Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has marked a milestone in its collaboration with Yinson Production Offshore Pte Ltd, under a joint development agreement (JDA) unveiled on October 1.
Yinson has made a payment of US$200,000 as part of the technical service fees for Provaris’ provision of intellectual property, technical data and services relating to the CO2 Tank project.
Developing innovative solutions
The JDA outlines a project scope focused on developing innovative solutions for large-scale storage and transport of liquid CO2, leveraging Provaris’ proprietary tank design for compressed hydrogen.
The concept design activities, which started in October, will continue into the first quarter of 2025, with a project update anticipated in partnership with Yinson.
The initiative also explores the potential application of the design for other gases, including ammonia, addressing a critical gap in CO2 transportation.
Currently, no ship transport solutions exist for CO2 at low pressure and temperature ranges that support long-distance voyages and high cargo volumes.
Provaris says the new CO2 Tank design will overcome these limitations and enable the scalable deployment of carbon capture technologies, which are essential for meeting global emission reduction goals.
The development of efficient CO2 storage and transport infrastructure is a key step in advancing these efforts.
Provaris is receiving advisory support from the Energy Infrastructure Group and Clarksons Norway AS as the project progresses.
About Provaris Energy
Provaris Energy is an Australian company focused on developing integrated green hydrogen projects to support regional trade in Europe.
The company leverages its innovative compressed hydrogen bulk carrier, H2Neo, and storage barge, H2Leo, to provide energy-efficient solutions for hydrogen production and transport.
Provaris aims to create value by aligning its developments with a streamlined business model, positioning itself as an early mover in regional maritime hydrogen trade.
In August 2022, Provaris expanded its footprint by establishing Provaris Norway AS to advance regional hydrogen supply initiatives across Europe.