Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) has completed a $1 million placement to support key 2026 technical milestones across its compressed hydrogen and liquid CO₂ storage and transport development programs.
The placement was backed by new and existing sophisticated and professional investors and will provide funding for the next phase of work at the company’s Robotic Innovation Centre in Norway, as well as ongoing development activity with partner Yinson.
Provaris will issue around 130 million new fully paid ordinary shares at $0.0077 per share under the placement.
The issue price represents a 14% discount to the company’s closing share price on March 2, 2026 and a 24% discount to the 15-day volume-weighted average price.
Investors will also receive 1 free-attaching unlisted option for every 3 shares issued. The options will be exercisable at $0.013 and will have a 3-year expiry.
The placement is expected to settle on Thursday, June 25, 2026, with the new shares to rank equally with existing ordinary shares.
Where the funds will go
Funds from the raise will be directed towards Provaris’ core 2026 technical milestones, including fabrication and testing of a hydrogen prototype tank and liquid CO₂ tank components at the company’s Robotic Innovation Centre in Norway.
The company will also use proceeds to continue its liquid CO₂ tank development program with Yinson and strengthen working capital to support business development, existing partnerships and corporate activity.
Yinson funding is continuing for the liquid CO₂ front-end engineering design program under the joint development agreement between the companies.
Hydrogen and CO₂ storage focus
Provaris is developing proprietary tank designs for compressed hydrogen and carbon dioxide storage and transport, targeting regional supply chains that support the global energy transition.
Its work in Norway forms a central part of the company’s commercialisation pathway, with the 2026 program focused on demonstrating the capability, scalability and commercial relevance of its storage and transport solutions.
Managing director and CEO Martin Carolan said the raise would help keep Provaris on track to deliver important technical milestones for shareholders.
“This capital raise ensures we remain on track to deliver the technical milestones that matter most for our shareholders,” Carolan said.
“The support from both new and existing investors recognises the progress we are making across the hydrogen and LCO₂ programs.
“2026 is a pivotal year for Provaris and the work underway in Norway, combined with Yinson's continued backing of the LCO₂ FEED program, positions us to demonstrate the capability, scalability and commercial relevance of our storage and transport solutions.”
Board support
The placement was supported by members of the Provaris board, with director participation subject to shareholder approval at a general meeting expected to be convened in August 2026.
The new shares will be issued under the company’s existing ASX Listing Rule 7.1 and 7.1A placement capacity, while the issue of the options will also be subject to shareholder approval.
GBA Capital acted as sole lead manager, with Ethicus Advisory Partners and Sharewise Capital acting as co-managers.