Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has raised A$1 million (before costs) through a share placement of approximately 52.6 million new fully paid ordinary shares at an issue price of A$0.019 per share. The placement received strong support from both new and existing investors, reflecting growing confidence in the company’s strategy.
The company's strengthened balance sheet will support 2025 milestones and accelerate 2026 growth initiatives.
“This raise comes at a pivotal time for Provaris. With Yinson funding our FEED program and now the additional support of new and existing investors, we are in a strong position to accelerate and deliver on technical programs while actively pursuing new commercial opportunities in hydrogen and CO₂ shipping," Provaris managing director and CEO, Martin Carolan, said. "Investor backing provides us with the confidence and flexibility to advance market engagement and product development ahead of 2026, creating significant value as demand for scalable CO₂ and hydrogen transport solutions continue to grow.”
Use of proceeds
Funds will be directed towards three core areas:
- Hydrogen commercialisation – progressing compressed hydrogen storage and transport solutions.
- CO₂ market expansion – accelerating large-scale liquid CO₂ carrier concepts and storage solutions alongside the Yinson-funded front-end engineering and design (FEED) program for offshore storage and injection.
- Business development – expanding engagement in Europe and Asia to secure partners and new markets for Provaris’ intellectual property platform and tank designs.
Placement details
The issue price of A$0.019 represents a 21% discount to the closing price on August 22, 2025 and a 16% discount to the 15-day volume weighted average price. Settlement is expected on Friday, August 29, 2025, with the new shares ranking equally with existing ordinary shares.