Provaris Energy Ltd, a Sydney-based firm, has embarked on a significant step in its pursuit of advanced hydrogen technology by teaming up with Norway’s Prodtex AS. The partnership involves a Technology Collaboration Agreement to develop a cutting-edge production facility in Norway, dedicated to the construction of compressed hydrogen storage tanks.
Provaris has also initiated a tank testing program, representing a crucial move towards obtaining final Class Approval necessary for its carrier and storage solutions. Prodtex, a Norwegian-based firm, has been contracted to design, construct, and test a prototype hydrogen tank in its state-of-the-art facility in Fiska, Norway.
The advanced hydrogen tank is designed for Provaris’ proprietary H2Neo compressed gaseous hydrogen carrier and the H2Leo floating storage solution. The development of an automated production line is anticipated to offer significant cost advantages compared to existing market solutions, positioning Provaris as a forerunner in low-cost hydrogen storage and distribution.
The ambitious plan aligns with Norway’s announced Green Alliance with the European Union, reinforcing its commitment to energy transition while fostering a new industry for manufacturing jobs and export revenue. This development is also expected to create an early cashflow generating business for Provaris in 2025.
The company’s Chief Technical Officer, Per Roed, highlighted the transformative impact of this collaboration, saying, “This partnership is a game-changer for efficient and cost-effective hydrogen storage and transportation. It also opens up a substantial addressable market for hydrogen storage.”
About Provaris Energy
Provaris Energy (ASX: PV1) is an Australian public company developing a portfolio of integrated green hydrogen projects for the regional trade of Asia and Europe, leveraging our innovative compressed hydrogen bulk storage and carrier. Our focus on value creation through innovative development that aligns with our business model of simple and efficiency hydrogen production and transport can establish an early-mover advantage for regional maritime trade of hydrogen and unlock a world of potential. In August 2022 Provaris Norway AS was established to advance the development of hydrogen export projects from Norway and other European locations.
Martin Carolan, Provaris Managing Director and CEO, emphasized the significance of the prototype tank testing program, stating, “The alignment of project feasibility and FEED-level studies with final class approvals strengthens our position as an early mover for green hydrogen supply in Europe.”
About Prodtex AS
Prodtex AS is a technology company located on the north-west coast of Norway. The company has built knowledge and expertise from design and construction of advanced ships and equipment in the shipbuilding and mechanical industry. We have long experience from design and operation of automated production processes, specifically robotic welding of steel and aluminum constructions.
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