Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) advanced both its hydrogen shipping and CO₂ storage programs during the December 2025 quarter, strengthening commercial partnerships and progressing key technical milestones ahead of planned 2026 readiness.
The company said the quarter delivered tangible progress across its compressed hydrogen (H₂) and liquid CO₂ (LCO₂) platforms, underpinned by deeper engagement with strategic partners and resumed fabrication activity at its Norwegian robotics facility.
Hydrogen shipping partnerships deepen
A central focus for the quarter was the strengthening of Provaris’ strategic partnership with Japanese shipping major “K Line”, aimed at advancing the commercial and technical readiness of the H₂Neo™ compressed hydrogen carrier.
Site Visit: Yinson Production, “K” Line, Clarksons Securities and Harbour Energy 18 Nov 2025
Key developments included:
- A site visit by K Line executives to Norway, including meetings with commercial and technical stakeholders in Oslo and inspections of Provaris’ Robotics and Innovation Centre and hydrogen prototype tank at Fiskå
- Ongoing joint development of time-charter economics, financing and ownership structures for H₂Neo™ vessels
- Engagement with Nordic hydrogen project developers to align shipping solutions with emerging export opportunities
Provaris said compressed hydrogen shipping remains on schedule for technical and commercial readiness in 2026, aligning with K Line’s broader “new energies” strategy.
Nordic hydrogen export groundwork extended
Provaris also extended key Nordic agreements supporting future hydrogen exports into Europe:
- The Collaboration Agreement with Norwegian Hydrogen AS was renewed through 2026 to continue progressing the FjordH2 export project
- A Term Sheet with Uniper Global Commodities and Norwegian Hydrogen AS was extended, supporting work toward conditional offtake arrangements
- Ongoing discussions continued with German and Northern European stakeholders on hydrogen import and export frameworks utilising H₂Neo™ carriers
In parallel, Provaris continued concept design work with terminal operator Tepsa for a proposed 40,000-tonne-per-annum compressed hydrogen import project at the Port of Rotterdam.
Hydrogen tank fabrication resumes in Norway
During the quarter, Provaris resumed fabrication of its hydrogen prototype tank following completion of commissioning at its robotic fabrication facility in Fiskå, Norway.
- Fabrication is continuing through the March 2026 quarter
- Testing procedures and component design are being developed to support final marine classification approvals
- The same robotic production cell is being prepared for use on LCO₂ tank components, enabling shared infrastructure across both programs
Innovation Centre located in Fiskå, Norway, and Installed Robotic Cell for Production of the H2 Prototype Tank (18 November 2025)
LCO₂ tank program advances with Yinson
Material progress was also reported on Provaris’ LCO₂ tank development program with Yinson, which targets carbon capture and storage (CCS) applications.
Highlights included:
- Completion of FEED Stage 1 for a 25,000-cubic-metre low-pressure LCO₂ tank, with deliverables submitted in December
- Planning under way for FEED Stage 2, scheduled to complete mid-2026 with marine classification input from DNV
- Technical workshops and site visits with Asian fabrication yards to assess manufacturability, cost and delivery timelines
Managing director and CEO Martin Carolan said the quarter reinforced Provaris’ technical readiness and commercial positioning ahead of key 2026 milestones.
“Our work with our H2 shipping partner ‘K Line’ and with Yinson for LCO₂ continues to deepen, validating Provaris’ strategic role as an enabler of next-generation shipping and storage solutions,” he said.
At the corporate level, Provaris reported cash flows in line with budget and maintained access to multiple funding options, including an undrawn $2.5 million convertible bond facility.