Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) earlier this week outlined continued progress across its hydrogen and CO₂ transport strategies, highlighting technical milestones and commercial positioning as it works toward key investment decisions expected in 2026.
Managing director and CEO Martin Carolan said the company had advanced commercial readiness within its hydrogen program, including further definition of commercial models with Japanese partner Kawasaki. He noted that Provaris Energy had also renewed key hydrogen agreements with Norwegian Hydrogen and extended its offtake arrangement with Uniper in Germany, providing continuity for the company’s first export project through to 2026.
Interview highlights
- Progress across hydrogen and CO₂ workstreams continued during the quarter
- Key hydrogen agreements renewed with Norwegian Hydrogen and Uniper through 2026
- Prototype compressed hydrogen tank fabrication and testing underway
- CO₂ FEED phase one completed, with stage two running to June
- CO₂ development funded by Yinson under a joint IP ownership model
- New MOU supports cost and timeline clarity for innovative CO₂ tank fabrication
- Target to complete FEED, approvals and full costings by mid-year
- Licensing-based business model aimed at earlier cash flow and reduced CapEx
Proactive: Welcome back to Proactive, ladies and gentlemen. I’m your host, Kerry Stevenson. Today I’m talking with Martin Carolan, Managing Director and CEO of Provaris Energy. Provaris Energy develops integrated compressed hydrogen projects for export and is also active in hydrogen and CO₂. Welcome to Proactive.
Martin Carolan: Thanks Kerry, good to see you again.
Proactive: Let’s start with highlights from the quarterly before we get into the MOU.
Martin Carolan: The quarterly showed continued progress across our two major workstreams. On hydrogen, we’ve been advancing commercial readiness with our Japanese partner Kawasaki, including further defining commercial models for implementation later this year. We’ve also renewed key hydrogen agreements with Norwegian Hydrogen and our offtake agreement with Uniper in Germany, extending these through to 2026.
We’re also fabricating our hydrogen prototype tank, which commenced last quarter and continues through the March quarter. Testing and approvals will follow, making completion of prototype testing a key technical milestone this year.
On the CO₂ side, we completed phase one of FEED in January and stage two will run through to June. This work is funded by our Norwegian partner Yinson, with the product and IP jointly owned.
Proactive: Why is the recent MOU important for shareholders?
Martin Carolan: We have developed an innovative tank design that can change the cost dynamics of CO₂ supply chains. The key question is whether it can be fabricated at an acceptable cost. Yinson has key investment decision timelines in the latter half of 2026, so our target is to complete FEED, approvals and a fully costed product by June this year.
Proactive: Why Norway?
Martin Carolan: Norway offers low-cost green hydrogen and short shipping distances into Europe. From a CO₂ perspective, Norway leads offshore storage and injection projects such as Northern Lights. It has the shipping expertise and strategic position to be a first mover for both hydrogen and CO₂.
Proactive: Finally, give me three reasons investors should watch Provaris Energy heading into 2026.
Martin Carolan: First, we expect to unlock key technical milestones in the next two quarters. Second, our licensing-based capital model avoids heavy asset investment. Third, we have partners who will fund and operate assets, allowing earlier cash flow without large CapEx requirements.