OSLO-- Provaris Energy Ltd (Provaris, ASX.PV1) and Yinson Production Offshore Pte Ltd (Yinson) are pleased to announce a binding Joint Development Agreement (Collaboration) for the development of storage tank solutions for the bulk storage and marine transportation of carbon dioxide (CO2). Yinson Production and Provaris will jointly evaluate the technical and economic viability of adapting Provaris’ proprietary tank design for compressed hydrogen to develop innovative and cost-competitive alternatives for bulk-scale storage and transport of compressed and liquid CO2 (CO2 Tanks). The Collaboration will also assess the potential for other hydrogen derivatives such as ammonia. This collaboration combines Yinson Production’s long track record in the construction of floating production, storage, and offloading (FPSO) vessels for the offshore production industry with Provaris' proven expertise in creating Class-level designs for bulk marine storage and transportation (H2Neo Carrier) of compressed gaseous hydrogen. As Yinson Production expands into the carbon capture and sequestration sector, this partnership will help develop cost-effective and scalable solutions for the storage and transport of CO2.

Currently, there is no ship transport of CO2 in a low-pressure and temperature range suitable for long sailing distances and large cargo volumes. This collaboration aims to help develop a new CO2 tank design solution that will address current CO2 transit and storage limitations.

The development of CO2 storage and transport infrastructure is crucial for the widespread deployment of carbon capture, which is a critical pillar in meeting global emission targets. The design of the CO2 tanks is important for maximizing the amount of CO2 that can be stored and transported in a single cargo.

Comments from Yinson Production and Provaris leadership Lars Gunnar Vogt, Yinson Production’s Chief Technical Officer, said: “We recognize the importance of carbon capture and storage in achieving global emission targets, and we're committed to playing a key role in this space. Our collaboration with Provaris Energy will leverage our combined expertise to develop cost-competitive and innovative solutions for CO2 storage and transportation. We're excited to explore the potential of adapting Provaris' proprietary tank design for compressed hydrogen to meet the needs of the growing carbon capture market. This collaboration is a significant step forward in Yinson Production’s plans to drive the carbon value chain.”

Martin Carolan, Provaris’ Managing Director and CEO, added: “This is an extremely exciting partnership and highlights the transferable technology and design of Provaris’ proprietary tank IP and shipping solutions. The CO2 market is already well-developed and seeking cutting-edge, scalable and cost-effective storage and transport solutions. We are grateful to be working alongside another reputable partner in Yinson, as we broaden the focus and application of our advanced development in proprietary tanks. This opportunity allows Provaris to explore alternate pathways in the commercialization of its tank technology in partnership with an industry leader in the offshore industry.”

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