Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) strengthened its position in the emerging hydrogen and carbon transport sectors during the September quarter, progressing key partnerships with global players and advancing the commercialisation of its proprietary compressed hydrogen (H₂) and liquid carbon dioxide (LCO₂) technologies.
The company deepened collaboration with major industry players including Japan’s Kawasaki Kisen Kaisha (“K” LINE), Baker Hughes, and Yinson Production AS, while commissioning a new robotics innovation centre in Norway to accelerate prototype fabrication for its compressed hydrogen (H₂) and liquid carbon dioxide (LCO₂) tanks.
Innovation Centre located in Fiskå, Norway, and Installed Robotic Cell for Production of the H2 Prototype Tank.
“This quarter marked a pivotal step for Provaris as we transitioned from design into delivery — restarting prototype fabrication in Norway, advancing joint development with ‘K’ LINE and securing a strategic collaboration with Baker Hughes validate our model for hydrogen shipping,” said managing director and CEO Martin Carolan.
“The establishment of the Robotic Cell is a key step in commercialising our designs in H₂ and LCO₂ which can play a vital role in scaling hydrogen infrastructure while also enabling the momentum for managing hard-to-abate industries by storing captured CO₂.”
Key quarterly highlights
- Partnership with “K” LINE: Technical due diligence workshops were completed in Tokyo under an MOU to commercialise Provaris’ H₂Neo™ carriers and H₂Leo™ barges. A time charter model targeting European hydrogen projects is being refined, with further meetings in Norway planned for December.
- Innovation Centre for Robotics: The new Fiskå facility in Norway houses an automated robotic cell for laser welding and fabrication of prototype H₂ and LCO₂ tanks, with hydrogen prototype testing due Q1 2026 to support class approval of the H₂Neo™ carrier.
- Baker Hughes collaboration: The partnership aims to combine Baker Hughes’ compression technology with Provaris’ proprietary carrier designs for hydrogen transport and storage.
- LCO₂ tank FEED program with Yinson: A fully funded front-end engineering design (FEED) program for a 25,000-cubic-metre LCO₂ tank began, supporting Yinson’s Havstjerne carbon capture and storage (CCS) project in Norway. Stage 1 deliverables are due December 2025.
- Norwegian joint venture: Provaris and Yinson are finalising a 50:50 JV company to commercialise LCO₂ tank designs and access Norwegian and EU state-aid funding.
Illustration of Yinson’s FSIU and Supporting Tankers in Partnership with “K”LINE.
Advancing hydrogen and CO₂ initiatives
Provaris continued engagement with Norwegian and German hydrogen developers as Europe moves toward large-scale hydrogen imports. Its compressed hydrogen solution, which avoids the need for ammonia conversion, is gaining attention as a simpler and more cost-effective export model.
The company is also working with Spanish terminal operator Tepsa on concept designs for a 40,000-tonne-per-annum hydrogen import project at Rotterdam’s Europort terminal — a potential gateway for H₂Neo™ carriers to deliver hydrogen into northwestern Europe.
In the CCS space, progress with Yinson marks Provaris’ entry into the growing carbon capture and storage market. Preliminary LCO₂ carrier designs have received strong feedback for offering lower-cost, higher-capacity options compared with conventional systems, with further engagement planned in the December quarter.
Illustration: Provaris’ 25,000 bcm LCO2 Low Pressure Tank designed for Yinson’s 100,000 bcm FSIU.
Corporate and outlook
Provaris raised A$1 million during the quarter through an equity placement, maintaining a capital-light strategy while progressing discussions with strategic investors. A $3 million convertible bond facility remains available, with $2.5 million undrawn.
All resolutions at the August general meeting were passed, including the issue of 10 million shares to a Yinson subsidiary, cementing long-term alignment on LCO₂ tank commercialisation.
Provaris remains funded to complete prototype fabrication into 2026, with the Yinson-backed LCO₂ tank program fully financed. The company will hold its 2025 annual general meeting on November 27, 2025, in Sydney.