Provaris Expands LCO2 Tank Applications and Advances Hydrogen Shipping Partnerships
Provaris Energy has marked significant progress in its proprietary LCO2 and hydrogen tank technologies, achieving a key FEED milestone and expanding strategic partnerships while securing $1 million in fresh capital.
- Expanded Yinson Joint Development Agreement to include LCO2 carriers and terminals
- Completed major FEED engineering package submitted to DNV for marine classification
- Advanced hydrogen prototype tank fabrication in Norway nearing testing phase
- Strengthened cooperation with 'K' LINE and Norwegian Hydrogen for hydrogen shipping
- Raised $1 million to fund 2026 technical milestones
LCO2 Tank Design Broadens Commercial Applications
Provaris Energy (ASX:PV1) has expanded the commercial scope of its Yinson Joint Development Agreement, with the YP-Provaris liquid carbon dioxide (LCO2) tank now selected not only for floating storage and injection units but also for carriers and floating storage terminals. This extension materially increases the potential market applications for the proprietary 25,000m³ low-pressure tank technology across the carbon capture and storage (CCS) supply chain.
In a significant engineering milestone, Provaris completed the Front-End Engineering Design (FEED) structural package on time and budget, submitting it to DNV for review. The design is progressing towards marine classification approvals, including an Approval in Principle (AiP) and General Approval for Ship Application (GASA), targeted for completion by August 2026. DNV's involvement throughout the process underscores the ambition to qualify a new large-scale CO2 storage solution that could reduce costs and improve efficiency for CCS developments.
Hydrogen Prototype Tank Nears Testing in Norway
On the hydrogen front, fabrication of the compressed hydrogen prototype tank continues at Provaris’ Robotics Innovation Centre in Fiska, Norway. By quarter end, one cylinder and one endcap were substantially complete, with full prototype completion and testing planned for the September quarter. This prototype is central to securing marine classification approvals for Provaris’ H2Neo™ carrier design, a critical step toward commercial deployment.
The Robotics Innovation Centre also serves as a hub for developing advanced robotic and laser-welding technologies, supporting scalable, low-cost fabrication methods. These innovations dovetail with Provaris’ parallel work with Himile Heavy Equipment in China on industrialising large-scale LCO2 tank production.
Strategic Partnerships Strengthen Hydrogen Shipping Prospects
Provaris has deepened its strategic relationship with Japan’s “K” LINE, focusing on hydrogen shipping opportunities in the Nordic region. A second technical delegation from Tokyo visited the Norwegian hydrogen prototype facility, while Provaris executives engaged with partners in Tokyo. The collaboration aims to refine supply chain economics, vessel construction, and market engagement for hydrogen export projects like FjordH2 in Ørskog, Norway.
In May, Provaris signed a Cooperation Agreement with “K” LINE and Norwegian Hydrogen AS to advance commercial shipping solutions for the FjordH2 Export Project. Discussions with Nordic hydrogen producers and German importers continue to shape commercial frameworks, reinforcing compressed hydrogen shipping as a low-capital, scalable pathway for regional hydrogen trade.
Capital Raise and Corporate Developments
To support these technical and commercial milestones, Provaris completed a $1 million capital raising from sophisticated and professional investors, with Managing Director Martin Carolan participating subject to shareholder approval. Yinson continues to fund 100% of the LCO2 FEED program, having invested over $2 million since 2025, reflecting strong commitment to the partnership and the Havstjerne CCS project.
Following the quarter, Chief Technical Officer Per Roed transitioned to Non-Executive Technical Director, maintaining strategic oversight while the company bolsters its technical and commercial capabilities in Oslo. Provaris is also advancing preparations for a Joint Venture with Yinson to commercialise the LCO2 tank technology and explore broader applications including LNG and ammonia.
Financial Position and Outlook
Provaris reported net operating cash outflows of $732,000 for the quarter, with cash and equivalents standing at $1.05 million at June 30. The company is actively pursuing strategic funding options to support ongoing development programs ahead of commercialisation via a capital-lite licensing model. The expiry of a Macquarie Bank convertible bond facility in May included repayment of $186,000 in outstanding bonds.
Looking ahead, Provaris plans to complete DNV’s design review approvals, finalise material and welding procedure testing for the LCO2 tank, formalise the Yinson-Provaris Shareholder Agreement for commercialisation, complete hydrogen prototype testing, and advance Nordic hydrogen shipping projects with “K” LINE.
Bottom Line?
Provaris is steadily ticking off technical milestones and cementing partnerships that could position its proprietary tank technologies at the forefront of emerging CCS and hydrogen shipping markets, but upcoming DNV approvals and joint venture finalisations will be critical to unlocking commercial momentum.
Questions in the middle?
- Will DNV’s marine classification approvals for the LCO2 tank meet the August 2026 target?
- How will the joint venture with Yinson shape Provaris’ commercial licensing strategy and revenue model?
- Can the hydrogen prototype testing deliver timely classification approvals to accelerate vessel construction with “K” LINE?
