Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has entered into a strategic collaboration agreement with global energy technology company Baker Hughes to accelerate the development and deployment of compressed hydrogen solutions for marine transport and storage.
The agreement supersedes the memorandum of understanding signed in August 2024 and formalises the two companies’ technical partnership. It outlines a framework for progressing hydrogen export and import projects across Europe, with a focus on scalable, cost-effective infrastructure to support regional hydrogen supply chains.
Under the agreement:
- Provaris will identify and evaluate project opportunities that can leverage Baker Hughes’ compression equipment and engineering expertise.
- Baker Hughes will provide technical input for equipment selection, plant layout, and cost modelling.
- The companies will jointly refine a Compression Concept Design Paper and contribute to project-specific engineering deliverables.
“This collaboration strengthens our ability to deliver scalable, efficient hydrogen transport and storage solutions,” Provaris Energy chief technology officer Per Roed said. “We are excited to work with Baker Hughes to showcase the benefits of compression using their equipment. The outcomes are already clear, and we look forward to our co-operation to continue to develop regional supply chains for hydrogen using Provaris carriers.”
Provaris and Baker Hughes are currently collaborating on export opportunities in the Nordic region, with ongoing work to define required equipment and engineering scopes. The partnership highlights the growing commercial potential of compression-based hydrogen logistics using Provaris’ proprietary H2Leo™ barge and H2Neo™ carrier.
Provaris secures A$1 million to advance hydrogen and CO₂ shipping strategy
Last week Provaris announced that it has raised A$1 million (before costs) via a placement of approximately 52.6 million shares at A$0.019 each, backed by new and existing investors. The capital injection will help strengthen the balance sheet ahead of key 2025 milestones such as that mentioned above and fast-track 2026 growth plans.
Read more: Provaris raises $1M to accelerate hydrogen and CO2 programs
Managing director and CEO Martin Carolan said: “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.”
Proceeds will fund three core areas: commercialising compressed hydrogen transport solutions, accelerating liquid CO₂ carrier and storage designs through the Yinson-backed FEED program, and expanding business development activities in Europe and Asia to support market engagement and IP platform growth.