Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has completed the second phase of design work on its next-generation liquid carbon dioxide (LCO2) tank in partnership with global energy infrastructure firm Yinson Production AS, a major step forward in the company’s bid to revolutionise LCO2 shipping.
The milestone clears the way for a new joint venture between the two companies, which will commercialise the tank design for marine and offshore applications as carbon capture and storage (CCS) demand accelerates globally.
Game-changing LCO2 tank submitted for class approval
The completed design package has now been submitted to a Marine Classification Society, with preliminary approval expected in the near term. According to Provaris, the large-scale tank is more than double the size of current LCO2 tanks on the market and complies with the International Gas Code (IGC).
Key features include a simplified, low-pressure design aimed at reducing the capital and operating costs of LCO2 carriers and floating storage units. The design also removes the need for multiple smaller tanks and their associated process equipment, lowering vessel construction costs and freight rates.
“The partnership between Provaris and Yinson continues to rapidly advance the development of a game-changing solution for CO2 storage and transport,” said Provaris managing director and CEO Martin Carolan.
“The successful completion of the Phase 2 Design Stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO2 storage and transport.”
Preparing for FEED and real-world deployment
The next stage is front-end engineering and design (FEED), which will incorporate the tank into a floating storage injection unit (FSIU) being developed by Yinson. This platform is expected to be used in the company’s Havstjerne CCS project offshore from Norway, part of the broader Stella Maris development backed by Harbour Energy.
Yinson chief technical officer Lars Gunnar Vogt said the design milestone demonstrated the tank’s technical viability.
“We’re excited by the potential this unlocks, not only for Havstjerne CCS development project in Norway, but also for the broader decarbonisation value chain and long-term opportunities we see for Yinson.”
Provaris and Yinson are also collaborating with K Line Energy Shipping on developing both FSIUs and LCO2 carriers, reflecting growing momentum in Europe’s CCS sector.
JV to hold exclusive tank rights
The newly formed 50:50 joint venture will own all rights to the LCO2 tank design, including fabrication methods and future intellectual property. The company will explore new applications across shipping, injection and onshore storage markets, capitalising on demand for scalable, cost-effective carbon transport infrastructure.
As part of the agreement, Provaris will issue 10 million PV1 shares to Yinson at no cost, in exchange for ongoing commercial and technical support.
With CCS investment expected to exceed US$80 billion by 2030, both companies are positioning themselves at the forefront of the carbon transport supply chain, offering a clear path to scale at a critical moment for global decarbonisation efforts.