Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has raised $1.08 million in a share placement to institutional and sophisticated investors, bolstering efforts to accelerate its hydrogen and carbon dioxide (CO₂) infrastructure initiatives across Europe.
The funding comes as the company advances its technical and commercial development programs for compressed hydrogen and CO₂ transport, including its proprietary hydrogen prototype tank in Norway and a newly designed CO₂ tank being developed in collaboration with Malaysia’s Yinson Production.
The placement — priced at $0.013 per share — includes participation from both new and existing investors, as well as director commitments totalling $52,000, subject to shareholder approval.
Provaris says the capital injection will help it meet technical milestones for its flagship H2Neo™ hydrogen carrier and support the commercial rollout of specialised maritime solutions amid tightening EU decarbonisation policies.
“The funds raised will support ongoing H2Neo™ technical milestones in parallel with our recently announced partnership with ‘K’ LINE to support the commercialisation of Provaris’ hydrogen carriers, for cost-effective storage and marine transport solutions for hydrogen in Europe,” said CEO Martin Carolan.
“We are also encouraged by progress in completing the liquid CO₂ tank design phase funded through our joint development agreement with Yinson Production,” he added. “The new tank design will address market demand for specialised maritime and offshore storage solutions, supporting large-scale carbon capture and storage (CCS) to comply with Europe's increasing regulations on industrial supply chains.”
Strengthening key partnerships in Europe
The raise follows a string of strategic developments aimed at scaling Provaris’ presence in Europe’s clean energy market.
In June, Provaris launched a joint venture with Yinson to co-develop marine and offshore infrastructure for CO₂ transport. Around the same time, it also partnered with Japanese shipping giant Kawasaki Kisen Kaisha Ltd, known as “K” LINE, to fast-track the commercialisation of Provaris’ hydrogen carrier technologies, targeting regional supply chains in Europe and Asia.
Together, these collaborations position Provaris to offer integrated solutions for the low-carbon shipping of key energy molecules — hydrogen for fuel and CO₂ for sequestration.
Placement terms and timeline
The company will issue 83 million new shares under ASX Listing Rules 7.1 and 7.1A, with each three shares carrying one free attaching unlisted option (totalling about 27.7 million options). The options have an exercise price of $0.03 and expire 18 months from issuance, pending shareholder approval at a planned extraordinary general meeting (EGM) in August.
Settlement of the placement is expected on Tuesday, 8 July 2025. Ethicus Advisory Partners acted as lead manager to the raise.
Provaris said the funds would help maintain momentum across its parallel workstreams in hydrogen and CO₂, both considered critical enablers of Europe’s industrial decarbonisation and net-zero goals.