Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) earlier this week outlined progress on the front-end engineering design (FEED) program for its proprietary large-scale low-pressure liquid carbon dioxide (LCO₂) tank.
Highlights
- Provaris Energy progressing FEED program for its large-scale low-pressure LCO₂ tank with Yinson.
- Detailed concept design confirmed technical viability; awaiting preliminary class approval.
- FEED to be completed in two phases with Yinson funding support; first phase due December 2025.
- Tank design offers significantly greater capacity than existing Type-C tanks.
- Increased capacity expected to reduce capital and operating costs for shipping and offshore injection.
- Discussions underway with shipowners in Asia for carrier applications.
- Potential application in new floating storage solutions.
- Hydrogen program progressing with prototype fabrication, approvals, and commercialisation plans.
- Commercialisation agreement signed with Japan’s Skylon for hydrogen shipping solutions.
Class approval pending
Provaris' FEED program follows the completion of a detailed concept design that confirmed the technical viability of the tank. The design has been submitted for class approval and preliminary approval is pending.
Provaris told investors that the program, developed in partnership with Yinson, will run through two phases, with the first phase due for completion in December 2025. Yinson will provide funding to complete all engineering work and cost surveys under the joint development agreement.
The company said the tank will have a volumetric capacity several times greater than existing Type-C tanks, enabling applications for both shipping and offshore injection. It highlighted that the increased capacity is expected to improve hull utilisation and reduce capital and operating costs, supporting the transition of CO₂ transport from niche applications to large-scale deployment.
Ongoing discussions with shipowners
Provaris confirmed it is in discussions with shipowners in Asia about carrier applications and is evaluating opportunities in new floating storage developments.
The company also reported continued progress in hydrogen, with a full-scale development program underway for prototype fabrication and approvals. It has signed a commercialisation agreement with Japan’s Skylon to advance hydrogen shipping solutions.
Provaris said it expects a series of de-risking milestones over the next two quarters as it advances both CO₂ and hydrogen initiatives.