure and operations, while Provaris generates revenue through technology licensing and use fees.

Complementing these developments, Provaris completed a concept study with Global Energy Storage Group (GES) for a hydrogen import terminal at the Port of Rotterdam. The study confirmed the technical and economic viability of berthing Provaris’ H2Neo compressed hydrogen carriers, integrating with the existing hydrogen pipeline network. This positions Provaris well within Europe’s emerging hydrogen supply chains, particularly as Germany and other nations ramp up import demand to meet ambitious decarbonisation targets.

Financial and Operational Outlook

Financially, Provaris reported a net operating cash outflow of AUD 428,000 for the quarter, with a closing cash balance of AUD 550,000. The company maintains access to a $3 million convertible bond facility, with $2.5 million undrawn, providing a buffer for ongoing development activities. Post-quarter, Provaris successfully completed a $1.08 million capital raising to support its technical and commercial advancement.

Management remains focused on progressing regional hydrogen supply chain engagements, particularly in Norway and Germany, where MOUs and term sheets are advancing. The company is also preparing for the Front-End Engineering Design (FEED) phase for its LCO2 tank integration into floating storage and injection units, a critical step toward commercial readiness.

Provaris’ CEO, Martin Carolan, highlighted the significance of these partnerships and milestones, emphasizing the strategic alignment with global shipping leaders and energy infrastructure providers. The company’s developments are well-timed with Europe’s regulatory push for hydrogen deployment and carbon capture, positioning Provaris as a key enabler in the energy transition.